Ceco Environmental Corp, USA

Ceco Environmental Corp, USA

COMPANY WATCH Alfa Laval AB, Sweden Ceco Environmental Corp, USA Key Figures (SEK million) Third quarter ended 30.9 2016 2015 Key Figures (US$...

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COMPANY WATCH

Alfa Laval AB, Sweden

Ceco Environmental Corp, USA

Key Figures (SEK million) Third quarter ended 30.9 2016 2015



Key Figures (US$ million) Three months ended 30.6 2016

2015

112.3

87.0

Order Intake

7540

8686

Net Sales

Net Sales Of Which: Equipment Process Technology Marine & Diesel

8581

9693

Cost of Sales

78.3

60.3

Gross Profit

33.9

26.6

Selling and Admin Expenses

20.1

14.4

Acquisition and Integration Expenses

0.3

1.0

Cost of Goods Sold

6336

6558

Income from Operations

8.6

4.5

Gross Profit

2245

3135

Net Income

4.0

2.1

Sales Costs

1138

1095

Administration Costs

327

336

R&D Costs

191

180

Six months ended 30.6 2016

2015

Operating Income/(Loss)

(32)

1402

Net Sales

215.4

167.9

(106)

988

Cost of Sales

149.9

120.3

Gross Profit

65.5

47.6

Selling and Admin Expenses

41.1

28.1

0.4

1.3

14.4

7.5

7.1

2.3

Net Income/(Loss)



2737 2671 2972 3467 2872 3555

Six months ended 30.9 2016 2015



Acquisition and Integration Expenses

Order Intake

23 351

27 676

Income from Operations

Net Sales Of Which: Equipment Process Technology Marine & Diesel

25 730

28 941

Net Income

Cost of Goods Sold

17 733

19 330

Gross Profit

7997

9611

Sales Costs

3386

3282

Administration Costs

1056

1097

590

556

Operating Income

2169

4234

Net Income

1696

2926

R&D Costs

7658 7806 2972 3467 9044 10 725

COMMENT Alfa Laval AB’s third quarter fiscal 2016 net sales fell 11% yearon-year to SEK8581 million, while order intake dropped 13% to SEK7540 million. The company delivered a net loss of SEK106 million, compared with a net income of SEK988 million last year. “Order intake for the third quarter was sequentially somewhat weaker,” said Tom Erixon, Alfa Laval’s president and CEO. “The development originated from a low activity

October 2016

level within the marine sector and generally longer decision processes for larger investment projects among our customers. We estimate that the demand during the fourth quarter will be unchanged to somewhat higher.” In a move designed to secure its profitability and strengthen its competiveness, Alfa Laval has announced a restructuring programme following a strategic review (see front page). n www.alfalaval.com

COMMENT Ceco Environmental Corp’s financial highlights for the second quarter of 2016 included a 29% increase in revenue to a record US$112.3 million, a 27% lift in gross profit to US$33.9 million, and operating income up 91% to a record US$8.6 million. Net income was US$4.0 million for the second quarter of 2016, compared with US$2.1 million in the prior-year period. Second quarter bookings rose 46% to US$108.8 million, while backlog at 30 June 2016 was up 60% to US$224.7 million. “I am encouraged with our operational progress, especially our bookings of US$108.8 million in the quarter and

US$228.9 million year-todate, representing organic bookings growth of 16.0% and 4.5%, respectively,” said Ceco’s CEO Jeff Lang. “We have fully completed the integration of our Peerless acquisition and have exceeded the promised operational and overall business synergies, more than one year ahead of schedule, with US$18.0 million in total operating costout synergies. In addition, our continued focus on organic sales, recurring revenue growth, and working capital initiatives enabled debt repayment and a reduction in our leverage ratios.” n www.cecoenviro.com

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