SPX Flow (FLOW) Lowers Q3 Outlook
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SPX FLOW, Inc. (NYSE: FLOW) announced today preliminary financial results for the third quarter ended October 1, 2016.
The company expects revenue for the third quarter of 2016 to be approximately $467 million, compared with the previous guidance range of $490 to $510 million. The company also expects GAAP EPS in the range of ($0.15) to ($0.10), as compared with the previous guidance range of ($0.65) to ($0.55) per share, due primarily to a $0.57 per share non-cash tax benefit recorded in the quarter related to a tax incentive associated with its expansion in Poland. This tax incentive was previously anticipated to be recorded in the fourth quarter.
On an adjusted basis, operating income* in the third quarter is expected to be modestly below the guidance range of $35 to $45 million and adjusted EPS* is expected to be in the range of $0.30 to $0.35 per share, as compared with the previous guidance range of $0.40 to $0.50 (*** consensus is $0.37).
These preliminary financial results represent the most current information available to management and are subject to change as the company completes its quarterly close process, including review procedures of its independent external auditor.
"Our preliminary third quarter results reflect a deceleration of short cycle Industrial orders at the outset of Q3 and delayed shipments in our Power and Energy segment. These challenges were partially offset by solid progress on cost savings achieved in conjunction with our global realignment program," said Marc Michael, President and Chief Executive Officer.
Michael continued, "During the quarter, orders and backlog declined sequentially by 6% and 2%, respectively, primarily reflecting lower levels of original equipment orders in energy markets and lower orders for systems in food and beverage markets. In light of our Q3 preliminary results and order trends, we are currently reassessing our fourth quarter expectations. We plan to provide revised guidance for the fourth quarter and full year 2016 on our third quarter earnings call scheduled for November 2, 2016."
On Wednesday, November 2, 2016, SPX FLOW will release its third quarter 2016 financial results. President and Chief Executive Officer Marc Michael and Vice President and Chief Financial Officer Jeremy Smeltser will discuss the company's third quarter 2016 earnings and Q4 2016 financial guidance during a conference call at 8:30 a.m. Eastern time. Those interested in participating in the conference call should dial in five minutes prior to the start of the call. The call will be simultaneously webcast via the company's website at www.spxflow.com and the slide presentation will be available in the Investor Relations section of the site.
Conference callDial in: 877-346-3961From outside the United States: +1 262-558-6099Conference ID: 97610578
A replay of the call will be available by telephone through Saturday, November 12.
To listen to a replay of the callDial in: 855-859-2056From outside the United States: +1 404-537-3406Conference ID: 97610578
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