Colfax Corp (CFX) SEC Filing 10-Q Quarterly report for the period ending Friday, September 28, 2018

Colfax Corp

CIK: 1945711 Ticker: CFX

Colfax Reports Third Quarter 2018 Results

Reported net income from continuing operations per diluted share of $0.29 versus $0.35 in the prior year quarter, and achieved adjusted net income per share of $0.54 versus $0.46
Posted 10% organic growth in Fabrication Technology business
Sequentially strengthened adjusted operating margins by 250 bps in Air & Gas Handling business
Recently completed three complementary acquisitions

ANNAPOLIS JUNCTION, MD - October 25, 2018 - Colfax Corporation (NYSE: CFX), a leading diversified industrial technology company, today announced its financial results for the third quarter of 2018.

The Company reported net income from continuing operations of $38 million or $0.29 per diluted share, compared to $0.35 in the prior year quarter. Colfax also reported third quarter 2018 adjusted net income of $63 million or $0.54 per share compared to $0.46 per share for the same prior year period.

Third quarter 2018 net sales of $875 million were 4% higher than the comparable period of 2017. Excluding acquisitions and foreign currency translation effects (FX), Fabrication Technology segment sales grew 10%, and Air & Gas Handling segment sales decreased 12%. Third quarter 2018 Air & Gas Handling orders increased 29% to $338 million compared to the prior year period. Excluding acquisitions and FX, orders increased 16%.

Third quarter operating income was $60 million versus $75 million in the prior year comparable quarter. Excluding restructuring, adjusted operating income was $76 million as compared with $82 million. Fabrication Technology segment adjusted operating income of $56 million and margins of 10.6% were affected this quarter by the short-term impact of inflation, currency, and tariffs beyond in-quarter pricing. Air & Gas Handling adjusted operating income was $34.4 million, and margins increased sequentially to 9.8% as a result of restructuring actions and improved project margins.

“Third quarter financial performance was in-line with our expectations,” said Matt Trerotola, Colfax President and CEO. “Fabrication Technology organic sales growth accelerated for the seventh quarter in a row, and we are driving additional price actions to cover inflation. Air & Gas Handling orders returned to organic growth in the quarter, and its operating margins expanded sequentially from the second quarter as expected due to cost actions and improved project pricing.”

During the third quarter the Company acquired Advanced Combustion Inc. (ACI), a leading global provider of heaters for cold-weather mines and ACH Equipos Ltda. (ACH) the leading servicer of ventilation systems in the Chilean mining industry. These businesses are included within the Company’s Air & Gas Handling segment. The ACI and ACH acquisitions are expected to contribute annual revenues in excess of $30 million. In early October, the Company completed its previously-announced acquisition of Gas Control Equipment (GCE) for its Fabrication Technology business.

“The ACI and ACH acquisitions expand our technology and service offering for mining ventilation where we have a clearly differentiated offering for customers,” said Mr. Trerotola. “GCE expands our presence in specialty gas applications and combining GCE with Fabrication Technology’s global presence and continuous improvement culture will drive both businesses to achieve new heights of success. We welcome the new associates to the Colfax team and look forward to their contributions to our growth.”

Following its third quarter performance, Colfax revised its adjusted earnings per share outlook for the year from $2.15-$2.30 to $2.20-$2.30.

“Colfax is expected to end the year with adjusted earnings per share growth of 26% or more,” said Mr. Trerotola. “We expect a strong performance in the fourth quarter, led by continued Fabrication Technology business growth and sequential margin improvement, expanded Air & Gas Handling margins, and further benefits from our restructuring actions.”

The following information was filed by Colfax Corp (CFX) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Colfax Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets [Parenthetical]
Condensed Consolidated Statement Of Equity
Condensed Consolidated Statement Of Equity Statement Of Stockholders' Equity [Parenthetical]
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Comprehensive Income (Loss) [Parenthetical]
Condensed Consolidated Statements Of Income
Accrued Liabilities (Details Textual)
Accrued Liabilities (Tables)
Accrued Liabilities (Text Block)
Accrued Liabilities Chart (Details)
Acquisitions Acquisition (Details)
Acquisitions Acquisition (Notes)
Asbestos Litigation (Details 1)
Claims Rollforward (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies (Text Block)
Debt (Details Textual)
Debt (Tables)
Debt (Text Block)
Debt Components (Details)
Discontinued Operations (Details)
Discontinued Operations (Notes)
Discontinued Operations (Tables)
Equity (Details - Aoci Components)
Equity (Tables)
Equity (Text Block)
Equity Equity Textual (Details)
Fair Value Hierarchy (Details)
Financial Instruments And Fair Value Measurements (Details Textual)
Financial Instruments And Fair Value Measurements (Tables)
Financial Instruments And Fair Value Measurements (Text Block)
Foreign Currency Contracts Notional Values (Details)
Gain (Loss) On Derivative Instruments (Details)
General (Text Block)
Income Taxes (Details Textual)
Income Taxes (Text Block)
Inventories, Net (Details)
Inventories, Net (Tables)
Inventories, Net (Text Block)
Net Income Per Share (Details Textual)
Net Income Per Share (Details)
Net Income Per Share (Tables)
Net Income Per Share (Text Block)
Net Periodic Benefit Cost-Defined Benefit Plans (Details)
Net Periodic Benefit Cost-Defined Benefit Plans (Tables)
Net Periodic Benefit Cost-Defined Benefit Plans (Text Block)
Recently Issued Accounting Pronouncements (Text Block)
Recently Issued Accounting Pronouncements Details Textual (Details)
Restructuring Rollforward (Details)
Revenue (Details)
Revenue (Notes)
Revenue (Policies)
Revenue (Tables)
Revenue Detail Textuals -2 (Details)
Revenue Details Textual (Details)
Segment Information (Details)
Segment Information (Tables)
Segment Information (Text Block)
Warranty Liability Rollforward (Details)
Ticker: CFX
CIK: 1420800
Form Type: 10-Q Quarterly Report
Accession Number: 0001420800-18-000025
Submitted to the SEC: Thu Oct 25 2018 6:35:06 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Friday, September 28, 2018
Industry: Pumps And Pumping Equipment

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