CSW Industrials, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2018; Provides Effective Tax Rate Guidance for Fiscal 2019
May 30, 2018 at 07:30 am EDT
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CSW Industrials, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2018. For the quarter, the company reported revenue was $83,464,000 against $76,425,000 a year ago. Operating income was $10,533,000 against $6,397,000 a year ago. Income before income taxes was $9,931,000 against $5,729,000 a year ago. Income from continuing operations was $10,609,000 against $3,323,000 a year ago. Loss from discontinued operations, net of tax was $4,270,000 against $595,000 a year ago. Net income was $6,339,000 against $2,728,000 a year ago. Diluted earnings per common share from continuing operations were $0.68 against $0.21 a year ago. Adjusted operating income from continuing operations was $11,399,000 against $10,961,000 a year ago. Adjusted net income from continuing operations was $7,936,000 against $6,753,000 a year ago. Adjusted earnings per diluted common share were $0.51 against $0.42 a year ago. Net debt at quarter end was $12.3 million. The effective tax rate on continuing operations for the quarter ended March 31, 2018, was negative 6.8%.
For the full year, the company reported revenue was $326,222,000 against $287,460,000 a year ago. Operating income was $50,714,000 against $33,126,000 a year ago. Income before income taxes was $48,247,000 against $32,160,000 a year ago. Income from continuing operations was $32,682,000 against $17,800,000 a year ago. Loss from discontinued operations, net of tax was $44,564,000 against $6,729,000 a year ago. Net loss was $11,882,000 against net income of $11,071,000 a year ago. Diluted earnings per common share from continuing operations were $2.09 against $1.12 a year ago. Net cash provided by operating activities was $43,156,000 against $39,036,000 a year ago. Capital expenditure was $5,534,000 against $6,869,000 a year ago. Adjusted operating income from continuing operations was $52,933,000 against $45,423,000 a year ago. Adjusted net income from continuing operations was $33,594,000 against $28,657,000 a year ago. Adjusted earnings per diluted common share were $2.14 against $1.81 a year ago.
The Company's effective tax rate for fiscal 2019 is expected to be in a range of 25% to 27%.
CSW Industrials, Inc. is a diversified industrial company with operations in three segments, namely Contractor Solutions, Engineered Building Solutions and Specialized Reliability Solutions. The Contractor Solutions segment manufactures efficiency and performance enhancing products for residential and commercial heating, ventilation, air conditioning and refrigeration and plumbing applications, which are designed for professional end use customers. Its brands include Balco, Balco IllumiTread, Balco MetaflexPro and BlazeSeal. The Engineered Building Solutions segment provides primarily code-driven, life-safety products that are engineered to provide solutions for the construction, refurbishment and modernization of commercial, institutional and multi-family residential buildings. The Specialized Reliability Solutions segment manufactures and supplies specialized consumables that impart or enhance properties, such as lubricity, anti-seize qualities, friction, sealing, and heat control.
CSW Industrials, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2018; Provides Effective Tax Rate Guidance for Fiscal 2019