Colfax Corp. (CFX) Tops Q2 EPS by 4c, Revenues Beat

Colfax Corp. (NYSE: CFX) reported Q2 EPS of $0.09, $0.04 better than the analyst estimate of $0.05. Revenue for the quarter came in at $620.36 million versus the consensus estimate of $596.46 million.

• Achieved objectives to address COVID-19 impacts, including generating positive cash flow
• Reported $(0.03) EPS from continuing operations and achieved $0.09 of adjusted EPS
• Sequentially improved sales rates each month during the quarter
• Continued investments in innovation support long-term growth plans

“During the quarter we stayed focused on our principal objectives of keeping associates safe, maintaining supply to our customers, and protecting Colfax’s financial health,” said Matt Trerotola, Colfax President and CEO. “I’m very pleased with the resiliency of our businesses and teams through this challenging period. We deployed temporary measures and successfully drove Q2 decremental margin to 28%. Sales per day rates sequentially improved each month, including July. We expect to pace our temporary cost measures with sales levels in the third quarter to deliver sequentially higher profit and remain cash flow positive.

“We continue to pursue our growth agenda in this softer demand environment. During the first half of 2020, we launched over 35 new products in our FabTech business, including the WeldCloud Notes document management software to enhance our digital solution tools. Our MedTech business product launches include today’s announcement of Motion iQ™, a patient relationship management tool that seamlessly connects clinicians and patients across the orthopedic care continuum. We are well-positioned to resume our long-term growth momentum as market conditions improve.”

For earnings history and earnings-related data on Colfax Corp. (CFX) click here.

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