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COLFAX CORPORATION Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 8, 2012 07:16AM
COLFAX CORPORATION (CFX) filed Quarterly Report for the period ended 2012-03-30.
Highlight of Business Operations:The proforma increase in Net sales from existing businesses was attributable to increases of $56.3 million and $25.6 million in our gas- and fluid-handling and fabrication technology segments, respectively. Orders, net of cancellations, from existing businesses for our gas- and fluid-handling segment decreased during the first quarter of 2012 in comparison to the first quarter of 2011 due to declines in the oil, gas and petrochemical, general industrial and other and marine end markets, partially offset by increased demand in the mining and power generation end markets.
Year over year fluctuations for the selected financial data are primarily due to the addition of the Howden operations. The $56.3 million sales growth due to existing businesses, as discussed and defined under “Sales, Orders and Backlog” above, during the first quarter of 2012 in comparison to the first quarter of 2011 was primarily due to growth in the power generation, oil, gas and petrochemical and mining end markets. Additionally, $4.5 million and $12.3 million of acquisition-related amortization expense is reflected in Gross profit and Selling, general and administrative expense, respectively, for the first quarter of 2012, and recurring intangible amortization expense included in Selling, general and administrative expense increased by $3.5 million in comparison to the first quarter of 2011.
The $202.1 million increase in Gross profit during the first quarter of 2012 in comparison to the first quarter of 2011 was attributable to increases of $78.6 million in our gas- and fluid-handling segment, $3.9 million of which was from existing businesses, and $123.5 million in our fabrication technology segment. Additionally, changes in foreign exchange rates had a $9.7 million negative impact on Gross profit in comparison to the first quarter of 2011. Gross profit margin for the first quarter of 2012 decreased compared to the first quarter of 2011 primarily due to the lower gross profit margin associated with sales in our fabrication technology segment during the period. Additionally, Gross profit and gross profit margin for the first quarter of 2012 were impacted by acquisition-related amortization expense of $21.4 million.