Exterran Holdings (EXH) Tops Q3 EPS by 1c; to Implement Profit Improvement Plan
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Price: $23.06 --0%
Financial Fact:
Less: Net loss attributable to the noncontrolling interest: 13.34M
Today's EPS Names:
OFLX, VAXX, NMRD, More
Financial Fact:
Less: Net loss attributable to the noncontrolling interest: 13.34M
Today's EPS Names:
OFLX, VAXX, NMRD, More
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Exterran Holdings (NYSE: EXH) reported Q3 EPS of ($0.42), $0.01 better than the analyst estimate of ($0.43). Revenue for the quarter came in at $704.5 million versus the consensus estimate of $665.91 million.
As an initial step in implementing a profit improvement plan, Exterran Holdings is implementing a workforce cost reduction program across all of its business segments. A vast majority of the identified workforce reductions are expected to be completed in the fourth quarter 2011.
Exterran Holdings is expected to generate annual savings from the workforce cost reduction program of approximately $20 million to $25 million with approximately $10 million to $15 million of those savings within selling, general and administrative expense. Restructuring charges of $2.9 million were incurred during the third quarter 2011 related to consulting services and termination benefits. Exterran Holdings is expected to incur additional charges with respect to the cost reduction program of approximately $11 million to $14 million in the fourth quarter 2011 and into 2012.
As an initial step in implementing a profit improvement plan, Exterran Holdings is implementing a workforce cost reduction program across all of its business segments. A vast majority of the identified workforce reductions are expected to be completed in the fourth quarter 2011.
Exterran Holdings is expected to generate annual savings from the workforce cost reduction program of approximately $20 million to $25 million with approximately $10 million to $15 million of those savings within selling, general and administrative expense. Restructuring charges of $2.9 million were incurred during the third quarter 2011 related to consulting services and termination benefits. Exterran Holdings is expected to incur additional charges with respect to the cost reduction program of approximately $11 million to $14 million in the fourth quarter 2011 and into 2012.
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