Colfax Q2 Profit Surges

(RTTNews) - Colfax Corp. (CFX) said that its net income available to common shareholders for the second quarter ended June 27, 2014 increased to $191.79 million from the prior year's $53.31 million. Net income per share was $1.53 up from $0.52 last year.

For the second quarter of 2014, adjusted net income was $59.6 million, or $0.48 per share, which included approximately $22 million of pretax non-cash expenses related to an impairment, a business disposition and a Venezuelan currency devaluation.

Net sales were $1.199 billion, in the second quarter, an increase of 11.7% from the prior year. Net sales decreased 5.0% organically compared to the second quarter of 2013.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share and revenues of $1.26 billion for the quarter. Analysts' estimates typically exclude special items.