CSW Industrials, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2016; Announces Impairment of Assets for the First Quarter Ended June 30, 2016; Provides Tax Rate and Capital Investment Guidance for the Full Year of Fiscal 2017
August 15, 2016 at 01:00 pm
Share
CSW Industrials, Inc. reported unaudited consolidated earnings results for the first quarter ended June 30, 2016. For the quarter, the company's revenues, net were $84,107,000 compared to $88,909,000 a year ago. Lower sales in the quarter were primarily attributable to decreased volume in Coatings, Sealants and Adhesives and Specialty Chemicals business segments, specifically within the rail and energy end markets. This was partially offset by higher volumes in HVAC and architecturally-specified building products end markets and incremental revenue from acquisitions completed in the past 12 months. Operating income was $7,410,000 compared to $14,288,000 a year ago. Income before income taxes was $7,200,000 compared to $13,556,000 a year ago. Net income was $4,096,000 compared to $8,650,000 a year ago. Diluted net earnings per common share was $0.26 compared to $0.55 a year ago. Net cash provided by operating activities was $3,851,000 compared to $10,176,000 a year ago. Capital expenditures was $2,772,000 compared to $1,873,000 a year ago. Adjusted operating income was $12,396,000 compared to $16,537,000 a year ago. Adjusted net income was $8,027,000 compared to $10,105,000 a year ago. Adjusted earnings per diluted common share was $0.51 compared to $0.65 a year ago. Net debt at quarter end was $49.6 million.
The company also announced impairment of assets of $1,082,000 for the first quarter ended June 30, 2016.
The company expects the full year of fiscal 2017 tax rate to be between 36% and 37% and capital investment of between $1 million to $1.25 million.
.
CSW Industrials, Inc. is a diversified industrial company with operations in three segments: Contractor Solutions, Engineered Building Solutions, and Specialized Reliability Solutions. The Contractor Solutions segment manufactures efficiency and performance-enhancing products predominantly for residential and commercial heating, ventilation, air conditioning and refrigeration (HVAC/R) and plumbing applications, which are designed primarily for the professional trades. The Engineered Building Solutions segment provides primarily code-driven, life safety products that are engineered to provide solutions for the construction, refurbishment and modernization of commercial, institutional and multifamily residential buildings. The Specialized Reliability Solutions segment provides products for increasing the reliability, efficiency, performance and lifespan of industrial assets. The primary end markets it serves with its brands include HVAC/R, plumbing, general industrial, and others.
CSW Industrials, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2016; Announces Impairment of Assets for the First Quarter Ended June 30, 2016; Provides Tax Rate and Capital Investment Guidance for the Full Year of Fiscal 2017