Colfax Corp. (CFX), a fluid handling products and systems provider, said its first quarter profit and revenue increased from last year, with strong order growth.
The company, which completed its initial public offering on May 8, posted first-quarter net income of $6.80 million, 13.3% higher than $6.04 million a year ago.
On an adjusted basis, earnings jumped 48.3% to $8.92 million from $6.01 million in the prior year quarter. Adjusted results for the quarter excluded asbestos liability and defense cost of $0.28 million and asbestos coverage litigation expense of $3.14 million.
Quarterly net sales grew 14% to $130.65 million from $114.81 million in the same quarter of last year.
Operating income was $14.87 million, a 1.4% rise over $14.75 million in the previous year.
In comparison with last year, the company's commercial marine orders climbed 76% on a currency adjusted basis and global navy orders surged 105%.
John Young, President and CEO, said, "With a backlog of orders at an all time high of $353.6 million at quarter end, we believe we are positioned well for strong performance the balance of the year."
CFX closed Monday's trading at $24.50, up $0.30, on a volume of 1.08 million shares.
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