Xerium Technologies (XRM) Misses Q4 EPS Views
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Xerium Reports 2015 Results and 2016 Outlook
March 14, 2016 4:53 PM EDTHighlights
Full year 2015 sales were $477 million, a decrease of (4)% (excluding currency changes), driven primarily by declines in the graphical grade market. However, despite the market declines, we improved our operating profile in 2015 versus 2014. Gross margins, excluding start-up costs at new facilities and inventory write offs at closed facilities, increased by 30 basis points to 40.3% in 2015 from 40.0% in 2014. In addition, adjusted EBITDA rates improved 30 basis points to 21.7% of sales in 2015 from 21.4% of sales in 2014. Looking forward, we have increased our cost-out programs in 2016 to anticipate further graphical declines. Significant... More