Xerium Technologies (XRM) Misses Q1 EPS by 23c; Acquires J.J. Plank Corporation
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Xerium Reports Q1 2016 Results
May 4, 2016 4:43 PM EDTHighlights
Q1 2016 Sales of $115.0 million; Adjusted EBITDA of $24.0 million. Machine clothing sales were down due to declining markets and grades, and rolls sales were up due to the companys repositioning program. Repositioning program results were powerful and contributed ~30% of Adjusted EBITDA both through incremental new sales and a lowered cost structure. Q1 2016 free cash flow of $10.5 million; an improvement of $14.7 million year-over-year. Improved 2016 free cash flow guidance to $25 to $30 million, targeting 2016 net debt leverage of 4.3x. Acquisition of JJ Plank/Spencer... MoreXerium to Acquire J.J. Plank Corporation, Maker of Spencer Johnston Spreader Rolls, Advancing Strategy in High-Growth Market Segments
May 4, 2016 4:41 PM EDTExpands rolls product offering and service capabilities Diversifies customer base into tissue embossing, flexible packaging and nonwoven production Positions Xerium to be one of the leading global suppliers for spreader rolls, tissue embossing rolls, and dandy rolls Post synergy, pro-forma EBITDA contribution of $6 million Immediately de-leverages the company, on a pro-forma basis
YOUNGSVILLE, N.C.--(BUSINESS WIRE)-- Xerium Technologies, Inc. (NYSE: XRM), a... More
