CSW Industrials, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Fiscal Year 2019
August 01, 2018 at 08:00 am EDT
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CSW Industrials, Inc. reported unaudited consolidated earnings results for the first quarter ended June 30, 2018. For the quarter, the company reported revenues, net of $89,578,000 compared to $89,299,000 a year ago. Operating income was $17,744,000 compared to $16,671,000 a year ago. Income before income taxes was $18,098,000 compared to $16,058,000 a year ago. Income from continuing operations was $14,007,000 or $0.88 per diluted share against $10,287,000 or $0.65 per basic and diluted share a year ago. Net income was $11,676,000 or $0.73 per diluted share compared to $8,514,000 or $0.53 per basic and diluted share a year ago. Net cash provided by operating activities was $8,947,000 compared to $10,449,000 a year ago. Capital expenditures were $1,489,000 compared to $1,656,000 a year ago. Adjusted operating income--continuing operations was $15,905,000 compared to $17,779,000 a year ago. This decline was primarily driven by an unfavorable product mix, increased commodity cost driven by uncertainties surrounding tariffs, change in the revenue recognition accounting standards and increased spending to fund efficiency projects. Adjusted net income was $12,032,000 or $0.76 per diluted share compared to $11,007,000 or $0.70 per diluted share a year ago. Net debt at quarter-end was $8.9 million.
The company continues to expect its fiscal 2019 effective tax rate to be in the 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. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Fiscal Year 2019