ENP Newswire -
Release date- 25072014 -
'We are pleased that adjusted EPS for the second quarter was up 4.8% over the second quarter of last year. The Material Handling Segment realized strong sales in its agriculture markets, however profits were somewhat impacted due to a competitive pricing pressure in one of its businesses. In addition, the segment was also impacted by a significant slowdown in orders and sales in
Looking forward to the second half of the year, we are adjusting our cost and pricing structure to positively overcome the pricing pressure we saw in the second quarter. We anticipate that both sales and adjusted income from continuing operations will show improvement compared to last year as a result of organic growth and cost savings. The stronger second half of the year is also expected to result in improved results for continuing operations for the full year compared to last year,' said
'We are excited that we have completed the acquisition of Scepter and look forward to a quick and efficient integration of the organization and its employees into
The results below are as adjusted and exclude restructuring and other unusual pre-tax charges as detailed on the Reconciliation of Non-GAAP Financial Measures included in this release. Net sales in the Material Handling Segment for the second quarter of 2014 increased 2.5% to
Material Handling's adjusted income before taxes was
Net sales in the Distribution Segment were
For the six months ended
The Company purchased
The sale of
The Company also announced that starting with the second quarter 2014 and going forward, the Company will report its operating results in two reportable segments: Material Handling and Distribution.
The Company anticipates that full year adjusted earnings from continuing operations (excluding restructuring and other unusual pre-tax charges) will increase year-over-year as a result of organic growth and new product sales coupled with cost savings driven by productivity improvements. The acquisition of Scepter will also contribute to both sales and earnings during the second half of the year.
Caution on Forward-Looking Statements
Statements in this release may include 'forward-looking' statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that is not of historical fact may be deemed 'forward-looking'.
Words such as 'expect', 'believe', 'project', 'plan', 'anticipate', 'intend', 'objective', 'goal', 'view', and similar expressions identify forward-looking statements. These statements are based on management's current views and assumptions of future events and financial performance and involve a number of risks and uncertainties, many outside of the Company's control that could cause actual results to materially differ from those expressed or implied.
Risks and uncertainties include: changes in the markets for the Company's business segments; changes in trends and demands in the markets in which the Company competes; unanticipated downturn in business relationships with customers or their purchases; competitive pressures on sales and pricing; raw material availability, increases in raw material costs, or other production costs; harsh weather conditions; future economic and financial conditions in
Such reports are available on the
Tel: (330) 761-6303
Tel: (330) 761-6212
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