Xerium Reports Q1 2016 Results
Youngsville, NC - May 4, 2016 (BUSINESS WIRE) - Xerium Technologies, Inc. (NYSE:XRM), a leading, global provider of highly engineered, industrial consumable products and integrated services today reported first quarter 2016 financial results.
- Q1 2016 Sales of $115.0 million; Adjusted EBITDA of $24.0 million. Machine clothing sales were down due to declining markets and grades, and rolls sales were up due to the company’s repositioning program.
- Repositioning program results were powerful and contributed ~30% of Adjusted EBITDA both through incremental new sales and a lowered cost structure.
- Q1 2016 free cash flow of $10.5 million; an improvement of $14.7 million year-over-year.
- Improved 2016 free cash flow guidance to $25 to $30 million, targeting 2016 net debt leverage of 4.3x.
- Acquisition of JJ Plank/Spencer Johnston (“Spencer Johnston”) adds capability to rolls business, and is immediately de-leveraging on a pro forma basis.
First quarter sales were $115.0 million compared to prior-year sales of $121.0 million. On a constant currency basis, sales were down (2.8)%, compared to the first quarter of 2015. Sequentially, sales were approximately flat versus the fourth quarter of 2015. The Company’s performance in the quarter reflected market softness, increasingly offset by higher sales from products associated with the Company’s strategic repositioning initiatives especially rolls sales, which were up 3.5% year-over-year.
You can read the full Press Release here.