XERIUM REPORTS Q1 2017 RESULTS
- Q1 2017 sales of $119.9 million, increased 4.3% from $115.0 million in Q1 2016 (see Table 1) due to incremental sales from the acquisition of Spencer Johnston and increased machine clothing sales. Q1 2017 sales were up 5.5% versus Q1 2016, when measured on a constant-currency basis.
- Q1 2017 gross margin of 39.6%, a 170 basis point increase over the prior year period of 37.9%, as production efficiencies favorably impacted our results.
- Q1 2017 income from operations of $14.3 million, a $2.7 million, or 23.7%, increase over the prior year period of $11.5 million.
- Q1 2017 net loss of $(2.8) million, a $1.4 million increase in net loss over the prior year period of $(1.4) million due to an increase in interest expense, partially offset by higher sales and operational efficiencies.
- Q1 2017 adjusted EBITDA of $26.6 million, an increase of 11.0% over the prior year period, representing 22.2% of sales. Q1 2017 adjusted EBITDA was up 15.8% to $27.7 million versus Q1 2016 when measured on a constant-currency basis (see Table 2).
- Order backlog increased again to $181 million driven by diversification of sales efforts and strong order patterns. This is the highest company backlog in 5 years.
- Company names Mark Staton President and CEO; appoints Mitchell I. Quain to Board of Directors.
YOUNGSVILLE, N.C.--(BUSINESS WIRE)--May 1, 2017-- Xerium Technologies, Inc. (NYSE:XRM), a leading, global provider of industrial consumable products and services, today reported first quarter 2017 financial results.
Clifford Pietrafitta, Chief Financial Officer said, “We are pleased to see the effects of our repositioning efforts taking hold through improved volume and lower costs. During the first quarter of 2017, sales diversification and momentum from new products led to strong performance with 4.3% growth over the prior year. Higher sales combined with operational excellence program results led to an 11.0% improvement in adjusted EBITDA, while our order patterns remained strong and outpaced sales during the period.”