Xerium Technologies (XRM) Reports Q2 Loss of $0.26, Revenues Beat

Xerium Technologies (NYSE: XRM) reported Q2 EPS of ($0.26). Revenue for the quarter came in at $125.28 million versus the consensus estimate of $122.39 million.

Mark Staton, President and Chief Executive Officer said, “As previously announced, we have entered into the Merger Agreement with Andritz pursuant to which Andritz will acquire Xerium. Though we do not anticipate any complications, the completion of the Merger is subject to approval by our stockholders, regulatory approvals, and other customary closing conditions. We expect to close the Merger later in the second half of 2018.

“From an operational standpoint, we have experienced strong volumes particularly in our European and Asia Pacific operations with lower sales, due largely to timing, in our North American operations. The quarter included some benefit from foreign currency on the top line and expected margin pressure compared to the prior year due to differences in the timing of machine clothing production and overhead absorption recognition as well as some one-time costs in our rolls business.”

For earnings history and earnings-related data on Xerium Technologies (XRM) click here.

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