Colfax Clocks 20% Sales Growth In Q3, Beats Estimates
Colfax Clocks 20% Sales Growth In Q3, Beats Estimates
Colfax第三季度銷售額增長20%，超出預期
- Colfax Corp (NYSE:CFX) reported third-quarter sales growth of 20% year-over-year to $965.89 million, +15% on an organic sales-per-day basis, beating the consensus of $958.430 million.
- Adjusted EPS improved to $0.54 from $0.41 in 3Q20, beating the consensus of $0.53.
- The gross margin contracted by 78 bps to 41.9%.
- The operating income was $63.99 million (+3.3% Y/Y) and the margin contracted by 106 bps to 6.6%.
- Colfax generated cash from operating activities year-to-date of $259.88 million, compared to $173.13 million a year ago.
- Adjusted EBITDA was $131.6 million (+22.2% Y/Y), and the margin expanded by 20 bps to 13.6%.
- The company says ESAB exceeded expectations this quarter, as it effectively managed through the inflationary and supply chain pressures to deliver strong growth and operating margin expansion. In MedTech, recent acquisitions drove double-digit growth in the quarter. Organic sales-per-day growth was positive compared to 2020 and 2019.
- Medical Technology segment sales of $360 million (+14% Y/Y) and Fabrication Technology segment (ESAB) sales of $606 million (+23%Y/Y).
- The company is making meaningful progress on the expected tax-free spin-off of its ESAB business to Colfax shareholders in the form of a dividend in the first quarter of 2022. The company also announced that it would transition to its new name, Enovis, during the separation.
- FY21 Outlook: Colfax expects a higher projected tax rate, and COVID-driven headwinds will lead to results at the lower end of its $2.10-$2.20 full-year adjusted EPS forecast. It continues to expect ~$275 million of free cash flow.
- Price Action: CFX share closed lower by 0.26% at $52.75 on Wednesday.
- 科爾法克斯公司(紐約證券交易所股票代碼：CFX)公佈第三季度銷售額同比增長20%，達到9.6589億美元，有機日銷售額增長15%，超出市場普遍預期的9.5843億美元。
- 調整後每股收益從20年第三季度的0.41美元提高到0.54美元，超過了0.53美元的共識。
- 毛利率下降78個基點，至41.9%。
- 營業收入為6399萬美元(同比增長3.3%)，利潤率下降106個基點，至6.6%。
- 今年到目前為止，Colfax從經營活動中產生的現金為2.5988億美元，而去年同期為1.7313億美元。
- 調整後的EBITDA為1.316億美元(同比增長22.2%)，利潤率增長20個基點，達到13.6%。
- 該公司表示，ESAB本季度的表現超出預期，因為它有效地度過了通脹和供應鏈壓力，實現了強勁增長和營業利潤率擴大。在MedTech，最近的收購推動了該季度兩位數的增長。與2020年和2019年相比，有機日銷售額增長是積極的。
- 醫療技術部門的銷售額為3.6億美元(同比增長14%)，製造技術部門(ESAB)的銷售額為6.06億美元(同比增長23%)。
- 該公司在2022年第一季度以股息形式將其ESAB業務以免税形式剝離給Colfax股東的預期取得了有意義的進展。該公司還宣佈，在分拆期間將過渡到新名稱Enovis。
- 21財年展望：Colfax預計，預計税率會更高，COVID驅動的逆風將導致其全年調整後每股收益預測的2.10-2.20美元的較低端。該公司繼續預計自由現金流約為2.75億美元。
- 價格行動：CFX股價週三收低0.26%，報52.75美元。
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