{"id":487462,"date":"2021-05-05T06:34:07","date_gmt":"2021-05-05T10:34:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/spx-flow-reports-first-quarter-2021-financial-results\/"},"modified":"2021-05-05T06:34:07","modified_gmt":"2021-05-05T10:34:07","slug":"spx-flow-reports-first-quarter-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/spx-flow-reports-first-quarter-2021-financial-results\/","title":{"rendered":"SPX FLOW Reports First Quarter 2021 Financial Results"},"content":{"rendered":"
\n

Strong Results Demonstrate the Benefits of Higher Quality Revenue and Balanced Capital Allocation<\/h2>\n

First Quarter 2021 Highlights:<\/h2>\n

– Significant year-over-year organic growth in revenue and orders driven by short-cycle momentum<\/h2>\n

– Reported operating margin of 7.1%; Adjusted operating margin of 11.3% up 550 points year-over-year leveraging volume recovery and mix benefits of 80\/20 implementation<\/h2>\n

– Balanced capital allocation framework progressing following initiation of quarterly dividend in March and announced acquisition of Philadelphia Mixing Solutions in April<\/h2>\n

– Raising expectation for full-year organic revenue growth to the high end of the prior range<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n CHARLOTTE, N.C.<\/span>, May 5, 2021<\/span> \/PRNewswire\/ —\u00a0SPX FLOW, Inc. (NYSE:FLOW) a leading provider of process solutions for the nutrition, health and industrial markets, today reported results for the quarter ended April\u00a03, 2021.<\/p>\n

“Our strong first quarter results highlight the increasing momentum in our strategy to be a premier process solution company, and our talented team’s capabilities to meet our commitments of growth and improved operating performance,” said Marc Michael<\/span>, SPX FLOW President and CEO. “We’ve built an efficient operational model with a culture of productivity, and we are investing in our business to deliver reliable outcomes through economic cycles. Our implementation of 80\/20 principles creates a focus on key customers and products, resulting in a better customer experience, higher quality revenues and improved margins. We expect to build upon our performance as we move through 2021 and beyond.”\u00a0 <\/p>\n

“We are also making meaningful strides in systematically allocating capital,” Michael said. “We increased capital expenditures in our operations and investment in research and development to support our organic growth plans.\u00a0 We also closed the UTG Mixing acquisition in Q1, and last week, we signed a definitive agreement to acquire Philadelphia Mixing Solutions. Both transactions align to our strategy in process mixing and demonstrate our disciplined programmatic approach to inorganic growth. We are returning capital to shareholders through the company’s first ever dividend announced March 10th<\/span>, and through our ongoing share repurchase program.\u00a0 We are pleased to be delivering on the balanced capital allocations plan laid out at our recent Investor Day, and we are committed to creating value for all our stakeholders.”\u00a0 <\/p>\n

“We are devoted to the ongoing success of SPX FLOW by focusing on profitable growth driven by our strategic agenda and talented staff, supported by 80\/20 principles. Our disciplined focus on growing earnings allows us to reinvest in the business, execute on strategic acquisitions and distribute excess cash to our shareholders.” concluded Michael. <\/p>\n

\n Outlook:<\/b>\n <\/p>\n

Following the strong organic revenue growth achieved in the first quarter, SPX FLOW is raising its expectation for full-year organic growth to the high end of the prior range of low-single to mid-single digits. The company remains focused on profitable growth and high return investments both in 2021 and over the long-term as outlined at its recent investor day. This strategy is generating improved quality and mix of revenue which was evident in the first quarter with gross margin rising approximately 40 basis points year-over-year. When combined with its 80\/20 segmentation, project selectivity and productivity initiatives, the company expects to achieve sequential operating margin improvement throughout 2021. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n First Quarter 2021 Consolidated Results (continuing operations unless otherwise noted)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n $ millions<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Q1 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Q1 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Variance<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Organic
Variance<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Backlog<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 564.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 517.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 9.2%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (0.2)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Orders<\/span>\n <\/p>\n<\/td>\n

\n

\n 371.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 317.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 17.2%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10.2%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 363.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 289.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 25.7%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.5%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Segment Income<\/span>\n <\/p>\n<\/td>\n

\n

\n 50.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 28.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 73.6%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0\u00a0\u00a0 Margin %<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 13.7<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 9.9<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 380 bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Operating income<\/span>\n <\/p>\n<\/td>\n

\n

\n 25.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 201.2%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0\u00a0\u00a0 Margin %<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 7.1<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 3.0<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 410 bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted operating income*<\/span>\n <\/p>\n<\/td>\n

\n

\n 41.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 16.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n \u00a0\u00a0\u00a0 Margin %<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 11.3<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5.8<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 550 bps<\/i>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Operating cash flow from (used in) continuing operations<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (32.2)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted free cash flow used in continuing operations*<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (40.6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income (loss) from continuing operations, net of tax<\/span>\n <\/p>\n<\/td>\n

\n

\n 18.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (0.3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjusted EBITDA from continuing operations*<\/span>\n <\/p>\n<\/td>\n

\n

\n 47.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 22.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n
\n\n\n\n
\n \n <\/td>\n<\/tr>\n
\n

\n
\n Note: The commentary below is compared to the prior-year period. All comments refer to organic changes with respect to continuing operations unless otherwise noted, which exclude the effects of currency fluctuations and business combinations.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n