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Oct 01, 2021
Enovis Q3 2021 Earnings Report
Reported strong Q3 results with increased sales and adjusted EPS, and made significant progress on integration of acquisitions.
Key Takeaways
Colfax Corporation announced strong third-quarter results with a 20% increase in sales to $966 million and a 32% rise in adjusted EPS to $0.54. The company reported net income from continuing operations of $27 million, or $0.17 per share. Strong progress was reported on the integration of acquisitions, and the company is on track for its Q1 2022 separation, announcing its new name, Enovis.
Sales increased by 20% to $966 million, including a 15% organic sales-per-day improvement.
Adjusted earnings per share rose 32% to $0.54 from $0.41 in the prior year period.
Operating income was $64 million, compared to $62 million in the prior year quarter.
The company is making strong progress on its expected tax-free spin-off of its ESAB business to Colfax shareholders in the first quarter of 2022
Enovis
Enovis
Forward Guidance
The Company commented that it expects a higher projected tax rate and COVID-driven headwinds will lead to results at the lower end of its $2.10-$2.20 full year adjusted EPS forecast. Colfax continues to expect approximately $275 million of free cash flow excluding separation costs in 2021.
Challenges Ahead
- Expects a higher projected tax rate.
- COVID-driven headwinds will impact results.
- Results expected at the lower end of its $2.10-$2.20 full year adjusted EPS forecast.