Oct 29, 2012 (Marketwire via COMTEX) --Gardner Denver, Inc. (NYSE: GDI)
- Diluted earnings per share ("DEPS") of $1.30 exceeded previous guidance
- Increased full year 2012 DEPS guidance to range of $5.05 to $5.15
Gardner Denver, Inc. (NYSE: GDI) today reported third quarter 2012 revenues of $548.5 million, down 11% compared to the prior year third quarter (down 7% excluding the impact of foreign exchange). Operating income for the third quarter of 2012 was $89.1 million, compared to $106.6 million in the third quarter of the prior year, resulting in a decrease in operating margin of 110 basis points to 16.2%. Net income in the third quarter of 2012 was $64.1 million, or $1.30 diluted earnings per share, compared to $73.6 million, or $1.42 DEPS over the same period of 2011. Results for the third quarter of 2012 included unfavorable after-tax charges of $0.02 per diluted share primarily related to the Company's ongoing restructuring activities and severance related costs. Excluding these charges, Adjusted DEPS for the third quarter of 2012 was $1.32. (1)
For the nine months ended September 30, 2012, Gardner Denver revenues increased 0.5% to $1.766 billion from $1.757 billion in the same period of 2011. Adjusted operating income was down 0.5% to $303 million, compared to $304 million earned in the first nine months of 2011. (1) Adjusted DEPS was $4.26 for the first nine months of 2012, up 7% from $3.98 per diluted share in the first nine months of 2011. (1)
"In a challenging environment, our commitment to operational excellence coupled with our diverse portfolio of businesses allowed us to exceed our third quarter earnings expectations and raise 2012 guidance. As we continue to successfully execute our strategy for profitable growth, we remain focused on improving productivity and reducing structural costs. We were pleased with our cash performance, as operating cash flow of $88 million for the third quarter was 137% of net income. Our strong balance sheet and sustained cash generation provide us ample opportunity to deploy capital in a disciplined and balanced manner as we focus on delivering consistent shareholder returns," said Michael M. Larsen, Gardner Denver's interim Chief Executive Officer and Chief Financial Officer.