Quarterly Results Releases and Strategic Acquisitions - Analyst Notes on Waters, Allegion, Curtiss-Wright, FARO and Affymetrix Editor Note: For more information about this release, please scroll to bottom.
NEW YORK, May 6, 2014 /PRNewswire/ --
Today, Analysts Review released its analysts' notes regarding Waters Corp. (NYSE: WAT), Allegion plc (NYSE: ALLE), Curtiss-Wright Corp. (NYSE: CW), FARO Technologies Inc. (NASDAQ: FARO) and Affymetrix Inc. (NASDAQ: AFFX). Private wealth members receive these notes ahead of publication. To reserve complementary membership, limited openings are available at: http://www.analystsreview.com/2059-100free.
Waters Corp. Analyst Notes
On April 29, 2014, Waters Corp. (Waters) reported its Q1 FY 2014 financial results (period ended March 29, 2014), with sales of $430.5 million that remained flat as compared to Q1 2013. Net income stood at $70.3 million or $0.82 per diluted share, compared to $121.1 million or $1.39 per diluted share in Q1 FY 2013 (period ended March 30, 2013). Douglas A. Berthiaume, Chairman, President and CEO of the Company, commented, "Sales in the quarter were below our expectations due primarily to a combination of slower growth in Asia and delays in the release of capital budgets, most significantly in the United States. Foreign currency translation and a higher operating tax rate negatively affected E.P.S in comparison to the 2013 first quarter's results." The full analyst notes on Waters are available to download free of charge at:
Allegion plc Analyst Notes
On April 30, 2014, Allegion plc (Allegion) announced its acquisition of Fire & Security Hardware Pty Limited, a leading electromechanical locking provider in Australia. According to the Company, the transaction strengthens Allegion's presence in the Australian security market while bringing innovative electro-mechanical technologies that can be applied globally. Allegion added that the acquisition gives the Company ownership of the FSH brand and product portfolio. Dave Petratis, Chairman, President and CEO of Allegion said, "Allegion's acquisition of FSH strengthens our position in Australia and adds new electronic technologies that will integrate well with our global product lines. It's a great example of the innovative and opportunistic acquisitions we said we'd complete at our investor day in March." The full analyst notes on Allegion are available to download free of charge at:
Curtiss-Wright Corp. Analyst Notes
On April 30, 2014, Curtiss-Wright Corp. (Curtiss-Wright) reported it Q1 2014 financial results with net sales growth of 8.2% YoY to $641.4 million. Net earnings totaled $35.2 million, or $0.72 per diluted share, compared to $20.9 million, or $0.44 per diluted share, in Q1 2013. "We began the year with a strong first quarter performance, as operating income and margin expanded based on execution of the profitability initiatives we outlined at our December 2013 Investor Day," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "We remain focused on increasing profitability, expanding operating margins and generating strong free cash flow in order to maximize returns for our shareholders." For full year 2014, the Company anticipates sales of $2.65 to $2.70 billion and diluted EPS of $3.35 to $3.45. The full analyst notes on Curtiss-Wright are available to download free of charge at:
FARO Technologies Inc. Analyst Notes
On April 29, 2014, FARO Technologies, Inc. (FARO) reported its Q1 2014 financial results with sales growth of 12.2% YoY to $73.4 million. Net income grew to $5 million, or $0.29 per share compared to $4.6 million, or $0.27 per share in Q1 2013. "The first quarter was a strong start to the new fiscal year, as our results were in-line with our internal expectations," stated Jay Freeland, FARO's President & CEO. "Customer demand in all three regions was solid, driving double-digit sales growth in the Americas and Asia and an improving European market where our orders achieved double-digit growth. While we continue to exercise prudent cost control across all departments, in 2014 we are accelerating our investments in R&D, creating new products for our early stage markets such as Architecture, Engineering and Construction and Forensics, Aerospace, Automotive, and Heavy Industrial." The full analyst notes on FARO are available to download free of charge at:
Affymetrix Inc. Analyst Notes
On May 1, 2014, Affymetrix Inc. (Affymetrix) reported its Q1 2014 financial results with total revenue of $83.0 million, up 6.4% YoY. Product revenue came in at $73.7 million compared to $71.6 million in Q1 2013. The Company reported net loss of $10.5 million, or $0.14 per diluted share, as compared $15.4 million, or $0.22 per diluted share, in Q1 2013. "We have achieved year-over-year revenue growth for the third consecutive quarter. Our focus on execution is clearly paying off and I'm confident that we are on track to return the Company to sustainable growth and profitability," said Frank Witney, President and CEO. Gavin Wood, EVP and CFO said, "In the first four months of this year we prepaid $6.4 million against our Senior Debt reducing our outstanding balance to approximately $33 million as of today." The full analyst notes on Affymetrix are available to download free of charge at:
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