Colfax Q2 Adj. Profit Tops View; Names Matthew Trerotola CEO - Quick Facts

(RTTNews) - Colfax Corporation (CFX) reported that its second-quarter net income to shareholders plunged to $53.1 million or $0.42 per share, from $191.8 million or $1.53 per share in the comparable quarter last year.

Adjusted net income was $63.0 million or $0.50 per share, compared to $59.6 million or $0.48 per share, previous year. On average, fourteen analysts polled by Thomson Reuters expected the company to report profit per share of $0.48 for the quarter. Analysts' estimates typically exclude special items.

Net sales for the latest second quarter declined to $1.03 billion from $1.20 billion, while 14 analysts expected revenue of $1.02 billion for the quarter.

Separately, Colfax announced that Matthew Trerotola, formerly an Executive Vice President at DuPont, has been named Chief Executive Officer or CEO and a Director of Colfax, effective July 24, 2015.

He succeeds Steven Simms, who will assist in the transition and will continue to serve on the Colfax Board. Simms notified the Board early this year that he planned to retire, and the Board subsequently undertook a search for a replacement, the company stated.