Colfax Q4 Profit Rises, Tops View - Quick Facts

(RTTNews) - Colfax Corp. (CFX) said that its fourth-quarter net income available to shareholders increased to $31.98 million or $0.31 per share from $14.66 million or $0.13 per share in the year ago quarter.

Adjusted net income available to common shareholders was $64.98 million and $0.61 per share, up from $45.40 million and $0.42 per share last year.

The latest-quarter Adjusted net income per share included a 2 cent per share gain related to the reduction of an uncertain tax position.

Net sales were $1.171 billion in the fourth quarter, an increase of 14.0% from the prior year. Net sales increased 10.2% organically.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share and revenues of $1.09 billion for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter gas- and fluid-handling orders were $547.8 million compared to orders of $520.3 million in the prior year, an increase of 5.3%. Gas- and fluid-handling finished the period with record backlog of $1.577 billion.

Steve Simms, President and Chief Executive Officer, said, "Gas- and fluid-handling also out performed our revenue expectations this quarter, but the dilutive impact of acquisitions in the quarter left overall segment margins relatively flat. Integration of these acquisitions is progressing well, and these businesses are expected to significantly increase our 2014 earnings. The deployment of CBS across this organization has reduced working capital, fundamentally changed our cost structure and is positioning us for future organic growth. We exit the year confident in our ability to deliver our previously stated 2014 guidance."