Cambrex Corp. (CBM) Tops Q3 EPS by 7c, Beats on Revenues; Offers FY17 EPS Mid-Point Below Consensus

Cambrex Corp. (NYSE: CBM) reported Q3 EPS of $0.55, $0.07 better than the analyst estimate of $0.48. Revenue for the quarter came in at $112.6 million versus the consensus estimate of $107.37 million.

Highlights

• Net Revenue increased 13% to $112.6 million compared to $99.4 million in the same quarter last year. Excluding the impact of foreign exchange, net revenue increased 12%.
• GAAP Diluted EPS from continuing operations increased 24% to $0.52 from $0.42 in the same quarter last year. Adjusted Diluted EPS increased 20% to $0.55 compared to $0.46 in the same quarter last year.
• EBITDA increased 29% to $33.3 million compared to the same quarter last year (see table at the end of this press release).
• Net cash was $118.4 million at the end of the quarter, an increase of $24.2 million during the quarter.
• The Company continued to execute on its strategic growth plan, investing in new manufacturing capacity and analytical laboratory space at its facilities in Charles City, High Point, Karlskoga, and Milan.
• The Company continues to expect full year 2017 Net Revenue, excluding the impact of foreign currency, to increase between 7% and 11% compared to 2016, Adjusted EBITDA to be between $171 and $177 million, an 11% to 15% increase compared to 2016 and Adjusted income from continuing operations to be between $3.00 - $3.12 per share.
• The Company now expects 2017 free cash flow to be between $60 and $70 million, an increase of $5 million from the mid-point and capital expenditures to be between $65 and $70 million, a reduction of $5 million from the mid-point (see Financial Expectations – Continuing Operations section below for related explanations and additional financial guidance).

GUIDANCE:

Cambrex Corp. sees FY2017 EPS of $3.00-$3.12, versus the consensus of $3.08.

For earnings history and earnings-related data on Cambrex Corp. (CBM) click here.

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