CSW Industrials Reports Fiscal Second Quarter 2017 Results

Highlights
  • Second quarter 2017 net revenue of $80.1 million, compared to $83.7 million in the prior year period.
  • Second quarter 2017 GAAP operating income of $7.0 million; Non-GAAP operating income of $11.5 million.
  • Second quarter 2017 GAAP net earnings of $3.8 million, or $0.24 per diluted share; Non-GAAP net earnings of $7.5 million, or $0.48 per diluted share.
  • Board authorized $35 million share repurchase program.

DALLAS, Nov. 11, 2016 (GLOBE NEWSWIRE) -- CSW Industrials, Inc. (NASDAQ:CSWI), a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals, today reported results for the second fiscal quarter ended September 30, 2016.

Sales for the second quarter of 2017 were $80.1 million, compared to the prior year period of $83.7 million. Lower sales in the quarter were primarily attributable to decreased volume in the Coatings, Sealants and Adhesives (CS&A) and Specialty Chemicals business segments, specifically within the rail, energy and mining end markets. This was partially offset by higher volumes in HVAC and architecturally specified building products end markets, as well as incremental revenue from acquisitions completed in the past 12 months.

Net income in the fiscal second quarter of 2017 was $3.8 million, or $0.24 per diluted share, compared to $13.0 million in the prior year. Adjusted to exclude one-time expenses and applying a normalized tax rate, adjusted net income in the second quarter of 2017 was $7.5 million, or $0.48 per diluted share, compared to $8.6 million, or $0.55 per diluted share in the prior year.

Joseph B. Armes, CSW Industrials' Chief Executive Officer, commented, "Our diversified end market exposure produced mixed operating performance as divergent themes continued to play out within these end markets. We delivered impressive growth for HVAC and architecturally specified building products in our commercial and residential construction end markets, which was most visible in our Industrial Products segment, driving approximately 16% revenue growth year-over-year."

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