COLTEC INDUSTRIES REPORTS SECOND QUARTER RESULTS.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY--(BUSINESS WIRE)--July 13, 1995--Coltec Industries Inc. (NYSE NYSE See: New York Stock Exchange :COT) today reported earnings before extraordinary item in the second quarter of 1995 declined slightly from the second quarter of 1994. Earnings before extraordinary item were $24.1 million, or 34 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with $24.4 million and 35 cents per share last year. Sales for the quarter ended July July: see month. 2, 1995, increased 7% to $361.5 million compared with $337.0 million in the like quarter last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $60.4 million, and the operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 16.7%. This compared with operating income of $60.7 million and an operating margin of 18.0% in the 1994 second quarter. In the Aerospace/Government segment, operating income increased 3% on a 19% sales increase. Operating income in the Automotive segment was down 21% on a 6% sales decline, while operating income in the Industrial segment increased 20% on a 13% sales increase. The slightly lower second quarter earnings compared with last year were due to a combination of factors. Higher production costs at Fairbanks Fairbanks, city (1990 pop. 30,843), Fairbanks North Star Borough, E central Alaska, on the Chena River near its confluence with the Tanana; inc. 1903. Fairbanks is the only sizable urban center in the vast Alaskan interior. Morse Engine, phase out of a product line at Walbar and pricing pressures depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. the operating margin for the Aerospace/Government segment. At Fairbanks Morse, production and start-up Start-up The earliest stage of a new business venture. costs on the Alco Al´co n. 1. A small South American dog, domesticated by the aborigines. engine product line have been higher than expected due to the tight local labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience and the need for extensive training programs for new employees. At Walbar, intensive pricing pressure and the decision to phase out a product line over the next 18 months contributed to the decline in operating income. Automotive segment results were impacted by the adverse pricing environment in the original equipment market and the decline in demand from key automotive customers. Operating results in the Industrial segment continued to benefit from improved market conditions and new product introductions. John W. Guffey Guffey may refer to: People
The effective income tax rate in the second quarter of 1995 was 35% compared with 36% last year. Net interest expense increased 3% in the 1995 second quarter reflecting higher interest rates. The extraordinary charge for the second quarter of 1994 resulted from early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. For the six months of 1995, earnings per share before extraordinary item were 68 cents compared with 65 cents in 1994. Operating income for the six months of 1995 was $118.5 million. This compared with operating income of $115.4 million in 1994. Sales for the six months of 1995 were $717.9 million compared with $668.9 million a year ago. Coltec Coltec a fictional character from , portrayed by Byron Chief-Moon. He is an Immortal. History 1150-1190 Coltec is a Native American who was born in 1150, Mississippi. Coltec grew up in the Cahokia Indian tribe. Industries is a New York-based manufacturing company serving aerospace, automotive and other industrial markets. Summary Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statement of Earnings will follow. Industry Segment Information will follow. -0-
Coltec Industries Inc. and Subsidiaries
Summary Consolidated Statement of Earnings
(Unaudited)
Three Months Ended
July 2, July 3,
1995 1994
(In thousands, except per share data)
Net sales $361,547 $337,018 Costs and expenses 301,196 276,327 Operating income 60,351 60,691 Interest, net 23,322 22,593 Earnings before income taxes and extraordinary item 37,029 38,098 Provision for income taxes 12,960 13,715 Earnings before extraordinary item 24,069 24,383 Extraordinary item -- (1,015) Net earnings $ 24,069 $ 23,368 Earnings per common share Before extraordinary item $ .34 $ .35 Extraordinary item -- (.02) Net earnings $ .34 $ .33 Weighted average number of common and common equivalent shares 69,939 69,799
Six Months Ended
July 2, July 3,
1995 1994
(In thousands, except per share data)
Net sales $717,891 $668,868 Costs and expenses 599,407 553,498 Operating income 118,484 115,370 Interest, net 45,323 45,017 Earnings before income taxes and extraordinary item 73,161 70,353 Provision for income taxes 25,606 25,327 Earnings before extraordinary item 47,555 45,026 Extraordinary item (82) (1,015) Net earnings $ 47,473 $ 44,011 Earnings per common share Before extraordinary item $ .68 $ .65 Extraordinary item -- (.02) Net earnings $ .68 $ .63 Weighted average number of common and common equivalent shares 69,881 69,798
Coltec Industries Inc. and Subsidiaries
Industry Segment Information
(Unaudited)
Three Months Ended Six Months Ended
July 2, July 3, July 2, July 3,
1995 1994 1995 1994
(In millions) (In millions)
Sales: Aerospace/Government $ 125.6 $ 105.3 $240.6 $204.4 Automotive 125.2 133.7 257.5 262.1 Industrial 110.9 98.5 220.4 203.2 Intersegment elimination (.2) (.5) (.6) (.8) Total $ 361.5 $ 337.0 $717.9 $ 668.9 Operating income: Aerospace/Government $ 16.9 $ 16.4 $ 31.9 $ 30.0 Automotive 24.6 31.2 52.4 59.5 Industrial 27.1 22.6 51.9 44.9 Total Segments 68.6 70.2 136.2 134.4 Corporate unallocated (8.2) (9.5) (17.7) (19.0) Operating income $ 60.4 $ 60.7 $118.5 $ 115.4 -0-
The Aerospace/Government segment reported second quarter 1995
sales and operating income up over the second quarter of 1994.
Improved performances were reported by Menasco on increased shipments
of landing gear systems and by Delavan Gas Turbine on higher sales of
fuel nozzles and overhaul services to regional airlines. The
segment's operating margin was depressed however due to higher than
expected production and start-up costs on the Alco engine at
Fairbanks Morse Engine, phase out of a product line at Walbar and
pricing pressures. The Automotive segment was impacted by the
adverse pricing environment in the original equipment market and the
decline in demand from key automotive customers. Operating results
in the Industrial segment continued to benefit from improved market
conditions and new product introductions. All but two of the 11
units in the segment showed second quarter sales and earnings gains,
with especially strong improvements at Quincy Compressor, Garlock
Bearings and France Compressor Products. Orders in the
Aerospace/Government segment were up 34% in the second quarter.
CONTACT: COLTEC INDUSTRIES INC. Michael Dunn Michael Dunn (born Gary Neil Miller, reportedly on February 7, 1934 in Shattuck, Oklahoma; died August 30, 1973 in London) was a successful "little person" American actor. 212/940-0523 |
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