By THE HERALD WHIG STAFF
Gardner Denver Inc. (NYSE GDI) revealed record adjusted diluted earnings per share (DEPS) during 2012 as part of a quarterly report on Friday.
"During 2012, we successfully executed our strategy in the midst of a challenging economic environment and as a result we achieved record adjusted DEPS for 2012 as well as strong cash flow from operations of $289 million," said Michael M. Larsen, Gardner Denver's president and CEO.
"We took decisive actions to improve productivity and reduce structural costs and we were pleased with our strong finish for 2012 that positions us well for 2013 performance."
Revenues for the fourth quarter ending December 31 were $589.7 million, down 4 percent compared with the prior year fourth quarter. Operating income for the fourth quarter of 2012 was $95.9 million, compared with $108.1 million in the fourth quarter of the prior year, resulting in an operating margin decline of 130 basis points to 16.3 percent.
Net income attributable to Gardner Denver for the fourth quarter of 2012 was $69.1 million, or $1.40 DEPS, compared with $77.4 million, or $1.52 DEPS, in the same period of 2011. Results for the fourth quarter of 2012 included after-tax charges of $0.09 per diluted share primarily related to the company's ongoing restructuring activities, severance related costs and costs incurred in connection with the exploration of strategic alternatives. Excluding these charges, Adjusted DEPS for the fourth quarter of 2012 was $1.49, compared with $1.54 in the same period of 2011.
For the full year ended December 31, 2012, revenues were $2.356 billion compared with $2.371 billion in the same period of 2011. Adjusted operating income declined slightly to $404.3 million, compared with $414.3 million earned in the same period of 2011.
DEPS was $5.28 for 2012 and Adjusted DEPS reached a record high of $5.74, up from $5.51 per diluted share in 2011.
Gardner Denver officials expect earnings to be in the range of $4.25 to $4.50 per diluted share during 2013.