KLX, Inc. (KLXI) Tops Q3 EPS by 4c

KLX, Inc. (NASDAQ: KLXI) reported Q3 EPS of $0.48, $0.04 better than the analyst estimate of $0.44. Revenue for the quarter came in at $365 million versus the consensus estimate of $380.14 million.

Amin Khoury, KLX’s Chairman and Chief Executive Officer, stated, “Our third quarter results reflect essentially flat constant currency year-over-year revenues at ASG from our commercial aerospace manufacturing and aftermarket customers and a decline in demand from our military and business jet customers. ASG delivered solid operating earnings and cash flow and an expansion in operating margin.”

Mr. Khoury continued, “Our ESG business continues to face the challenging industry conditions that have resulted from the collapse in oil prices, the precipitous drop in the U.S. land rig count and the resulting significant cut backs in capital expenditures by our oil and gas customers. As a result, during the third quarter of 2015, the Company determined that the carrying value of ESG’s assets was impaired, resulting in an approximate $400 million non-cash, after-tax impairment charge. Nevertheless, we continue to focus on identifying and acting upon the extraordinary opportunities to build our ESG business, which have resulted from these extremely difficult industry conditions. We remain greatly encouraged by the recent additions of leading industry experts and deeply discounted assets to our ESG platform.”

For earnings history and earnings-related data on KLX, Inc. (KLXI) click here.

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