- Email: [email protected]
Sulzer Ltd, Switzerland
COMPANY WATCH
IDEX Corp, USA Key Figures (US$ million) Three months ended 30.6 2012
Sulzer Ltd, Switzerland
494.1
453.8
210.7 170.6 115.9
208.9 140.5 105.2
Operating Income Of Which: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/Diversified Products
88.7
79.6
46.6 28.3 27.1
41.5 29.9 26.9
Net Income
54.4
50.2
2011
Net Sales Of Which: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/Diversified Products
983.6
880.9
423.4 344.3 220.0
408.6 269.7 204.1
Operating Income Of Which: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/Diversified Products
173.2
157.4
93.8 60.0 51.4
83.3 59.4 48.0
Net Income
106.5
98.1
COMMENT For the three-month period ended 30 June 2012, IDEX Corp saw sales increase 9% to US$494 million and new orders gain 4% on a year ago to reach US$466 million. Second quarter 2012 operating income, adjusted for US$2.6 million of restructuring related charges, was US$91.2 million. “Overall, I am pleased with the team’s ability to navigate through this challenging environment while remaining focused on our customers,” said Andrew Silvernail, IDEX chairman and CEO. There was a 1% increase in Fluid & Metering Technologies’ sales in the second quarter to US$211 million. Operating margin of 22.1% represented a 220 basis point improvement compared with the second
July 2012
2011
Order Intake Of Which: Sulzer Pumps
2 025.4
1 824.4
1022.3
838.5
Order Backlog Of Which: Sulzer Pumps
1971.0
1864.0
1384.6
1343.5
Sales Of Which: Sulzer Pumps
1 922.7
1 600.6
981.0
743.2
Operating Income (EBIT) Of Which: Sulzer Pumps
193.4
177.1
84.0
85.4
Net Income
131.5
124.8
17 382
17 002
8466
8211
2011
Net Sales Of Which: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/Diversified Products
Six months ended 30.6 2012
Key Figures (CHF million) January–June 2012
quarter of 2011 due to productivity. Within Health & Science Technologies, second quarter sales of US$171 million reflected a 21% increase on the second quarter of 2011. Excluding the impact from acquisitions, operating margins in 2012 were up 40 basis points compared with 2011. At Fire & Safety/Diversified Products, there was a 10% increase in second quarter sales to US$116 million. Operating margin of 23.4% represented a 210 basis point decrease compared with the second quarter of 2011 primarily due to a US$2.8 million gain on the sale of a facility last year. ■ www.idexcorp.com
Employees Of Which: Sulzer Pumps
COMMENT Sulzer Pumps saw double-digit growth in orders and sales in the first half of 2012. The division increased its order intake noticeably in the first half of the year, mainly driven by the acquisition of Cardo Pumps. The water market continued to grow, in particular, the wastewater subsegment. The oil & gas industry remained stable, while the power market started to show the first signs of recovery. Geographically, activity levels were particularly high in North America, the Asia-Pacific region and in Russia. Sales grew even more strongly than orders, driven by the Cardo Pumps acquisition and organic growth. The profitability of the pump division was affected by amortisation due to the acquisition, a changed business mix with a higher share of sales of the new equipment business, and the increase of corporate charges by 50 basis points of sales.
Sulzer Pumps continued to innovate with new products including a new multiphase subsea pump and solutions for the desalination and the concentrated solar power markets. The pump division expanded its presence in emerging markets with additional service centres in China and Russia and a packaging facility in South Korea. The integration of the acquired water and wastewater businesses is on track. For the full year, the pump division anticipates doubledigit growth in orders and sales. Profitability is expected to reach 2011 levels. Oil & gas, power and water markets are expected to remain high. Geographically, North America, the Asia-Pacific region and Russia are forecast to remain the growth drivers for the pump division. ■ www.sulzer.com
Pump Industry Analyst
9
IDEX Corp, USA Key Figures (US$ million) Three months ended 30.6 2012
Sulzer Ltd, Switzerland
494.1
453.8
210.7 170.6 115.9
208.9 140.5 105.2
Operating Income Of Which: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/Diversified Products
88.7
79.6
46.6 28.3 27.1
41.5 29.9 26.9
Net Income
54.4
50.2
2011
Net Sales Of Which: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/Diversified Products
983.6
880.9
423.4 344.3 220.0
408.6 269.7 204.1
Operating Income Of Which: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/Diversified Products
173.2
157.4
93.8 60.0 51.4
83.3 59.4 48.0
Net Income
106.5
98.1
COMMENT For the three-month period ended 30 June 2012, IDEX Corp saw sales increase 9% to US$494 million and new orders gain 4% on a year ago to reach US$466 million. Second quarter 2012 operating income, adjusted for US$2.6 million of restructuring related charges, was US$91.2 million. “Overall, I am pleased with the team’s ability to navigate through this challenging environment while remaining focused on our customers,” said Andrew Silvernail, IDEX chairman and CEO. There was a 1% increase in Fluid & Metering Technologies’ sales in the second quarter to US$211 million. Operating margin of 22.1% represented a 220 basis point improvement compared with the second
July 2012
2011
Order Intake Of Which: Sulzer Pumps
2 025.4
1 824.4
1022.3
838.5
Order Backlog Of Which: Sulzer Pumps
1971.0
1864.0
1384.6
1343.5
Sales Of Which: Sulzer Pumps
1 922.7
1 600.6
981.0
743.2
Operating Income (EBIT) Of Which: Sulzer Pumps
193.4
177.1
84.0
85.4
Net Income
131.5
124.8
17 382
17 002
8466
8211
2011
Net Sales Of Which: Fluid & Metering Technologies Health & Science Technologies Fire & Safety/Diversified Products
Six months ended 30.6 2012
Key Figures (CHF million) January–June 2012
quarter of 2011 due to productivity. Within Health & Science Technologies, second quarter sales of US$171 million reflected a 21% increase on the second quarter of 2011. Excluding the impact from acquisitions, operating margins in 2012 were up 40 basis points compared with 2011. At Fire & Safety/Diversified Products, there was a 10% increase in second quarter sales to US$116 million. Operating margin of 23.4% represented a 210 basis point decrease compared with the second quarter of 2011 primarily due to a US$2.8 million gain on the sale of a facility last year. ■ www.idexcorp.com
Employees Of Which: Sulzer Pumps
COMMENT Sulzer Pumps saw double-digit growth in orders and sales in the first half of 2012. The division increased its order intake noticeably in the first half of the year, mainly driven by the acquisition of Cardo Pumps. The water market continued to grow, in particular, the wastewater subsegment. The oil & gas industry remained stable, while the power market started to show the first signs of recovery. Geographically, activity levels were particularly high in North America, the Asia-Pacific region and in Russia. Sales grew even more strongly than orders, driven by the Cardo Pumps acquisition and organic growth. The profitability of the pump division was affected by amortisation due to the acquisition, a changed business mix with a higher share of sales of the new equipment business, and the increase of corporate charges by 50 basis points of sales.
Sulzer Pumps continued to innovate with new products including a new multiphase subsea pump and solutions for the desalination and the concentrated solar power markets. The pump division expanded its presence in emerging markets with additional service centres in China and Russia and a packaging facility in South Korea. The integration of the acquired water and wastewater businesses is on track. For the full year, the pump division anticipates doubledigit growth in orders and sales. Profitability is expected to reach 2011 levels. Oil & gas, power and water markets are expected to remain high. Geographically, North America, the Asia-Pacific region and Russia are forecast to remain the growth drivers for the pump division. ■ www.sulzer.com
Pump Industry Analyst
9