Fulton, Md based Colfax Corporation (NYSE: CFX) announced a sharp increase in revenues for the second quarter ended July 1, 2011. An even greater percentage increase was reported for net income.
The Howard County company said revenues rose 51.8% to $186.7 Million from $122.9 Million in 2010. Net Income jumped 83.1% to $10.4 Million compared ($0.23 cents per diluted share) to $2.08 Million in the second quarter ended July 2, 2010.
Net income was $16.9 Million ($0.38 cents per diluted share) or an increase of 76.6% for Q1 and Q2 of 2011, revenues were $345.3 Million for the same six months period, a 42.2% increase.
"We are pleased to announce strong results for the second quarter. Sales growth was driven by broad-based strength in all of our end markets. Order growth was consistent with our expectations as growth was robust in our oil and gas, general industrial and commercial marine end markets, while defense and power generation declined as anticipated. We continue to progress with our restructuring, focused on building a leaner, customer-centric organization that optimizes the potential of a unified Colfax team. We have re-evaluated our guidance for full year 2011 and are currently expecting organic sales growth for full year 2011 of 9% to 11% in comparison to 2010, up from our previous guidance of 6% to 8%. Additionally, we anticipate adjusted earnings per share to be within the range of $1.20 to $1.26 for full year 2011 compared to our previous expectation of $1.12 to $1.22." noted Clay Kiefaber, President and Chief Executive Officer of Colfax Corporation .
The industrial technology company completed its headquarters move from Virginia to Maryland in February. Six month orders were $354.6 million which was an increase of 28.9% and backlog orders for the second quarter came to $383.2 Million.
Colfax Corporation recently crossed the $1 Billion mark in market cap and is up over $3.00 or 13% to $27.10 in afternoon trading.