Colfax Profits And Revenue Up, Beats Estimates (CFX)

Colfax Corporation

announced on Thursday morning that it exceeded consensus Wall Street estimates. Colfax Corporation reported that its 3rd quarter net income rose slightly to $5.8 million, or 13 cents per share, up from $5.5 million, or 13 cents per share a year earlier, a year earlier. Excluding special items, the company's earnings came in at 22 cents per share. Revenue climbed to $132,4 million, up from $128.55 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 19 cents per share, on revenue of $126.85 million. President and CEO Clay Kiefaber said, "We're pleased to report stronger than expected results for the third quarter. Both sales and orders on an organic basis were up for the first time since the third quarter of 2008. We're continuing to see broad based improvement in most end markets and regions. We expect to have a strong fourth quarter, seasonally our strongest, and are raising our guidance. We now expect organic sales to be flat to down 2% for the year versus our previous guidance of down 2% to 5% from 2009. We're expecting adjusted EPS to be in the range of $.83 to $.88 compared to our previous guidance of $.70 to $.77, including a currency benefit of 3 cents. Earnings will be driven by our oil and gas, general industrial and defense businesses as well as productivity improvements partially offset by lower margin commercial marine projects." Colfax Corporation (

) closed the previous trading day at $16.55 per share. Analysts covering the company's stock give it a consensus price target of $15.75 per share. Read more