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Apr 03, 2020
Enovis Q1 2020 Earnings Report
Colfax's first quarter earnings were reported, with EPS of $0.06 and adjusted EPS of $0.38. The company saw strong momentum in the first two months of the year but took actions to address COVID-19 impacts and amended its credit agreement for increased flexibility.
Key Takeaways
Colfax Corporation reported a net sales increase of 19.4% to $816 million compared to the previous year's quarter. The company reported $0.06 EPS from continuing operations and achieved $0.38 of adjusted EPS. The company has withdrawn its 2020 financial guidance due to COVID-19.
Reported EPS from continuing operations was $0.06, and adjusted EPS was $0.38.
Net sales increased by 19.4% year-over-year to $816 million.
The company implemented actions to mitigate COVID-19 risks, including a program to reduce second quarter spending by $80-90 million.
Colfax amended its credit agreement to provide ample liquidity and increased flexibility.
Enovis
Enovis
Forward Guidance
Due to the evolving and uncertain impact, scope and duration of the COVID-19 pandemic, the Company is withdrawing its previously communicated 2020 financial guidance and plans to discuss revenue trends in its call with investors later today.