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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash-to-Debt 0.17
NYSE:CFX's Cash-to-Debt is ranked lower than
83% of the 1814 Companies
in the Global Diversified Industrials industry.

( Industry Median: 1.01 vs. NYSE:CFX: 0.17 )
Ranked among companies with meaningful Cash-to-Debt only.
NYSE:CFX' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.04  Med: 0.22 Max: N/A
Current: 0.17
Equity-to-Asset 0.47
NYSE:CFX's Equity-to-Asset is ranked lower than
60% of the 1761 Companies
in the Global Diversified Industrials industry.

( Industry Median: 0.53 vs. NYSE:CFX: 0.47 )
Ranked among companies with meaningful Equity-to-Asset only.
NYSE:CFX' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.01  Med: 0.31 Max: 0.47
Current: 0.47
0.01
0.47
Interest Coverage 10.40
NYSE:CFX's Interest Coverage is ranked lower than
68% of the 1553 Companies
in the Global Diversified Industrials industry.

( Industry Median: 37.90 vs. NYSE:CFX: 10.40 )
Ranked among companies with meaningful Interest Coverage only.
NYSE:CFX' s Interest Coverage Range Over the Past 10 Years
Min: 1.41  Med: 5.24 Max: N/A
Current: 10.4
Piotroski F-Score: 7
Altman Z-Score: 1.89
Beneish M-Score: -2.49
WACC vs ROIC
7.76%
4.20%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating Margin % 7.07
NYSE:CFX's Operating Margin % is ranked higher than
55% of the 1806 Companies
in the Global Diversified Industrials industry.

( Industry Median: 6.06 vs. NYSE:CFX: 7.07 )
Ranked among companies with meaningful Operating Margin % only.
NYSE:CFX' s Operating Margin % Range Over the Past 10 Years
Min: 2.76  Med: 6.86 Max: 24.35
Current: 7.07
2.76
24.35
Net Margin % 3.98
NYSE:CFX's Net Margin % is ranked lower than
53% of the 1806 Companies
in the Global Diversified Industrials industry.

( Industry Median: 4.49 vs. NYSE:CFX: 3.98 )
Ranked among companies with meaningful Net Margin % only.
NYSE:CFX' s Net Margin % Range Over the Past 10 Years
Min: -1.65  Med: 3.83 Max: 12.81
Current: 3.98
-1.65
12.81
ROE % 4.84
NYSE:CFX's ROE % is ranked lower than
60% of the 1762 Companies
in the Global Diversified Industrials industry.

( Industry Median: 6.95 vs. NYSE:CFX: 4.84 )
Ranked among companies with meaningful ROE % only.
NYSE:CFX' s ROE % Range Over the Past 10 Years
Min: -7.93  Med: 6.28 Max: 220.13
Current: 4.84
-7.93
220.13
ROA % 2.21
NYSE:CFX's ROA % is ranked lower than
61% of the 1825 Companies
in the Global Diversified Industrials industry.

( Industry Median: 3.45 vs. NYSE:CFX: 2.21 )
Ranked among companies with meaningful ROA % only.
NYSE:CFX' s ROA % Range Over the Past 10 Years
Min: -1.78  Med: 2.11 Max: 7.66
Current: 2.21
-1.78
7.66
ROC (Joel Greenblatt) % 22.77
NYSE:CFX's ROC (Joel Greenblatt) % is ranked higher than
71% of the 1818 Companies
in the Global Diversified Industrials industry.

( Industry Median: 12.26 vs. NYSE:CFX: 22.77 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
NYSE:CFX' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 8.2  Med: 20.52 Max: 81.88
Current: 22.77
8.2
81.88
3-Year Revenue Growth Rate -10.90
NYSE:CFX's 3-Year Revenue Growth Rate is ranked lower than
83% of the 1640 Companies
in the Global Diversified Industrials industry.

( Industry Median: 1.50 vs. NYSE:CFX: -10.90 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
NYSE:CFX' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 0  Med: -5.85 Max: 52.5
Current: -10.9
0
52.5
3-Year EBITDA Growth Rate -16.10
NYSE:CFX's 3-Year EBITDA Growth Rate is ranked lower than
85% of the 1436 Companies
in the Global Diversified Industrials industry.

( Industry Median: 5.50 vs. NYSE:CFX: -16.10 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
NYSE:CFX' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: 0  Med: -4.05 Max: 65.4
Current: -16.1
0
65.4
3-Year EPS without NRI Growth Rate -12.30
NYSE:CFX's 3-Year EPS without NRI Growth Rate is ranked lower than
74% of the 1293 Companies
in the Global Diversified Industrials industry.

( Industry Median: 5.30 vs. NYSE:CFX: -12.30 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
NYSE:CFX' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -40.9  Med: 33.9 Max: 211.4
Current: -12.3
-40.9
211.4
GuruFocus has detected 4 Warning Signs with Colfax Corp $NYSE:CFX.
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Financials (Next Earnings Date: 2017-07-28)


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Business Description

Industry: Industrial Products » Diversified Industrials    NAICS: 333911    SIC: 3561
Compare:NYSE:CR, NAS:ZBRA, NYSE:CW, NYSE:GGG, NYSE:FLS, NYSE:DCI, NYSE:RBC, NYSE:HUBB, NYSE:ITT, NYSE:B, NAS:NDSN, NAS:MIDD, NYSE:JBT, NYSE:WBT, NYSE:RXN, NYSE:HI, NYSE:GNRC, NYSE:LII, NYSE:WTS, NAS:FELE » details
Traded in other countries:C52.Germany,
Headquarter Location:USA
Colfax Corp is an industrial manufacturing and engineering company. The company provides gas and fluid handling and fabrication services to customers around the world. It also produces equipment and fillers for welding and cutting applications.

Colfax Corp is a diversified industrial manufacturing and engineering company that provides gas and fluid handling. Products take many forms, including fans, compressors, pumps, and valves. Another component of the business focuses on fabrication services to customers around the world. The company produces equipment and fillers for an extensive array of welding and cutting applications. Revenue is roughly split between two primary operating segments: gas and fluid handling, and fabrication technology. Colfax offers repair and customized services for its products and can service products manufactured by other suppliers through various support centers. The majority of revenue derives from locations outside the United States.

Guru Investment Theses on Colfax Corp

Wally Weitz Comments on Colfax - Nov 08, 2016

Colfax (NYSE:CFX) is a leading manufacturer of pumps, gas handling products and welding equipment. Shares have risen through the year at the prospect of a bottoming in many of Colfax’s end markets, which include oil & gas, power generation and mining. This potential bottoming provides confidence that sales growth may return in the near future. In addition, the use of the Colfax Business System, a management philosophy and a set of tools based on the concept of continuous improvement to drive new product development and cut costs, has improved the margin outlook for the business.

From Wallace Weitz (Trades, Portfolio)'s Partners Value Fund third-quarter commentary.

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Chuck Akre Comments on Colfax - Apr 25, 2016

We wrote in the year-end letter about the negative experience the fund had with Colfax (NYSE:CFX) in 2015. Our experience has been more favorable so far in 2016, but we caution that we are not out of the woods yet. The outlook for industrial end-markets around the world, especially in emerging markets, remains uncertain. Nonetheless, some of the pessimism has eased and the stock market has responded accordingly with the share price smartly off the lows of earlier this year. Our original thesis concerning the company and its founding sponsors, Mitchell and Steven Rales, remains unchanged!





From Akre Focus Fund commentary first quarter 2016.



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Wallace Weitz Comments on Colfax - Jan 22, 2016

Colfax (NYSE:CFX) is a leading manufacturer of pumps, gas handling products and welding equipment. The company was founded by Mitch and Steve Rales, who also founded the Danaher Corporation. They, along with several Danaher alums, created the Colfax Business System (CBS), which is modeled after the highly successful Danaher Business System. CBS is a both a management philosophy and a set of tools based on the concept of continuous improvement. Colfax believes that it can apply CBS to drive organic sales growth and expand margins at its current businesses in addition to future bolt-on and platform acquisitions. Although the company is experiencing declining sales as several of its primary end markets, including oil & gas, power generation and mining are suffering through an extended downturn, we believe that Colfax will manage through this period and emerge larger and stronger.

From Wallace Weitz (Trades, Portfolio)'s fourth quarter 2015 Partners Value Fund commentary.

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Chuck Akre Comments on Colfax - Jan 21, 2016

The one short term blemish in an otherwise strongly performing group of businesses in the fund is Colfax (NYSE:CFX). Calendar year 2015 was a year that challenged Colfax significantly. Colfax is a company which we describe as an “asset allocator.” Their model is to acquire critically important industrial businesses which they can improve operationally and reinvest all the excess cash they generate stemming from the improvements they have instituted. True to their mission, management has made important improvements, especially in the welding business in terms of margin improvement. Our belief continues to be that the company’s shares are likely set up for a rebound in the coming year or two.

From Chuck Akre (Trades, Portfolio)'s Focus Fund 4th quarter 2015 commentary.

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Top Ranked Articles about Colfax Corp

Colfax Schedules Second Quarter 2017 Earnings Release and Conference Call
Colfax to Present at Deutsche Bank’s Global Industrials & Materials Summit
Colfax Reports First Quarter 2017 Results
Colfax Schedules First Quarter 2017 Earnings Release and Conference Call
Colfax Announces Pricing of 3.250% Senior Notes due 2025
Colfax Announces Offering of Senior Notes and Preliminary Trends for the First Quarter of 2017
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Chuck Akre (Trades, Portfolio) is the founder of Akre Capital Management LLC. During the fourth quarter the guru traded shares in the following stocks: Read more...
Diamond Hill Sells Morgan Stanley and IBM, Buys Pepsi The guru's largest 4th-quarter trades
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Colfax Announces Acquisition of Siemens Turbomachinery Equipment GmbH

Annapolis Junction, MD, March 08, 2017 (GLOBE NEWSWIRE) -- Colfax Corporation (“Colfax”) (: CFX), a leading global manufacturer of gas- and fluid-handling and fabrication technology products and services, today announced that it has entered into a binding agreement to acquire Siemens Turbomachinery Equipment GmbH (STE) from Siemens AG for a cash consideration of approximately €195 million.   STE, an innovator in the international turbomachinery business, develops, produces and distributes single-stage compressors and small steam turbines for environmental and industrial applications.  The acquisition will be integrated into Colfax’s Howden business platform, broadening Howden’s range of compression solutions and expanding its product offering into small steam turbines.  STE also diversifies Howden’s served end-markets and increases its presence in applications with attractive growth potential.  For the fiscal year ended September 2016, STE had revenues of €146 million.   “I am delighted to welcome the Siemens Turbomachinery Equipment team to Colfax,” said Matt Trerotola, President and Chief Executive Officer of Colfax.  “STE’s brands reach as far back as 1899, and the business has thousands of satisfied customers and installations around the world. We are excited by the opportunities created by combining STE with Howden’s global footprint, continuous improvement culture and aftermarket capabilities.  The acquisition expands our end markets and product portfolio in environmental and industrial markets worldwide. We look forward to continuing to innovate and grow together.”    “We are very pleased to have entered into an agreement with a prestigious strategic purchaser such as Colfax. Colfax, with its subsidiary Howden, is the ideal purchaser to strengthen the business’ overall competitive position. The sale enables the business to successfully expand in its core business of compressor production for numerous applications, including small steam turbines and associated services,” said Christopher Rossi, CEO of the Dresser-Rand business, part of Siemens Power and Gas Division.   Closing of the acquisition is expected in the fourth quarter following completion of carve-out activities and fulfillment of customary closing conditions, including receipt of applicable regulatory approvals.   Allen & Overy served as legal advisor to Colfax.   ABOUT COLFAX CORPORATION — Colfax Corporation is a diversified global manufacturing and engineering company that provides gas- and fluid-handling and fabrication technology products and services to customers around the world under the Howden, Colfax Fluid Handling and ESAB brands. Colfax believes that its brands are among the most highly recognized in each of the markets that it serves. Colfax is traded on the under the ticker “CFX.” Additional information about Colfax is available at www.colfaxcorp.com.   CAUTIONARY NOTE CONCERNING FORWARD LOOKING STATEMENTS:   This press release may contain forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Colfax’s plans, objectives, expectations and intentions and other statements that are not historical or current fact. Forward-looking statements are based on Colfax’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Colfax’s results to differ materially from current expectations include, but are not limited to factors detailed in Colfax’s reports filed with the U.S. Securities and Exchange Commission including its 2016 Annual Report on Form 10-K under the caption “Risk Factors.” In addition, these statements are based on a number of assumptions that are subject to change. This press release speaks only as of the date hereof. Colfax disclaims any duty to update the information herein.   The term “Colfax” in reference to the activities described in this press release may mean one or more of Colfax’s global operating subsidiaries and/or their internal business divisions and does not necessarily indicate activities engaged in by Colfax Corporation.
Investor Contact:
Terry Ross, Vice President of Investor Relations
Colfax Corporation
(301) 323-9054
[email protected]


Read more...
COLFAX REPORTS FOURTH QUARTER 2016 RESULTS

Annapolis Junction, MD, Feb. 02, 2017 (GLOBE NEWSWIRE) --       
Exceeded full year 2016 guidance with fourth quarter net income per dilutive share of $0.31 and adjusted net income per share of $0.46

Drove structural cost changes to improve profitability

Delivered 7% organic Gas and Fluid Handling order growth

Completed acquisition that expands welding automation solutions business


Colfax Corporation (NYSE: CFX), a leading global manufacturer of gas- and fluid-handling and fabrication technology products and services, today announced its financial results for the quarter and year ended December 31, 2016. For the fourth quarter of 2016, net income was $37.8 million, or $0.31 per dilutive share, compared to $44.2 million, or $0.36 per dilutive share, for the fourth quarter of 2015. Adjusted net income was $56.9 million, or $0.46 per share, compared to $63.0 million, or $0.51 per share for the comparable 2015 period. Full year 2016 net income was $128.1 million, or $1.04 per dilutive share, and adjusted net income was $191.8 million, or $1.56 per share. The Company reported fourth quarter net sales of $0.93 billion, compared with $1.06 billion in the comparable 2015 quarter. The decrease included a 2.8% decline from foreign currency exchange rates. Fourth quarter operating income was $66.0 million or 7.1% of sales, and adjusted operating income was $90.8 million or 9.7% of sales. The prior year fourth quarter operating income margin was 6.1%, and the adjusted operating income margin was 9.5%. “We delivered another solid profit performance this quarter expanding our operating margins despite a revenue decrease,” said Matthew Trerotola, President and Chief Executive Officer. “Our teams effectively executed their global restructuring initiatives and significantly improved their cost positions. We also continued to apply CBS to improve commercial processes, contributing to the 7% organic increase in Gas and Fluid Handling orders in the quarter. This is the second consecutive quarter of order growth and was delivered in a stable, but not growing, end market environment. We believe this represents an early indication that our strategies to drive aftermarket and focus resources on the growing applications and regions are building momentum.” “Market conditions have not fully recovered as we enter 2017, and we are well positioned to deliver the incremental $50 million of structural cost savings included in our 2017 forecast. At the same time, we are pivoting the organization more toward growth and increasing the pace of new product launches and investments in growth regions. This increasing focus on organic growth is complemented by a more active acquisition pipeline.” In the fourth quarter, Colfax completed the acquisition of Arc Machines, Inc. (“AMI”) for cash consideration of approximately $26 million. AMI is a leader in automated orbital TIG welding for niche applications ranging from the thinnest wall high purity tube welds to the heaviest application of cladding or pipe welding. “Our strengthened ESAB team has made great progress on profitability and the pace of technology development, launching a wide range of new products to enable higher productivity for our customers.” Mr. Trerotola continued, “The acquisition of AMI builds on this progress, and we are very pleased to welcome the AMI team to ESAB and Colfax.” Conference Call and Webcast Colfax will host a conference call to provide details about its results on Thursday, February 2, 2017 at 8:00 a.m. EST. The call will be open to the public through 877-303-7908 (U.S. callers) or 678-373-0875 (international callers) and referencing the conference ID number 58639787, or through webcast via Colfax’s website at
www.colfaxcorp.com under the “Investors” section. Access to a supplemental slide presentation can also be found at the Colfax website under the same heading. Both the audio of this call and the slide presentation will be archived on the website later today and will be available until the next quarterly call.

About Colfax Corporation Colfax Corporation is a diversified global manufacturing and engineering company that provides gas- and fluid-handling and fabrication technology products and services to commercial and governmental customers around the world under the Howden, Colfax Fluid Handling and ESAB brands. Colfax believes that its brands are among the most highly recognized in each of the markets that it serves. Colfax is traded on the NYSE under the ticker “CFX.” Additional information about Colfax is available at www.colfaxcorp.com. Non-GAAP Financial Measures and Other Adjustments Colfax has provided in this press release financial information that has not been prepared in accordance with GAAP. These non-GAAP financial measures are adjusted net income, adjusted net income per share, adjusted operating income, adjusted operating income margin, organic sales decline and organic order growth (decline). Adjusted net income, adjusted net income per share, adjusted operating income and adjusted operating income margin exclude Restructuring and other related charges, Asbestos coverage adjustment, and charges associated with the deconsolidation of our operations in Venezuela to the extent they impact the periods presented. Adjusted net income and adjusted net income per share for the year ended December 31, 2015 exclude the write-off of certain deferred financing fees and original issue discount associated with the refinancing of Colfax’s credit agreement. The effective tax rates used to calculate adjusted net income and adjusted net income per share are 27.5% and 28.6% for the fourth quarter and full year ended December 31, 2016, respectively. The effective tax rates used to calculate adjusted net income and adjusted net income per share are 25.1% and 27.5% for the fourth quarter and full year ended December 31, 2015, respectively. Organic sales decline and organic order growth (decline) exclude the impact of acquisitions and foreign exchange rate fluctuations. These non-GAAP financial measures assist Colfax in comparing its operating performance on a consistent basis because, among other things, they remove the impact of restructuring and other related charges, asbestos coverage adjustments, Venezuela deconsolidation charges and write-off of certain deferred financing fees and original issue discount. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of non-GAAP financial measures presented above to GAAP results has been provided in the financial tables included in this press release. CAUTIONARY NOTE CONCERNING FORWARD LOOKING STATEMENTS: This press release may contain forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning Colfax’s plans, objectives, expectations and intentions and other statements that are not historical or current fact. Forward-looking statements are based on Colfax’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause Colfax’s results to differ materially from current expectations include, but are not limited to factors detailed in Colfax’s reports filed with the U.S. Securities and Exchange Commission including its 2015 Annual Report on Form 10-K under the caption “Risk Factors.” In addition, these statements are based on a number of assumptions that are subject to change. This press release speaks only as of the date hereof. Colfax disclaims any duty to update the information herein. The term “Colfax” in reference to the activities described in this press release may mean one or more of Colfax’s global operating subsidiaries and/or their internal business divisions and does not necessarily indicate activities engaged in by Colfax Corporation.



Colfax Corporation

Consolidated Statements of Income

Dollars in thousands, except per share data

(Unaudited)


 
Three Months Ended
 
Year Ended


 

December 31, 2016
 

December 31, 2015
 

December 31, 2016
 

December 31, 2015


 
 
 
 
 
 
 
 


Net sales
$
933,751
 
 
$
1,061,464
 
 
$
3,647,047
 
 
$
3,967,053
 


Cost of sales
645,133
 
 
728,039
 
 
2,501,396
 
 
2,715,279
 


Gross profit

288,618
 
 

333,425
 
 

1,145,651
 
 

1,251,774
 


Selling, general and administrative expense
197,798
 
 
232,843
 
 
825,240
 
 
905,952
 


Asbestos coverage adjustment
—
 
 
—
 
 
8,226
 
 
—
 


Restructuring and other related charges
24,853
 
 
35,519
 
 
74,170
 
 
61,177
 


Operating income

65,967
 
 

65,063
 
 

238,015
 
 

284,645
 


Interest expense, net

5,393
 
 

10,593
 
 

30,016
 
 

47,743
 


Income before income taxes
60,574
 
 
54,470
 
 
207,999
 
 
236,902
 


Provision for income taxes
17,755
 
 
5,941
 
 
62,808
 
 
49,724
 


Net income

42,819
 
 

48,529
 
 

145,191
 
 

187,178
 


Less: income attributable to noncontrolling interest, net of taxes
5,047
 
 
4,332
 
 
17,080
 
 
19,439
 


Net income attributable to Colfax Corporation

$

37,772

 
 

$

44,197

 
 

$

128,111

 
 

$

167,739

 


Net income per share - basic
$

0.31
 
 
$

0.36
 
 
$

1.04
 
 
$

1.35
 


Net income per share - diluted
$

0.31
 
 
$

0.36
 
 
$

1.04
 
 
$

1.34
 





Colfax Corporation

Reconciliation of GAAP to Non-GAAP Financial Measures

Dollars in thousands, except per share data

(Unaudited)


 
Three Months Ended
 
Year Ended


 

December 31, 2016
 

December 31, 2015
 

December 31, 2016
 

December 31, 2015


Adjusted Operating Income
 
 
 
 
 
 
 


Operating income
$
65,967
 
 
$
65,063
 
 
$
238,015
 
 
$
284,645
 


Operating income margin
7.1
%
 
6.1
%
 
6.5
%
 
7.2
%


Asbestos coverage adjustment
—
 
 
—
 
 
8,226
 
 
—
 


Restructuring and other related charges
24,853
 
 
35,519
 
 
74,170
 
 
61,177
 


Loss on deconsolidation of Venezuelan operations

—
 
 

—
 
 

2,369
 
 

—
 


Adjusted operating income
$

90,820
 
 
$

100,582
 
 
$

322,780
 
 
$

345,822
 


Adjusted operating income margin
9.7
%
 
9.5
%
 
8.9
%
 
8.7
%








 
Three Months Ended
 
Year Ended


 

December 31, 2016
 

December 31, 2015
 

December 31, 2016
 

December 31, 2015


Adjusted Net Income and

Adjusted Net Income Per Share
 
 
 
 
 
 
 


Net income attributable to Colfax Corporation
$
37,772
 
 
$
44,197
 
 
$
128,111
 
 
$
167,739
 


Asbestos coverage adjustment
—
 
 
—
 
 
8,226
 
 
—
 


Restructuring and other related charges
24,853
 
 
35,519
 
 
74,170
 
 
61,177
 


Loss on deconsolidation of Venezuelan operations
—
 
 
—
 
 
2,369
 
 
—
 


Debt extinguishment charges- Refinancing of credit agreement
—
 
 
—
 
 
—
 
 
4,731
 


Tax adjustment(1)
(5,758
)
 
(16,678
)
 
(21,040
)
 
(33,549
)


Adjusted net income

$

56,867

 
 

$

63,038

 
 

$

191,836

 
 

$

200,098

 


Adjusted net income margin
6.1
%
 
5.9
%
 
5.3
%
 
5.0
%


Weighted-average shares outstanding - diluted
123,385
 
 
124,102
 
 
123,199
 
 
124,870
 


Adjusted net income per share
$

0.46
 
 
$

0.51
 
 
$

1.56
 
 
$

1.60
 


Net income per share— diluted

(in accordance with GAAP)
$

0.31
 
 
$

0.36
 
 
$

1.04
 
 
$

1.34
 



__________

(1) The effective tax rates used to calculate adjusted net income and adjusted net income per share are 27.5% and 28.6% for the fourth quarter and full year ended December 31, 2016, respectively, and 25.1% and 27.5% for the fourth quarter and full year ended December 31, 2015.

Colfax Corporation

Change in Sales, Orders and Backlog

Dollars in millions

(Unaudited)


 
Net Sales
 
Orders
 
 


 

$
 

%
 

$
 

%
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


For the three months ended December 31, 2015
$
1,061.5
 
 
 
 
$
425.0
 
 
 
 
 
 
 


Components of Change:
 
 
 
 
 
 
 
 
 
 
 


Existing Businesses
(98.2
)
 
(9.3
)%
 
29.6
 
 
7.0
%
 
 
 
 


Acquisitions(1)
1.3
 
 
0.1
%
 
—
 
 
—
%
 
 
 
 


Foreign Currency Translation

(30.8
)
 

(2.8

)%
 

(11.6
)
 

(2.8

)%
 
 
 
 


Total

(127.7
)
 

(12.0

)%
 

18.0
 
 

4.2

%
 
 
 
 


For the three months ended December 31, 2016
$

933.8
 
 
 
 
$

443.0
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
Net Sales
 
Orders
 
Backlog at Period End


 

$
 

%
 

$
 

%
 

$
 

%


 
 
 
 
 
 
 
 
 
 
 
 


As of and for the year ended December 31, 2015
$
3,967.1
 
 
 
 
$
1,794.8
 
 
 
 
$
1,140.9
 
 
 


Components of Change:
 
 
 
 
 
 
 
 
 
 
 


Existing Businesses
(223.8
)
 
(5.6
)%
 
(49.3
)
 
(2.7
)%
 
(66.6
)
 
(5.8
)%


Acquisitions(2)
52.9
 
 
1.3
%
 
66.6
 
 
3.7
%
 
—
 
 
—
%


Foreign Currency Translation

(149.2
)
 

(3.8

)%
 

(59.8
)
 

(3.4

)%
 

(45.1
)
 

(4.0

)%


Total

(320.1
)
 

(8.1

)%
 

(42.5
)
 

(2.4

)%
 

(111.7
)
 

(9.8

)%


As of and for the year ended December 31, 2016
$

3,647.0
 
 
 
 
$

1,752.3
 
 
 
 
$

1,029.2
 
 
 



__________

(1) Represents the incremental sales as a result of our acquisition of AMI.

(2) Represents the incremental sales and orders as a result of our acquisitions of AMI, RootsTM blowers and compressors, and Simsmart Technologies.

Colfax Corporation

Consolidated Balance Sheets

Dollars in thousands, except share amounts

(Unaudited)


 
December 31,


 

2016
 

2015


ASSETS
 
 
 


CURRENT ASSETS:
 
 
 


Cash and cash equivalents
$
221,730
 
 
$
197,469
 


Trade receivables, less allowance for doubtful accounts of $41,511 and $39,505
913,614
 
 
888,166
 


Inventories, net
403,857
 
 
420,386
 


Other current assets
246,396
 
 
224,872
 


Total current assets

1,785,597
 
 

1,730,893
 


Property, plant and equipment, net
604,214
 
 
644,536
 


Goodwill
2,563,326
 
 
2,817,687
 


Intangible assets, net
899,340
 
 
995,712
 


Other assets
532,982
 
 
544,091
 


Total assets

$

6,385,459

 
 

$

6,732,919

 


 
 
 
 


LIABILITIES AND EQUITY
 
 
 


CURRENT LIABILITIES:
 
 
 


Current portion of long-term debt
$
5,406
 
 
$
5,792
 


Accounts payable
605,895
 
 
569,445
 


Customer advances and billings in excess of costs incurred
151,015
 
 
195,038
 


Accrued liabilities
344,358
 
 
346,069
 


Total current liabilities

1,106,674
 
 

1,116,344
 


Long-term debt, less current portion
1,286,738
 
 
1,411,755
 


Other liabilities
898,703
 
 
948,264
 


Total liabilities

3,292,115
 
 

3,476,363
 


Equity:
 
 
 


Common stock, $0.001 par value; 400,000,000 shares authorized; 122,780,261 and 123,486,425 issued and outstanding
123
 
 
123
 


Additional paid-in capital
3,199,682
 
 
3,199,267
 


Retained earnings
685,411
 
 
557,300
 


Accumulated other comprehensive loss
(988,345
)
 
(686,715
)


Total Colfax Corporation equity

2,896,871
 
 

3,069,975
 


Noncontrolling interest
196,473
 
 
186,581
 


Total equity

3,093,344
 
 

3,256,556
 


Total liabilities and equity

$

6,385,459

 
 

$

6,732,919

 





Colfax Corporation

Consolidated Statements of Cash Flows

Dollars in thousands

(Unaudited)


 
Year Ended December 31,


 

2016
 

2015


Cash flows from operating activities:
 
 
 


Net income
$
145,191
 
 
$
187,178
 


Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 


Depreciation, amortization and impairment charges
143,258
 
 
154,542
 


Stock-based compensation expense
19,020
 
 
16,321
 


Non-cash interest expense
4,176
 
 
10,101
 


Deferred income tax benefit
(1,682
)
 
(22,717
)


Changes in operating assets and liabilities:
 
 
 


Trade receivables, net
(50,958
)
 
64,048
 


Inventories, net
19,665
 
 
(390
)


Accounts payable
52,308
 
 
2,548
 


Customer advances and billings in excess of costs incurred
(37,210
)
 
(21,094
)


Changes in other operating assets and liabilities
(46,794
)
 
(86,724
)


Net cash provided by operating activities

246,974

 
 

303,813

 


Cash flows from investing activities:
 
 
 


Purchases of fixed assets
(63,251
)
 
(69,877
)


Acquisitions, net of cash received
(25,992
)
 
(196,007
)


Other, net
7,249
 
 
18,927
 


Net cash used in investing activities

(81,994

)
 

(246,957

)


Cash flows from financing activities:
 
 
 


Borrowings under term credit facility
—
 
 
750,000
 


Payments under term credit facility
(37,500
)
 
(1,232,872
)


Proceeds from borrowings on revolving credit facilities and other
896,742
 
 
1,498,039
 


Repayments of borrowings on revolving credit facilities and other
(978,024
)
 
(1,104,055
)


Proceeds from issuance of common stock, net
2,206
 
 
6,052
 


Repurchases of common stock
(20,812
)
 
(27,367
)


Other

(7,830
)
 

(21,066
)


Net cash used in financing activities

(145,218
)
 

(131,269
)


Effect of foreign exchange rates on Cash and cash equivalents

4,499
 
 

(33,566
)


Increase (decrease) in Cash and cash equivalents

24,261
 
 

(107,979
)


Cash and cash equivalents, beginning of period

197,469
 
 

305,448
 


Cash and cash equivalents, end of period
$

221,730
 
 
$

197,469
 


 
 
 
 


Supplemental Disclosure of Cash Flow Information:
 
 
 


Interest payments
$
35,838
 
 
$
36,363
 


Income tax payments, net
77,104
 
 
79,540
 





Terry Ross, Vice President of Investor Relations
Colfax Corporation
301-323-9054
[email protected]

Read more...

Ratios

vs
industry
vs
history
PE Ratio 35.87
CFX's PE Ratio is ranked lower than
66% of the 1429 Companies
in the Global Diversified Industrials industry.

( Industry Median: 23.08 vs. CFX: 35.87 )
Ranked among companies with meaningful PE Ratio only.
CFX' s PE Ratio Range Over the Past 10 Years
Min: 8.18  Med: 33.62 Max: 396.44
Current: 35.87
8.18
396.44
Forward PE Ratio 24.39
CFX's Forward PE Ratio is ranked lower than
66% of the 165 Companies
in the Global Diversified Industrials industry.

( Industry Median: 19.88 vs. CFX: 24.39 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 35.87
CFX's PE Ratio without NRI is ranked lower than
66% of the 1431 Companies
in the Global Diversified Industrials industry.

( Industry Median: 23.21 vs. CFX: 35.87 )
Ranked among companies with meaningful PE Ratio without NRI only.
CFX' s PE Ratio without NRI Range Over the Past 10 Years
Min: 8.18  Med: 33.62 Max: 396.44
Current: 35.87
8.18
396.44
Price-to-Owner-Earnings 30.00
CFX's Price-to-Owner-Earnings is ranked lower than
63% of the 852 Companies
in the Global Diversified Industrials industry.

( Industry Median: 20.73 vs. CFX: 30.00 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
CFX' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 12.07  Med: 23.88 Max: 88.32
Current: 30
12.07
88.32
PB Ratio 1.71
CFX's PB Ratio is ranked higher than
56% of the 1726 Companies
in the Global Diversified Industrials industry.

( Industry Median: 1.87 vs. CFX: 1.71 )
Ranked among companies with meaningful PB Ratio only.
CFX' s PB Ratio Range Over the Past 10 Years
Min: 0.81  Med: 2.28 Max: 8.24
Current: 1.71
0.81
8.24
PS Ratio 1.43
CFX's PS Ratio is ranked lower than
52% of the 1770 Companies
in the Global Diversified Industrials industry.

( Industry Median: 1.27 vs. CFX: 1.43 )
Ranked among companies with meaningful PS Ratio only.
CFX' s PS Ratio Range Over the Past 10 Years
Min: 0.32  Med: 1.19 Max: 2.28
Current: 1.43
0.32
2.28
Price-to-Free-Cash-Flow 24.39
CFX's Price-to-Free-Cash-Flow is ranked lower than
64% of the 605 Companies
in the Global Diversified Industrials industry.

( Industry Median: 17.38 vs. CFX: 24.39 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
CFX' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 10.67  Med: 21.93 Max: 68.58
Current: 24.39
10.67
68.58
Price-to-Operating-Cash-Flow 19.05
CFX's Price-to-Operating-Cash-Flow is ranked lower than
71% of the 750 Companies
in the Global Diversified Industrials industry.

( Industry Median: 11.85 vs. CFX: 19.05 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
CFX' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 7.6  Med: 16.75 Max: 259.77
Current: 19.05
7.6
259.77
EV-to-EBIT 25.05
CFX's EV-to-EBIT is ranked lower than
65% of the 1483 Companies
in the Global Diversified Industrials industry.

( Industry Median: 16.84 vs. CFX: 25.05 )
Ranked among companies with meaningful EV-to-EBIT only.
CFX' s EV-to-EBIT Range Over the Past 10 Years
Min: -450  Med: 22.4 Max: 133.6
Current: 25.05
-450
133.6
EV-to-EBITDA 16.29
CFX's EV-to-EBITDA is ranked lower than
58% of the 1555 Companies
in the Global Diversified Industrials industry.

( Industry Median: 12.86 vs. CFX: 16.29 )
Ranked among companies with meaningful EV-to-EBITDA only.
CFX' s EV-to-EBITDA Range Over the Past 10 Years
Min: -56.4  Med: 15.5 Max: 138.5
Current: 16.29
-56.4
138.5
PEG Ratio 2.38
CFX's PEG Ratio is ranked lower than
51% of the 743 Companies
in the Global Diversified Industrials industry.

( Industry Median: 2.12 vs. CFX: 2.38 )
Ranked among companies with meaningful PEG Ratio only.
CFX' s PEG Ratio Range Over the Past 10 Years
Min: 0.3  Med: 0.91 Max: 8.14
Current: 2.38
0.3
8.14
Shiller PE Ratio 46.83
CFX's Shiller PE Ratio is ranked lower than
71% of the 385 Companies
in the Global Diversified Industrials industry.

( Industry Median: 27.55 vs. CFX: 46.83 )
Ranked among companies with meaningful Shiller PE Ratio only.
CFX' s Shiller PE Ratio Range Over the Past 10 Years
Min: 23.56  Med: 35.58 Max: 46.39
Current: 46.83
23.56
46.39
Current Ratio 1.65
CFX's Current Ratio is ranked lower than
59% of the 1794 Companies
in the Global Diversified Industrials industry.

( Industry Median: 1.90 vs. CFX: 1.65 )
Ranked among companies with meaningful Current Ratio only.
CFX' s Current Ratio Range Over the Past 10 Years
Min: 1.34  Med: 1.68 Max: 2.06
Current: 1.65
1.34
2.06
Quick Ratio 1.25
CFX's Quick Ratio is ranked lower than
54% of the 1793 Companies
in the Global Diversified Industrials industry.

( Industry Median: 1.33 vs. CFX: 1.25 )
Ranked among companies with meaningful Quick Ratio only.
CFX' s Quick Ratio Range Over the Past 10 Years
Min: 0.9  Med: 1.3 Max: 1.56
Current: 1.25
0.9
1.56
Days Inventory 63.26
CFX's Days Inventory is ranked higher than
70% of the 1751 Companies
in the Global Diversified Industrials industry.

( Industry Median: 97.63 vs. CFX: 63.26 )
Ranked among companies with meaningful Days Inventory only.
CFX' s Days Inventory Range Over the Past 10 Years
Min: 36.33  Med: 59.62 Max: 81.49
Current: 63.26
36.33
81.49
Days Sales Outstanding 91.00
CFX's Days Sales Outstanding is ranked lower than
58% of the 1401 Companies
in the Global Diversified Industrials industry.

( Industry Median: 78.95 vs. CFX: 91.00 )
Ranked among companies with meaningful Days Sales Outstanding only.
CFX' s Days Sales Outstanding Range Over the Past 10 Years
Min: 60.87  Med: 73.64 Max: 91.44
Current: 91
60.87
91.44
Days Payable 89.80
CFX's Days Payable is ranked higher than
65% of the 1373 Companies
in the Global Diversified Industrials industry.

( Industry Median: 65.11 vs. CFX: 89.80 )
Ranked among companies with meaningful Days Payable only.
CFX' s Days Payable Range Over the Past 10 Years
Min: 39.36  Med: 71.2 Max: 108.25
Current: 89.8
39.36
108.25

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio -6.40
CFX's 3-Year Average Share Buyback Ratio is ranked lower than
67% of the 1006 Companies
in the Global Diversified Industrials industry.

( Industry Median: -1.60 vs. CFX: -6.40 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
CFX' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -41.5  Med: -25.55 Max: 0
Current: -6.4
-41.5
0

Valuation & Return

vs
industry
vs
history
Price-to-Intrinsic-Value-Projected-FCF 1.22
CFX's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
64% of the 1061 Companies
in the Global Diversified Industrials industry.

( Industry Median: 1.48 vs. CFX: 1.22 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
CFX' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.59  Med: 1.85 Max: 4.87
Current: 1.22
0.59
4.87
Price-to-Median-PS-Value 1.21
CFX's Price-to-Median-PS-Value is ranked higher than
58% of the 1715 Companies
in the Global Diversified Industrials industry.

( Industry Median: 1.22 vs. CFX: 1.21 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
CFX' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.39  Med: 0.99 Max: 1.61
Current: 1.21
0.39
1.61
Price-to-Peter-Lynch-Fair-Value 5.67
CFX's Price-to-Peter-Lynch-Fair-Value is ranked lower than
91% of the 485 Companies
in the Global Diversified Industrials industry.

( Industry Median: 1.54 vs. CFX: 5.67 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
CFX' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0.6  Med: 1.44 Max: 16.46
Current: 5.67
0.6
16.46
Earnings Yield (Greenblatt) % 3.99
CFX's Earnings Yield (Greenblatt) % is ranked lower than
53% of the 1820 Companies
in the Global Diversified Industrials industry.

( Industry Median: 4.59 vs. CFX: 3.99 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
CFX' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -3.1  Med: 4.1 Max: 10.5
Current: 3.99
-3.1
10.5
Forward Rate of Return (Yacktman) % 10.53
CFX's Forward Rate of Return (Yacktman) % is ranked higher than
63% of the 1049 Companies
in the Global Diversified Industrials industry.

( Industry Median: 6.70 vs. CFX: 10.53 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
CFX' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -18.7  Med: 24 Max: 53.2
Current: 10.53
-18.7
53.2

More Statistics

Revenue (TTM) (Mil) $3,615.13
EPS (TTM) $ 1.17
Beta1.14
Short Percentage of Float1.79%
52-Week Range $27.76 - 42.07
Shares Outstanding (Mil)122.99

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 3,663 3,879 4,065
EPS ($) 1.69 2.00 2.25
EPS without NRI ($) 1.69 2.00 2.25
EPS Growth Rate
(Future 3Y To 5Y Estimate)
10.00%
Dividends per Share ($)
» More Articles for CFX

Headlines

Articles On GuruFocus.com
Colfax Schedules Second Quarter 2017 Earnings Release and Conference Call Jul 17 2017 
Colfax to Present at Deutsche Bank’s Global Industrials & Materials Summit Jun 05 2017 
Colfax Reports First Quarter 2017 Results May 05 2017 
Colfax Schedules First Quarter 2017 Earnings Release and Conference Call Apr 26 2017 
Colfax Announces Pricing of 3.250% Senior Notes due 2025 Apr 12 2017 
Colfax Announces Offering of Senior Notes and Preliminary Trends for the First Quarter of 2017 Apr 07 2017 
Chuck Akre Buys Moody's and Dollar General, Sells MasterCard Mar 29 2017 
Diamond Hill Sells Morgan Stanley and IBM, Buys Pepsi Mar 28 2017 
Colfax Announces Acquisition of Siemens Turbomachinery Equipment GmbH Mar 08 2017 
COLFAX REPORTS FOURTH QUARTER 2016 RESULTS Feb 02 2017 

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Colfax's Near & Long-Term Potential Solid: Should You Add? Jun 19 2017
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