Associated Press//July 29, 2011
//July 29, 2011
FULTON — Pump and valve maker Colfax Corp. said Friday that its second-quarter profit increased five-fold on easy comparisons to last year’s second quarter, which was weighed down by restructuring charges and litigation expenses.
The adjusted results beat Wall Street predictions. Colfax also boosted its profit guidance for the full year. In midday trading, company shares surged $3.31, or 14 percent, to $27.38, after hitting a new 52-week high of $27.81 earlier in the day.
Colfax posted a profit of $10.4 million, or 23 cents per share, up from $2.1 million, or 5 cents per share, in the same quarter last year.
Excluding restructuring charges, expenses related to the company’s asbestos liabilities and litigation and tax adjustments, Colfax posted an adjusted profit of $14.1 million, or 32 cents per share, up from an adjusted $7.7 million, or 18 cents per share, last year. Analysts, on average, expected 26 cents per share, according to FactSet.
Revenue rose 52 percent to $186.7 million from $123 million. Analysts expected $155.1 million. Colfax credited strong order growth in its oil and gas, general industrial and commercial marine markets.
Colfax said it now expects to post an adjusted profit for 2011 of $1.20 to $1.26 per share, up from its previous prediction of $1.12 to $1.22. Analysts had expected $1.21 per share.
The company also said it now expects organic sales growth for the year of 9 percent to 11 percent, up from its prior guidance of 6 percent to 8 percent.o