Gardner Denver Reports First Quarter 2013 Results
(firmenpresse) - WAYNE, PA -- (Marketwired) -- 04/26/13 -- Gardner Denver, Inc. (NYSE: GDI)
Gardner Denver, Inc. (NYSE: GDI) today reported first quarter 2013 results and reaffirmed previous guidance for fiscal year 2013.
Revenues for the first quarter ended March 31, 2013 were $513.5 million, down 15% compared with the prior year first quarter. Operating income for the first quarter of 2013 was $63.4 million, compared with $79.8 million in the first quarter of the prior year, resulting in an operating margin decline of 90 basis points to 12.3%. Net income attributable to Gardner Denver for the first quarter of 2013 was $45.7 million, or $0.93 DEPS, compared with $54.8 million, or $1.08 DEPS, in the same period of 2012. Results for the first quarter of 2013 included after-tax charges of $0.13 per diluted share primarily related to costs incurred in connection with the exploration of strategic alternatives and the Company's ongoing restructuring activities. Excluding these charges, Adjusted DEPS for the first quarter of 2013 was $1.06, compared with $1.40 in the same period of 2012. (1)
"We were pleased with our first quarter results in a challenging environment," said Michael M. Larsen, Gardner Denver's President and Chief Executive Officer. "I am encouraged by our sequential order growth in the first quarter as orders grew 7% over the fourth quarter of 2012 and resulted in a book-to-bill ratio of 1.07."
Factors affecting first quarter results for the Company's business segments included: (2)
In the first quarter of 2013, EPG revenues decreased 24% to $211.7 million compared with the same period of 2012, principally as a result of the expected lower shipments in our Petroleum & Industrial Pumps business. Operating income in the first quarter of 2013 decreased 48% to $33.5 million and as a result Adjusted Operating Margins decreased to 17.5%, down 650 basis points from last year's first quarter. (1)
IPG revenues decreased 7% to $301.9 million for the first quarter of 2013 compared to the same period of 2012. Operating income in the first quarter of 2013 increased 92% to $29.8 million and Adjusted Operating Margins increased to 11.7%, up 70 basis points from the same period of 2012. (1)
"Looking ahead, our full-year view of 2013 is essentially unchanged from our previous guidance, both in terms of global economic growth as well as the fundamentals for our Petroleum and Industrial Pumps business. As expected, the first half of 2013 is our toughest comparison. Despite the continued slow global growth environment, Gardner Denver is well-positioned for stronger performance for the remainder of the year as we continue to execute on our strategic priorities and invest in future growth opportunities. We are taking the steps necessary to position Gardner Denver to capitalize on favorable long-term industry trends, including recovery in the global markets, particularly energy. Accordingly, we are reaffirming our full-year Adjusted DEPS will be in the range of $5.00 to $5.20." (1)
Earnings for the full year of 2013 are expected to be in the range of $4.18 to $4.38 per diluted share. Second quarter 2013 DEPS are expected to range between $1.05 and $1.15. These projections include profit improvement costs and other items totaling $0.05 per diluted share for the second quarter and $0.82 per diluted share for the full year 2013. Excluding these items, second quarter 2013 Adjusted DEPS are expected to range between $1.10 and $1.20 and full year 2013 Adjusted DEPS are expected to range between $5.00 and $5.20. (1)
Gardner Denver, Inc., with 2012 revenues of approximately $2.4 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 (.
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: risks relating to the proposed merger of the Company, execution of restructuring plans, senior management turnover, 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 ended December 31, 2012,as amended by Amendment No. 1 on Form 10-K/A, and its subsequent quarterly reports on Form 10-Q for the 2013 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.
(1) Adjusted Operating Income and Adjusted Operating Margin, on a consolidated and segment basis, and Adjusted DEPS are financial measures that are not in accordance with GAAP. For reconciliation to the comparable GAAP number for reported historical 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, Adjusted Operating Margin 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:
Vikram U. Kini
VP, Investor Relations
Tel. (610) 249-2009
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Datum: 26.04.2013 - 06:30 Uhr
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