SPX FLOW Delivers 5% Organic Revenue Growth, 100 Points of Segment Margin Expansion and Double-Digit Earnings Growth In First Quarter 2019
CHARLOTTE, N.C., May 2, 2019 /PRNewswire/ -- SPX FLOW, Inc. (NYSE: FLOW) a leading provider of process solutions and flow control technologies, today reported results for the quarter ended March 30, 2019 and reaffirmed its previously announced 2019 full year adjusted guidance.
"Over the past few years we have made great progress on our journey to transform SPX FLOW into a high performing operating enterprise and I'm proud of our teams across the enterprise for their efforts on this front. Our global team is committed to establishing a winning culture and aligned to the key initiatives we are emphasizing to drive a higher quality of revenue and a world class customer experience. Our first quarter results exceeded our guidance on strong operating performance and reflect continued progress on our journey as we delivered 25% growth in EBITDA, 70 points of operating margin expansion and 5% organic revenue growth," said Marc Michael, President and CEO.
"On the order front, we experienced a slow start to the year, particularly for orders tied to customer capital spending decisions. Encouragingly, we saw a pick-up in orders across the majority of our business during March and quoting activity is healthy to start the second quarter. Importantly, we continue to execute our product line strategy to drive a higher quality of revenue, expand gross margins and remain disciplined and selective on large orders. As a result, the quality of our backlog continues to improve. The underlying composition of our Q1 2019 orders reflects this dynamic as 50% of total orders were in our aggressive growth product lines, in-line with our expectations. Sequentially, orders in our aggressive growth category grew 3% with good momentum exiting the quarter," said Michael.
Michael concluded, "For the full year, we reaffirmed our guidance for adjusted EPS in the range of $2.40 to $2.75, adjusted EBITDA between $245 and $265 million and free cash flow between $105 and $125 million. I am pleased with our operational performance in the first quarter and I would like to thank all of our employees around the globe who contributed to the positive results. We remain committed to delivering an enhanced customer experience, improved financial performance and an increased shareholder value."
First Quarter 2019 Consolidated Results
$ millions; except per share data Q1 2019 Q1 2018 Variance Organic Variance
---
Backlog $
917.4 $
1,050.8 (12.7) (6.7)
% %
Orders 459.4 509.0 (9.7) (5.5)
% %
Revenues(1) 491.1 490.3 0.2 4.6
% %
Operating income 36.8 33.2 10.8
%
Margin % 7.5
% 6.8
% 70bps
Net income 19.5 15.5 25.8
%
EPS $
0.46 $
0.36 27.8
%
EBITDA* $
54.7 $
43.9 24.6
%
Operating Cash Flow 21.8 15.6
Free Cash Flow* 14.9 10.4
Note: The commentary below is compared to the prior year period.
-- Backlog decreased (6.7)% organically, with the decrease primarily due to
a reduction in dry dairy systems projects in the Food and Beverage
segment, consistent with the company's focus to reduce its exposure to
large projects in that market. To a lesser extent, backlog declined
organically in the Power and Energy segment due to timing of OE orders
for pumps. Partially offsetting these declines was an organic increase
in Industrial backlog.
-- Orders declined (5.5)% organically, primarily due to a reduction in OE
and aftermarket orders for valves and pumps in the Power and Energy
segment and, to a lesser extent, a reduction in components, aftermarket
and systems orders in the Food and Beverage segment. Partially
offsetting these declines was an organic increase in orders in the
Industrial segment for mixers, heat exchangers and hydraulic tools.
-- Revenues grew 4.6% organically, primarily driven by an increase in
systems and component revenue in the Food and Beverage segment and, to a
slightly lesser extent, increased shipments of mixers, dehydration
equipment and hydraulic tools in the Industrial segment. Aftermarket
revenues grew modestly on a consolidated basis.
-- Operating income was $36.8 million, or 7.5% of revenues, an increase of
$3.6 million, or 70 points. The increase in income and margin was
primarily driven by the organic revenue growth described above.
Additionally, the company recorded $5.0 million of restructuring
charges, as compared to $2.6 million in the prior-year period.
-- Other income (expense) was $4.7 million as compared to $(4.6) million in
the prior year period driven by a gain recorded for the mark-to-market
adjustment of an equity security and a decrease in foreign currency
losses.
-- Diluted earnings per share were $0.46, up 28% from the prior year and
included:
-- A net charge of ($0.07) per share related to strategic restructuring
actions within the Food and Beverage segment.
-- A charge of ($0.01) per share related to professional fees
associated with the strategic portfolio action to divest its Power
and Energy business.
-- A benefit of $0.10 per share related to a mark-to-market adjustment
of an equity investment.
-- Excluding the items mentioned above, adjusted earnings per share* were
$0.44 per share.
-- EBITDA* increased by $10.8 million, or 24.6%, to $54.7 million primarily
driven by the increases in other income and operating income noted
above.
-- Free cash flow* generation was $14.9 million and included $6.9 million
of capital expenditures and $0.4 million of restructuring payments.
First Quarter 2019 Results by Segment
Food and Beverage
---
$ millions Q1 2019 Q1 2018 Variance Organic Variance
---
Backlog $
290.0 $
390.6 (25.8) (18.5)
% %
Orders 153.1 171.2 (10.6) (5.9)
% %
Revenues(1) 172.5 166.5 3.6 8.5
% %
Income 18.5 17.9 3.4
%
As a percent of revenues 10.7 10.8
% % -10bps
Note: The commentary below is compared to the prior year period.
-- Backlog decreased (18.5)% organically, driven primarily by a decrease in
orders for dry dairy systems projects, consistent with the company's
strategy to limit its exposure to large projects in that market and, to
a lesser extent, a reduction of component backlog.
-- Orders declined (5.9)% organically, primarily due to a reduction of
component orders in the North American market and, to a lesser extent, a
reduction of aftermarket and systems orders.
-- Revenues grew 8.5% organically, primarily driven by execution of a few
larger dry dairy systems projects that were booked in 2017 and, to a
lesser extent, growth in component revenue.
-- The increase in segment income and modest decline in margin was
primarily driven by the mix of the revenue growth noted above.
Power and Energy
---
$ millions Q1 2019 Q1 2018 Variance Organic Variance
---
Backlog $
395.0 $
428.4 (7.8)
%
% (2.7)
Orders 116.7 144.4 (19.2) (15.6)
% %
Revenues(1) 136.3 144.7 (5.8)
%
% (2.1)
Income 9.8 12.2 (19.7)
%
As a percent of revenues 7.2 8.4
% % -120bps
Note: The commentary below is compared to the prior year period.
-- Backlog decreased (2.7)% organically, due primarily to a reduction of
backlog for pumps, and partially offset by an increased backlog for
pipeline valves.
-- Orders decreased (15.6)% organically, due primarily to the timing of OE
pump and valve orders and, to a lesser extent, a reduction of
aftermarket orders.
-- Revenues decreased (2.1)% organically, due primarily to a reduction of
OE shipments and, to a lesser extent, a reduced amount of aftermarket
revenue.
-- The decrease in segment income and margin was due primarily to the
reduction of revenue mentioned above.
Industrial
---
$ millions Q1 2019 Q1 2018 Variance Organic Variance
---
Backlog $
232.4 $
231.8 0.3
%
% 5.7
Orders 189.6 193.4 (2.0)
%
% 2.4
Revenues(1) 182.3 179.1 1.8
%
% 6.4
Income 27.1 20.5 32.2
%
As a percent of revenues 14.9 11.4
% % 350bps
Note: The commentary below is compared to the prior year period.
-- Backlog increased 5.7% organically, with the growth concentrated in the
mixer, hydraulic tools and heat exchanger product lines. Partially
offsetting this growth was a reduction in backlog for dehydration
equipment.
-- Orders grew 2.4% organically, led by double-digit growth in the mixer
and heat exchanger product lines and mid single-digit growth in
hydraulic tools. Partially offsetting this growth was a decline in
orders for pumps.
-- Revenues grew 6.4% organically, driven by increased shipments of mixers,
dehydration equipment and hydraulic tools. Partially offsetting this
growth was a decline in revenue for pumps.
-- The segment income growth and margin expansion was driven primarily by
the organic growth described above, as well as, non-repeating repair
costs.
OTHER ITEMS
Form 10-Q: The company expects to file its quarterly report on Form 10-Q for the quarter ended March 30, 2019 with the Securities and Exchange Commission on May 2, 2019. This news release should be read in conjunction with that filing, which will be available on the company's website at www.spxflow.com, in the Investor Relations section.
Strategic Announcement: The company announced on May 2, 2019 that its Board of Directors has initiated the process to divest a substantial portion of its Power and Energy segment. The company's Board has not set a timetable for the conclusion of this process nor has it made any decision related to any transaction at this time. More details can be found within a separate press release on the company's website at www.spxflow.com.
About SPX FLOW, Inc.: Based in Charlotte, North Carolina, SPX FLOW, Inc. (NYSE: FLOW) innovates with customers to help feed and enhance the world by designing, delivering and servicing high value solutions at the heart of growing and sustaining our diverse communities. The company's product offering is concentrated in rotating, actuating and hydraulic technologies, as well as automated process systems, into food and beverage, industrial and power and energy markets. SPX FLOW has approximately $2 billion in annual revenues with operations in more than 30 countries and sales in more than 150 countries. To learn more about SPX FLOW, please visit www.spxflow.com.
*Non-GAAP measure. See attached schedules for reconciliation from most comparable GAAP measure. Management believes these Non-GAAP metrics are commonly used financial measures for investors to evaluate our operating performance for the periods presented, and when read in conjunction with our condensed consolidated financial statements, present a useful tool to evaluate our ongoing operations and provide investors with metrics they can use to evaluate our management of the business from period to period. In addition, these are some of the factors we use in internal evaluations of the overall performance of our business.
Management acknowledges that there are many items that impact a company's reported results and the adjustments reflected in these Non-GAAP measures are not intended to present all items that may have impacted these results. In addition, these Non-GAAP measures are not necessarily comparable to similarly-titled measures used by other companies.
(1) Organic revenue growth (decline) is calculated on a constant currency basis.
Note: Net leverage is as defined by the company's credit facility.
Certain statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please read these results in conjunction with the company's documents filed with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2018. These filings identify important risk factors and other uncertainties that could cause actual results to differ from those contained in the forward-looking statements. Actual results may differ materially from these statements. The words "expect," "anticipate," "plan," "target," "project," "believe" and similar expressions identify forward-looking statements. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are only predictions. Actual events or results may differ materially because of market conditions or other factors, and forward-looking statements should not be relied upon as a prediction of actual results. All the forward-looking statements in this press release are qualified in their entirety by reference to the factors discussed under the heading "Risk Factors" in the 2018 Form 10-K and in any other documents filed by the company with the Securities and Exchange Commission that describe risks and factors that could cause results to differ materially from those projected in these forward-looking statements. These risk factors may not be exhaustive. Further, the company operates in a continually changing business environment and cannot predict new risk factors that may arise as a result of these changes. In addition, estimates of future operating results are based on the company's current complement of businesses, which is subject to change. Statements in this press release speak only as of the date of this press release, and SPX FLOW disclaims any responsibility to update or revise such statements.
Investor Contact:
Stewart Honeycutt, Investor Relations Manager
704-752-4472
investor@spxflow.com
Media Contact:
Barrett Brown, Communications Manager
704-752-4462
communications@spxflow.com
SPX FLOW, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three months ended
March 30, 2019
March 31, 2018
---
Revenues $491.1 $490.3
Cost of products sold 336.6 334.6
Gross profit 154.5 155.7
Selling, general and
administrative 108.9 115.5
Intangible
amortization 3.8 4.4
Restructuring and
other related
charges 5.0 2.6
Operating income 36.8 33.2
Other income
(expense), net 4.7 (4.6)
Interest expense, net (10.7) (12.5)
Income before income
taxes 30.8 16.1
Income tax provision (10.7) (0.8)
Net income 20.1 15.3
Less: Net income
(loss) attributable
to noncontrolling
interests 0.6 (0.2)
Net income
attributable to SPX
FLOW, Inc. $19.5 $15.5
===
Basic income per
share of common
stock $0.46 $0.37
Diluted income per
share of common
stock $0.46 $0.36
Weighted average
number of common
shares outstanding -
basic 42.452 41.978
Weighted average
number of common
shares outstanding -
diluted 42.577 42.530
SPX FLOW, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
March 30, 2019
December 31, 2018
---
ASSETS
Current assets:
Cash and equivalents $202.2 $213.3
Accounts receivable, net 377.3 375.7
Contract assets 69.2 69.3
Inventories, net 314.6 304.8
Other current assets 39.1 44.3
Total current assets 1,002.4 1,007.4
Property, plant and equipment:
Land 34.4 34.2
Buildings and leasehold
improvements 226.5 232.1
Machinery and equipment 471.5 463.3
732.4 729.6
Accumulated depreciation (404.1) (394.1)
Property, plant and equipment, net 328.3 335.5
Goodwill 744.1 744.3
Intangibles, net 311.1 312.3
Other assets 221.9 152.3
TOTAL ASSETS $2,607.8 $2,551.8
===
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Current liabilities:
Accounts payable $208.3 $203.7
Contract liabilities 169.5 174.9
Accrued expenses 202.7 195.3
Income taxes payable 31.7 28.2
Short-term debt 24.0 26.0
Current maturities of long-term
debt 20.6 21.2
Total current liabilities 656.8 649.3
Long-term debt 711.7 722.1
Deferred and other income taxes 88.3 83.6
Other long-term liabilities 165.7 112.2
Total long-term liabilities 965.7 917.9
Mezzanine equity 21.2 21.5
Equity:
SPX FLOW, Inc. shareholders' equity:
Common stock 0.4 0.4
Paid-in capital 1,665.8 1,662.6
Accumulated deficit (254.6) (265.6)
Accumulated other comprehensive
loss (439.4) (430.7)
Common stock in treasury (19.0) (13.9)
Total SPX FLOW, Inc. shareholders'
equity 953.2 952.8
Noncontrolling interests 10.9 10.3
Total equity 964.1 963.1
TOTAL LIABILITIES, MEZZANINE EQUITY
AND EQUITY $2,607.8 $2,551.8
===
SPX FLOW, INC. AND SUBSIDIARIES
RESULTS OF REPORTABLE SEGMENTS
(Unaudited; in millions)
As of and for the three months ended
March 30, 2019
March 31, 2018
%/bps
---
Food and Beverage
Backlog $290.0 $390.6 $(100.6) (25.8)%
Orders $153.1 $171.2 $(18.1) (10.6)%
Revenues $172.5 $166.5 $6.0 3.6 %
Gross profit 51.6 54.9 (3.3)
as a percent of revenues 29.9 % 33.0 %
(310)bps
Selling, general and administrative expense 31.6 35.1 (3.5)
as a percent of revenues 18.3 % 21.1 %
(280)bps
Intangible amortization expense 1.5 1.9 (0.4)
Income $18.5 $17.9 $0.6 3.4 %
as a percent of revenues 10.7 % 10.8 %
(10)bps
Power and Energy
Backlog $395.0 $428.4 $(33.4) (7.8)%
Orders $116.7 $144.4 $(27.7) (19.2)%
Revenues $136.3 $144.7 $(8.4) (5.8)%
Gross profit 39.3 44.0 (4.7)
as a percent of revenues 28.8 % 30.4 %
(160)bps
Selling, general and administrative expense 28.4 30.6 (2.2)
as a percent of revenues 20.8 % 21.1 %
(30)bps
Intangible amortization expense 1.1 1.2 (0.1)
Income $9.8 $12.2 $(2.4) (19.7)%
as a percent of revenues 7.2 % 8.4 %
(120)bps
Industrial
Backlog $232.4 $231.8 $0.6 0.3 %
Orders $189.6 $193.4 $(3.8) (2.0)%
Revenues $182.3 $179.1 $3.2 1.8 %
Gross profit 63.6 56.8 6.8
as a percent of revenues 34.9 % 31.7 %
320 bps
Selling, general and administrative expense 35.3 35.0 0.3
as a percent of revenue 19.4 % 19.5 %
(10)bps
Intangible amortization expense 1.2 1.3 (0.1)
Income $27.1 $20.5 $6.6 32.2 %
as a percent of revenues 14.9 % 11.4 %
350 bps
Consolidated Backlog $917.4 $1,050.8 $(133.4) (12.7)%
Consolidated Orders 459.4 509.0 (49.6) (9.7)%
Consolidated Revenues 491.1 490.3 $0.8 0.2 %
Consolidated Segment Income 55.4 50.6 4.8 9.5 %
as a percent of revenues 11.3 % 10.3 % 100 bps
Total income for reportable segments $55.4 $50.6 $4.8
Corporate expense 13.3 14.4 (1.1)
Pension and postretirement service costs 0.3 0.4 (0.1)
Restructuring and other related charges 5.0 2.6 2.4
Consolidated Operating Income $36.8 $33.2 $3.6 10.8 %
as a percent of revenues 7.5 % 6.8 %
70 bps
SPX FLOW, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Three months ended
March 30, 2019
March 31, 2018
---
Cash flows from operating activities:
Net income $20.1 $15.3
Adjustments to reconcile net income to net cash from operating activities:
Restructuring and
other related
charges 5.0 2.6
Deferred income taxes 4.4 3.5
Depreciation and
amortization 13.8 15.1
Stock-based
compensation 3.2 5.1
Pension and employee
benefits provided in
stock 0.5 3.1
Loss on asset sales
and other, net 0.1 -
Gain from investment
in equity security (6.2) -
Changes in operating assets and liabilities:
Accounts receivable
and other assets 10.5 14.1
Contract assets and
liabilities, net (5.6) 10.6
Inventories (9.4) (21.9)
Accounts payable,
accrued expenses and
other (14.2) (28.1)
Cash spending on
restructuring
actions (0.4) (3.8)
Net cash from
operating activities 21.8 15.6
Cash flows used in investing activities:
Net cash used in
investing activities
-Capital
expenditures (6.9) (5.2)
Cash flows used in financing activities:
Borrowings under
senior credit
facilities 22.0 19.5
Repayments of senior
credit facilities (27.0) (54.5)
Borrowings under
trade receivables
financing
arrangement 42.0 28.0
Repayments of trade
receivables
financing
arrangement (42.0) (23.0)
Repayments of other
financing
arrangements (2.1) (3.1)
Minimum withholdings
paid on behalf of
employees for net
share settlements,
net (5.1) (4.0)
Dividends paid to
noncontrolling
interests in
subsidiary - (1.0)
---
Net cash used in
financing activities (12.2) (38.1)
Change in cash, cash
equivalents and
restricted cash due
to changes in
foreign currency
exchange rates (13.8) 7.9
Net change in cash,
cash equivalents and
restricted cash (11.1) (19.8)
Consolidated cash,
cash equivalents and
restricted cash,
beginning of period 214.3 264.9
Consolidated cash,
cash equivalents and
restricted cash, end
of period $203.2 $245.1
===
SPX FLOW, INC. AND SUBSIDIARIES
ORGANIC REVENUE RECONCILIATION
(Unaudited)
Three months ended March 30, 2019
Net Revenue Growth (Decline)
Foreign Currency
Organic Revenue Growth (Decline)
---
Food and Beverage 3.6 % (4.9)% 8.5 %
Power and Energy (5.8)% (3.7)% (2.1)%
Industrial 1.8 % (4.6)% 6.4 %
Consolidated 0.2 % (4.4)% 4.6 %
SPX FLOW, INC. AND SUBSIDIARIES
CASH, DEBT AND NET DEBT RECONCILIATION
(Unaudited; in millions)
Three months ended
March 30, 2019
Beginning cash, cash
equivalents and
restricted cash $214.3
Net cash from
operating
activities 21.8
Capital expenditures (6.9)
Borrowings under
senior credit
facilities 22.0
Repayments of senior
credit facilities (27.0)
Borrowings under
trade receivables
financing
arrangement 42.0
Repayments of trade
receivables
financing
arrangement (42.0)
Borrowings under
other financing
arrangements -
Repayments of other
financing
arrangements (2.1)
Minimum withholdings
paid on behalf of
employees for net
share settlements,
net (5.1)
Dividends paid to
noncontrolling
interests in
subsidiary -
Change in cash, cash
equivalents and
restricted cash due
to changes in
foreign currency
exchange rates (13.8)
Ending cash, cash
equivalents and
restricted cash $203.2
Debt and Net Debt at
March 30, 2019
December 31, 2018
---
Term loan $135.0 $140.0
5.625% senior notes,
due in August 2024 300.0 300.0
5.875% senior notes,
due in August 2026 300.0 300.0
Other indebtedness 29.0 37.3
Less: deferred
financing fees (7.7) (8.0)
Total debt $756.3 $769.3
===
Total debt 756.3 769.3
Less: cash and
equivalents (202.2) (213.3)
Net debt $554.1 $556.0
===
SPX FLOW, INC. AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(Unaudited; in millions)
Three months ended 2019
March 30, 2019
March 31, 2018
Mid-Point Guidance
---
Net cash from
operating
activities $21.8 $15.6 $145
Capital
expenditures (6.9) (5.2) (30)
Free cash flow
from operations $14.9 $10.4 $115
===
SPX FLOW, INC. AND SUBSIDIARIES
ADJUSTED OPERATING INCOME RECONCILIATION
(Unaudited; in millions)
Three months ended
March 30, 2019
March 31, 2018
---
Operating income $36.8 $33.2
Charges and fees
associated with
strategic
actions 1.1 -
Certain
restructuring
and other
related charges 4.1
Adjusted
operating income $42.0 $33.2
===
SPX FLOW, INC. AND SUBSIDIARIES
ADJUSTED NET INCOME RECONCILIATION
(Unaudited; in millions)
Three months ended 2019
March 30, 2019
March 31, 2018
Mid-Point Guidance
---
Net income
attributable to
SPX FLOW, Inc. $19.5 $15.5 $106
Fair value
adjustment
related to an
equity security,
net of tax (4.5) (5)
Certain
restructuring
and other
related charges,
net of tax 3.2 9
Charges and fees
associated with
strategic
actions, net of
tax 0.8
Adjusted net
income
attributable to
SPX FLOW, Inc. $19.0 $15.5 $111
===
SPX FLOW, INC. AND SUBSIDIARIES
EBITDA AND ADJUSTED EBITDA RECONCILIATION
(Unaudited; in millions)
Three months ended 2019
March 30, 2019
March 31, 2018
Mid-Point Guidance
---
Net income
attributable to SPX
FLOW, Inc. $19.5 $15.5 $106
Income tax provision 10.7 0.8 43
Interest expense,
net 10.7 12.5 42
Depreciation and
amortization 13.8 15.1 58
EBITDA 54.7 43.9 249
Certain
restructuring and
other related
charges 4.1 13
Charges and fees
associated with
strategic actions 1.1 -
Fair value
adjustment related
to an equity
security (6.2) (6)
Adjusted EBITDA 53.7 43.9 255
Non-cash
compensation
expense 3.2 7.5 16
Non-service pension
and postretirement
related costs 0.2 0.3 1
Interest income 2.0 2.0 8
Loss on asset sales
and other, net 0.1 -
Other restructuring
and impairment
charges 0.9 2.6 5
Other 0.2 0.2 1
Bank consolidated
EBITDA $60.3 $56.5 $286
===
SPX FLOW, INC. AND SUBSIDIARIES
ADJUSTED DILUTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
Three months ended 2019
March 30, 2019
March 31, 2018
Mid-Point Guidance
---
Diluted earnings
per share $0.46 $0.36 $2.47
Fair value
adjustment
related to an
equity security,
net of tax (0.10) (0.10)
Certain
restructuring
and other
related charges,
net of tax 0.07 0.20
Charges and fees
associated with
strategic
actions, net of
tax 0.01 -
Adjusted diluted
earnings per
share $0.44 $0.36 $2.57
===
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SOURCE SPX FLOW, Inc.
