Invacare Corp. (IVC) Reports In-Line Q4 EPS, Beats on Revenues

Invacare Corp. (NYSE: IVC) reported Q4 EPS of ($0.42), in-line with the analyst estimate of ($0.42). Revenue for the quarter came in at $250.4 million versus the consensus estimate of $246.7 million.

Highlights for the Fourth Quarter 2017

• Reported net sales increased 1.5% to $250.4 million compared to the fourth quarter 2016. Constant currency net sales(a) decreased 2.3% compared to the fourth quarter 2016.
• Consolidated constant currency sequential net sales(b) decreased 1.2% compared to the third quarter 2017. Notably, North America/Home Medical Equipment (NA/HME) constant currency sequential net sales were flat.
• Gross margin as a percentage of net sales decreased 60 basis points to 27.3% compared to the fourth quarter 2016, primarily as a result of inventory liquidation following previously announced 2017 plant transfers and year-end promotional activities.
• Operating loss was $7.9 million, or $1.0 million greater than the fourth quarter 2016, primarily related to increased restructuring costs of $2.2 million.
• GAAP loss per share was $0.54 and adjusted net loss per share(c) was $0.42. Both reflect a negative impact of $0.10 per share from restructuring costs and $0.06 per share of increased interest expense partially offset by a benefit of $0.05 per share related to U.S. tax reform legislation.
• Free cash flow(d) was positive $20.6 million, which was a $31.1 million improvement compared to the fourth quarter 2016 and a $25.3 million improvement compared to the third quarter 2017. The current quarter benefited from strong improvements in working capital.

For earnings history and earnings-related data on Invacare Corp. (IVC) click here.

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