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Colfax Corp. sees fourth-quarter profit, net sales growth
Colfax Corp., a technology company based in Annapolis Junction, saw its profit and sales grow in its fourth quarter, though it showed a loss in continuing operations.
Colfax had a profit of $13 million, or 10 cents per diluted share, in the fourth quarter of 2017.
The company’s $202 million in income from discontinued operations includes a $308 million pretax gain from the sale of its fluid handling business in December.
The company’s net loss from continuing operations of $184 million, or $1.53 per diluted share, includes a $3 million estimated benefit related to federal tax law changes, $153 million goodwill and intangible impairment charges in its air and gas handling segment, a $47 million pension settlement charge and $45 million of restructuring charges that included $27 million of asset impairments.
Colfax’s net sales of $874 million grew 7.6 percent over the same quarter in 2016, when considering the impact of acquisitions and foreign currency translation effects.
During the quarter, the company completed acquisitions of Siemens Turbomachinery Equipment for $215 million and EWAC Alloys Limited for $75 million.
