Home / Knowledge / News / Textiles / Net income at Xerium turns positive in Q2
Net income at Xerium turns positive in Q2
09
Aug '14
In the second quarter ending June 30, 2014, net income at NYSE listed Xerium Technologies, a US-based producer of roll covers and machine clothing, rebounded and entered positive territory from a net loss in the second quarter of 2013.

Xerium Technologies posted net income of $0.8 million in the second quarter of 2014, which includes restructuring charges of $7.6 million and currency revaluation losses of $0.3 million against a net loss of $6.9 million from a year ago period, which also includes costs related to a debt refinancing of $6.8 million and restructuring charges of $4.2 million.

Adjusted EBITDA for the 2014 quarter under review was $29.4 million, up 9.3% compared to $26.9 million in same period of 2013.

Net sales at constant currency stood at $139.7 million, a marginal increase of 0.4% compared to quarter two in 2013.

In the second quarter of 2014, earnings per share too rebounded to $0.05 per share from a loss per share of $0.45. Xerium said that EPS in second quarter was impacted by restructuring charges of $0.37 per share and foreign currency revaluation losses of $0.01 per share.

In the second quarter of 2013, EPS was impacted by costs related to a debt refinancing of $0.44 per share, restructuring charges of $0.33 per share and a one-time inventory write off of $0.05 per share related to a closed facility.

Xerium reported gross profit at $55.4 million or 39.6% of net sales, compared to $52.7 million, or 38.1% of net sales in the same period in 2013.

Machine Clothing gross margin improved to 41.2% in the second quarter of 2014 from 39.1% a year earlier, while roll covers gross margin also inched up to 36.4% from a gross margin of 36.1%.

Selling, general and administrative and research (SG&A) expenses were $35.4 million or 25.3% of net sales in quarter two of 2014 against $35.7 million or 25.8% of net sales in comparable quarter of 2013.

President and CEO Harold Bevis, said, "In the quarter under review, rolls covers segment rebounded and machine clothing division segment continued to progress. Gross margins and adjusted EBITDA improved, reflecting the success of our restructuring and operational efficiency programs.

“Both businesses performed well and in line with expectations, and orders remained strong as a result of base market health and our growth programs. Our performance with key customers in each region of the world remains strong, and our outlook remains unchanged.”

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Bangladesh Bank

Apparel/Garments | On 22nd May 2018

Bangladesh Bank enhances EDF loan limit to $25 million

Bangladesh Bank has enhanced the loan limit under Export Development...

Sri Lanka's textile imports up 32.5% in February 2018

Textiles | On 22nd May 2018

Sri Lanka's textile imports up 32.5% in February 2018

In what might be an indication of higher exports in the coming...

Provide power at Rs 8/kWh to textile units: APTMA

Textiles | On 22nd May 2018

Provide power at Rs 8/kWh to textile units: APTMA

All Pakistan Textile Mills Association (APTMA) has asked the...

Interviews View All

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Urmil Arya

Sushila International, a well established textile organisation established ...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kevin Nelson
TissueGen

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search