Gardner Denver Announces Record Results
(firmenpresse) - WAYNE, PA -- (Marketwire) -- 10/20/11 -- Gardner Denver, Inc. (NYSE: GDI)
Gardner Denver, Inc. (NYSE: GDI) today announced third quarter results that established quarterly records for revenues, operating income, net income and DEPS.
Gardner Denver's third quarter 2011 revenues of $614.7 million were up 25% over the $493.4 million reported in the third quarter of 2010. Operating income for the third quarter of 2011 was $106.6 million, a 57% increase from $68.0 million recorded in the same period of 2010. Operating margin improved 350 basis points to 17.3% in the third quarter of 2011. Net income in the third quarter of 2011 increased 58% to $73.6 million, or $1.42 per diluted share, from the third quarter 2010 level of $46.6 million, or $0.88 per diluted share. On a non-GAAP basis, excluding profit improvement costs and other items from DEPS as reflected on the reconciliation schedule below, third quarter adjusted 2011 DEPS ("Adjusted DEPS") were $1.48, a 68% increase over third quarter 2010. (1)
In the third quarter of 2011, Gardner Denver repurchased 1.77 million shares of Gardner Denver stock at a total purchase price of $126 million. The buy-back was financed through a combination of cash on hand and the Company's existing credit facility. The repurchase increased DEPS by $0.02 in the third quarter of 2011.
"I am very pleased with the strong financial performance of the Company in the third quarter as our team's execution led to yet another quarter of record revenue and earnings," said Barry L. Pennypacker, Gardner Denver's President and Chief Executive Officer. "We continue to make progress on margin expansion, supported by the principles of the Gardner Denver Way, as evidenced by the Industrial Products Group achieving a 12.1% operating margin and delivering on its tenth consecutive quarter of sequential margin improvement. Cash flow was excellent, with operating cash flow totaling $97 million for the quarter," continued Mr. Pennypacker. "Our strong balance sheet and cash generation enabled us to opportunistically repurchase shares of Gardner Denver and pursue selective acquisitions such as the agreement to acquire Robuschi S.p.A. ('Robuschi'), announced on October 11, 2011. In addition, we invested $17 million in capital expenditures in the third quarter of 2011, with a sustained focus on operational improvements and increased capacity to meet growing customer demand."
"While the global economy faces an uncertain future, we remain cautiously optimistic. Our backlog and order rates remain at healthy levels and we expect our businesses to grow in the fourth quarter of 2011, despite tougher comparisons to 2010. Our diverse portfolio of global businesses, supported by existing backlog, and proven operational capabilities will enable us to perform well," commented Mr. Pennypacker.
"We anticipate fourth quarter 2011 DEPS to be approximately $1.42 to $1.47, and our full-year 2011 DEPS to be in the range of $5.24 to $5.29. These projections include profit improvement costs and other items totaling $0.03 per diluted share for the fourth quarter and $0.20 per diluted share for the full-year 2011. Fourth quarter 2011 Adjusted DEPS are expected to be in a range of $1.45 to $1.50. Full-year 2011 Adjusted DEPS are expected to be in a range of $5.44 to $5.49, an increase of 60% to 62% over Adjusted DEPS levels for 2010. The Robuschi acquisition is not expected to have a material impact on DEPS in the fourth quarter."
EPG orders and revenues increased 7% and 38%, respectively, for the three months ended September 30, 2011, compared to the same period of 2010, reflecting strong demand for drilling and well servicing pumps, aftermarket products and related services, and growth in emerging markets. Operating margin(2) for EPG increased 360 basis points to 23.1% as compared to 19.5% in the third quarter of 2010. The improvement in operating income for this segment was primarily attributable to incremental profit on revenue growth, favorable product mix and cost reductions.
Orders and revenues for IPG increased 21% and 14%, respectively, in the third quarter, compared to the same period of 2010, reflecting on-going improvement in demand for OEM products, custom engineered packages in Asia Pacific, and aftermarket parts and services. Operating margin(2) for IPG increased 270 basis points to 12.1% as compared to 9.4% in the third quarter of 2010. The improvement in operating income for this segment was primarily attributable to incremental profit on revenue growth and cost reductions.
Adjusted Operating Income, which excludes the net impact of expenses incurred for profit improvement initiatives and other items ($4.9 million), for the three-month period ended September 30, 2011 was $111.5 million, compared to $68.1 million in the prior year period.(1) Adjusted Operating Income as a percentage of revenues improved 430 basis points to 18.1% from 13.8% in the third quarter of 2010.(1)
This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "could," "should," "anticipate," "expect," "believe," "will," "project," "lead," or the negative thereof or variations thereon or similar terminology. The actual future performance of the Company could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to: changing economic conditions; pricing of the Company's products and other competitive market pressures; the costs and availability of raw materials; fluctuations in foreign currency exchange rates and energy prices; risks associated with the Company's current and future litigation; and the other risks detailed from time to time in the Company's SEC filings, including but not limited to, its Annual Report on Form 10-K for the fiscal year ending December 31, 2010, and its subsequent quarterly reports on Form 10-Q for the 2011 fiscal year. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not undertake, and hereby disclaims, any duty to update these forward-looking statements, although its situation and circumstances may change in the future.
Gardner Denver will broadcast a conference call to discuss results for the third quarter of 2011 on Friday, October 21, 2011 at 9:30 a.m. EDT through a live webcast. This free webcast will be available in listen-only mode and can be accessed, for up to ninety days following the call, through the Investor Center on the Gardner Denver website at or through Thomson StreetEvents at .
Gardner Denver, Inc., with 2010 revenues of approximately $1.9 billion, is a leading worldwide manufacturer of highly engineered products, including compressors, liquid ring pumps and blowers for various industrial, medical, environmental, transportation and process applications, pumps used in the petroleum and industrial market segments and other fluid transfer equipment, such as loading arms and dry break couplers, serving chemical, petroleum and food industries. Gardner Denver's news releases are available by visiting the Investors section on the Company's website ().
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(1) Adjusted Operating Income, on a consolidated and segment basis, and Adjusted DEPS are both financial measures that are not in accordance with GAAP. For reconciliation to the comparable GAAP number for reported historic periods please see "Reconciliation of Operating Income and DEPS to Adjusted Operating Income and Adjusted DEPS" at the end of this press release. Gardner Denver believes the non-GAAP financial measures of Adjusted Operating Income and Adjusted DEPS provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Gardner Denver believes excluding the specified items from operating income and DEPS provides a more meaningful comparison to the corresponding reported periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measurement of operating performance and is more useful in assessing management performance.
(2) Segment operating income (defined as income before interest expense, other income, net, and income taxes) and segment operating margin (defined as segment operating income divided by segment revenues) are indicative of short-term operational performance and ongoing profitability. For a reconciliation of segment operating income to consolidated operating income and consolidated income before income taxes, see "Business Segment Results" at the end of this press release.
Contact:
Michael M. Larsen
Vice President and CFO
Tel. (610) 249-2002
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Datum: 20.10.2011 - 14:15 Uhr
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