Home / Knowledge / News / Textiles / Xerium sales grow marginally in Q2
Xerium sales grow marginally in Q2
02
Aug '13
Xerium Technologies, Inc. a leading global provider of industrial consumable products and services, announced its Q2 2013 results.

Key 2013 Highlights:

-Q2 sales were $138 million, up 1.8% versus prior year (Q2 2012) on a constant currency basis
-Our roll repair and mechanical services business unit grew 5% year to date, with higher growth than industry rates, indicating a secular shift to outsource these services
-We kicked off 10 new product development programs in 2013, aimed at generating incremental future sales growth above current rates
-We received 16 new patents year to date, with more expected for Q3
-We began implementing a 350 ton press felt expansion in multiple countries aimed at generating incremental future sales growth above current rates
-We began implementing an expansion of roll repair and mechanical services capacity at several rolls service centers aimed at generating incremental future sales growth above current rates
-The transformation of our operational structure has continued with the previously announced closure of 4 manufacturing facilities and the expansion of 6 manufacturing facilities. Redeployment of assets is underway
-Sales per employee in the first half of 2013 are at a four year high of $173K per employee
-Order backlog at June 30, 2013 remained solid at $161 million
-In Q2, we refinanced a portion of our debt structure, increased our liquidity, lengthened our debt maturities and eliminated maintenance covenants while leaving our European assets unencumbered
-In Q2, we incorporated a $75 million debt expansion provision into our new debt structure that can be used for bolt-on acquisitions and/or accelerated restructuring
-Q2 Adjusted EBITDA was $26.9 million, up 5.9% versus prior year
-Last twelve months (LTM) Adjusted EBITDA was $101.1 million, up 6% over the same period last year, and is expected to increase in the second half of 2013. Net debt is $407.8 million and leverage is 4.0x
-2013 year to date Adjusted EBITDA is $56.0 million, an increase of 27% over prior year and ahead of internal plans. On a constant currency basis, we expect the second half to be similar to the first half
-Xerium's stock has been added to 3 Russell equity indexes and options on Xerium's stock have become available on 4 exchanges

Harold Bevis, Xerium's President and Chief Executive Officer said, “Q2 2013 was another good quarter for both of the businesses - our synthetic textiles business and our service and repair business. The paper industry is our primary end-market and industry growth is a couple of percent, according to published sources. Our service and repair business continues to grow a little higher than this, indicating a shift by our customers to perform services externally versus internally."

“A large portion of our higher-growing areas are capacity limited and we are working to resolve these bottlenecks. In almost all cases, there are long lead times involved. But we are setting the stage for higher growth and lower costs pointed at higher growing market opportunities. These are long-term moves for the company. Additionally, we are expanding and increasing our sales growth initiatives, especially outside core legacy markets."

Click here to view full result.

Xerium Technologies

Must ReadView All

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Apparel/Garments | On 22nd Feb 2017

Amazon UK to create 5,000 full time jobs this year

Amazon UK said it will create more than 5,000 full time jobs this...

Courtesy: London Fashion Week

Fashion | On 22nd Feb 2017

India bags best country award at London Fashion Week

The International Fashion Showcase (IFS) Country Award was given to...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search