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SPX Corp, USA
COMPANY WATCH
SPX Corp, USA
Schweitzer-Mauduit International Inc, USA
Key Figures (US$ million) Third quarter ended 30.9 2016 2015
Net Sales Of Which: Advanced Materials & Structures
209.3
184.4
72.5
42.0
Cost of Products Sold
146.2
132.0
63.1
52.4
Gross Profit R&D Expenses
Key Figures (US million) Third quarter ended 1.10.2016 26.9.2015
Revenues Of Which: Power
385.2 374.1
Cost of Products Sold
301.2
371.2
Gross Profit
84.0
2.9
21.2
(64.7)
216.0 175.5
4.2
3.5
Operating Profit/(Loss) Of Which: Advanced Materials & Structures
30.8
31.8
Segment Income/(Loss) Of Which: Power
8.7
4.8
Operating Profit/(Loss)
7.1
(113.6)
Net Income
18.7
25.8
Income (Continuing Operations) before Tax
2.6
(130.7)
Net Income/(Loss)
1.9
(130.6)
Nine months ended 30.9 2016 2015
(2.2) (96.5)
Nine months ended 1.10.2016 26.9.2015
Net Sales Of Which: Advanced Materials & Structures
641.2
554.3
215.5
123.1
Cost of Products Sold
447.7
395.7
Revenues Of Which: Power
Gross Profit
193.5
158.6
Cost of Products Sold
918.8
1036.4
R&D Expenses
12.9
10.5
Gross Profit
268.6
173.4
Operating Profit/(Loss) Of Which: Advanced Materials & Structures
99.9
78.3
(29.5)
22.8
12.8
Segment Income 70.0 Of Which: Power (9.5)
(106.3)
Net Income
65.8
68.0
Operating Profit/(Loss)
37.1
(166.9)
Income (Continuing Operations) before Tax
20.7
(183.6)
Net Income
18.5
(104.3)
COMMENT Schweitzer-Mauduit International Inc (SWM) has posted third quarter fiscal 2016 net sales of US$209.3 million, up 13.5% on the prior year. Net profit, however, was down 27.5% at US$18.7 million. Revenues benefited primarily from the contribution of recent acquisitions. This trend was evident in its Advanced Materials & Structures (AMS) segment, home to its filtration activities, which enjoyed a significant contribution from its late 2015 purchase of Argotec. While AMS’s revenues were up 72.3% on the prior year at US$72.5 million, organic growth (excluding currency impacts) was down 2%. “Recent
January 2017
exits of certain low-margin industrial products and softness in water filtration sales offset growth to other customers in various filtration end-markets,” Frederic Villoutreix, SWM’s chair and CEO, said. Operating profit in the AMS segment was up 81.3% on the year prior at US$8.7 million. “Segment adjusted operating margin increased more than 200 basis points during the quarter, consistent with our recent trends and representative of our opportunity to steadily improve profitability,” Villoutreix said. For the corresponding nine months, net sales were up 15.7% at US$641.2 million. n www.swmintl.com
1187.4 1209.8 669.2 675.1
COMMENT SPX Corp posted revenues for the fiscal 2016 third quarter of US$385.2 million, up 3.0% on the year earlier, while it registered a net profit of US$1.9 million compared to a loss of US$130.6 million. Revenues increased 23.1% year-on-year in the company’s Power segment to US$216.0 million, with the 2015 figure impacted by a revenue revision. Sales were down in both of SPX’s other two segments, falling 18.1% in the HVAC sector to US$116.9 million and 6.4% in the Detection & Measurement business unit to US$52.3 million.
Following the end of the period, SPX announced the sale of its European power generation business BalckeDürr to a subsidiary of German industrial holding company Mutares AG. Balcke-Dürr’s product range includes air intake filters, pulse jet fabric filters and electrostatic precipitators. Results for the corresponding nine month period saw SPX’s revenues down 1.9% on the year earlier at US$1.2 billion, while a net profit of US$18.5 million compared favourably to a year earlier loss of US$104.3 million. n www.spx.com
Filtration Industry Analyst
11
SPX Corp, USA
Schweitzer-Mauduit International Inc, USA
Key Figures (US$ million) Third quarter ended 30.9 2016 2015
Net Sales Of Which: Advanced Materials & Structures
209.3
184.4
72.5
42.0
Cost of Products Sold
146.2
132.0
63.1
52.4
Gross Profit R&D Expenses
Key Figures (US million) Third quarter ended 1.10.2016 26.9.2015
Revenues Of Which: Power
385.2 374.1
Cost of Products Sold
301.2
371.2
Gross Profit
84.0
2.9
21.2
(64.7)
216.0 175.5
4.2
3.5
Operating Profit/(Loss) Of Which: Advanced Materials & Structures
30.8
31.8
Segment Income/(Loss) Of Which: Power
8.7
4.8
Operating Profit/(Loss)
7.1
(113.6)
Net Income
18.7
25.8
Income (Continuing Operations) before Tax
2.6
(130.7)
Net Income/(Loss)
1.9
(130.6)
Nine months ended 30.9 2016 2015
(2.2) (96.5)
Nine months ended 1.10.2016 26.9.2015
Net Sales Of Which: Advanced Materials & Structures
641.2
554.3
215.5
123.1
Cost of Products Sold
447.7
395.7
Revenues Of Which: Power
Gross Profit
193.5
158.6
Cost of Products Sold
918.8
1036.4
R&D Expenses
12.9
10.5
Gross Profit
268.6
173.4
Operating Profit/(Loss) Of Which: Advanced Materials & Structures
99.9
78.3
(29.5)
22.8
12.8
Segment Income 70.0 Of Which: Power (9.5)
(106.3)
Net Income
65.8
68.0
Operating Profit/(Loss)
37.1
(166.9)
Income (Continuing Operations) before Tax
20.7
(183.6)
Net Income
18.5
(104.3)
COMMENT Schweitzer-Mauduit International Inc (SWM) has posted third quarter fiscal 2016 net sales of US$209.3 million, up 13.5% on the prior year. Net profit, however, was down 27.5% at US$18.7 million. Revenues benefited primarily from the contribution of recent acquisitions. This trend was evident in its Advanced Materials & Structures (AMS) segment, home to its filtration activities, which enjoyed a significant contribution from its late 2015 purchase of Argotec. While AMS’s revenues were up 72.3% on the prior year at US$72.5 million, organic growth (excluding currency impacts) was down 2%. “Recent
January 2017
exits of certain low-margin industrial products and softness in water filtration sales offset growth to other customers in various filtration end-markets,” Frederic Villoutreix, SWM’s chair and CEO, said. Operating profit in the AMS segment was up 81.3% on the year prior at US$8.7 million. “Segment adjusted operating margin increased more than 200 basis points during the quarter, consistent with our recent trends and representative of our opportunity to steadily improve profitability,” Villoutreix said. For the corresponding nine months, net sales were up 15.7% at US$641.2 million. n www.swmintl.com
1187.4 1209.8 669.2 675.1
COMMENT SPX Corp posted revenues for the fiscal 2016 third quarter of US$385.2 million, up 3.0% on the year earlier, while it registered a net profit of US$1.9 million compared to a loss of US$130.6 million. Revenues increased 23.1% year-on-year in the company’s Power segment to US$216.0 million, with the 2015 figure impacted by a revenue revision. Sales were down in both of SPX’s other two segments, falling 18.1% in the HVAC sector to US$116.9 million and 6.4% in the Detection & Measurement business unit to US$52.3 million.
Following the end of the period, SPX announced the sale of its European power generation business BalckeDürr to a subsidiary of German industrial holding company Mutares AG. Balcke-Dürr’s product range includes air intake filters, pulse jet fabric filters and electrostatic precipitators. Results for the corresponding nine month period saw SPX’s revenues down 1.9% on the year earlier at US$1.2 billion, while a net profit of US$18.5 million compared favourably to a year earlier loss of US$104.3 million. n www.spx.com
Filtration Industry Analyst
11