8/24/2016 11:33:00 AM
NEWS BRIEFS
KLX Revenue Declines Despite Acquisitions
KLX Inc. – the former Consumables Management segment of B/E Aerospace – reported consolidated sales – primarily from fasteners – fell 5.2% to $391.4 million in the second quarter of 2016.
Q2 operating earnings rose 6.7% to $35 million, while net earnings totaled $25.8 million.
Aerospace Solutions Group (ASG) revenue gained 2.1% to $359.1 million in Q2, boosted by acquisitions. Segment operating earnings slipped 1% to $58.5 million.
Q2 ASG organic revenues were “negatively impacted by headwinds from our legacy military manufacturing customers and lower production levels at a number of commercial aerospace manufacturing customers,” the company stated.
Energy Services Group (ESG) sales declined 47% to $32.3 million in Q2, with operating earnings improving 10.6% to a loss of $23.5 million.
Six-month consolidated revenue declined 10% to $759.6 million, with adjusted net earnings totaling $47.7 million.
ASG sales during the first half of 2016 dropped 1.4% to $690.2 million, with operating earnings down 1.3% to $118.4 million.
Six-month ESG sales dropped 52% to $69.4 million, while segment operating earnings worsened to a $54.3 million loss. Web: klx.com
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