SPX Flow (FLOW) Reports Q3 EPS of $0.34; Updates Outlook
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SPX Flow (NYSE: FLOW) reported Q3 EPS of $0.34. Revenue for the quarter came in at $466.8 million, versus $589.5 million reported last year.
SPX Flow updatess FY2016 EPS to $1.27-$1.47.
"We have made good progress this year executing on our realignment program and transitioning to an operating structure that will establish a strong foundation for long-term success. We realized $16 million of year-over-year cost savings in the third quarter and accelerated actions to streamline our functions globally. We remain on track to achieve our goal of $135 million of annualized cost savings by 2018. In addition, during the third quarter we refinanced $600 million of debt and amended our credit facility," said Marc Michael, President and CEO.
Michael continued, "Despite the continued solid progress on our realignment program, our third quarter results were impacted by a deceleration of short cycle Industrial orders at the outset of the quarter and delayed shipments in our Power and Energy segment. Total orders in the third quarter declined 6% sequentially, reflecting lower levels of original equipment orders in energy markets and lower orders for systems in food and beverage markets."
"We revised our 2016 financial guidance to reflect our third quarter results, the impact of the sequential order decline and elevated project costs in our Food and Beverage segment. For the full year, we now expect revenue to be just over $2 billion, adjusted earnings per share to be between $1.27 and $1.47 and adjusted EBITDA to be approximately $206 million."
"Given ongoing weakness broadly across our end markets and our order development through the first nine months of 2016, we anticipate organic revenue headwinds in 2017. As we plan for next year, we are evaluating additional footprint and cost reduction actions incremental to our current global realignment program," Michael concluded.
For earnings history and earnings-related data on SPX Flow (FLOW) click here.
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