Sales dip 2% at Xerium in Q4
For the three months ended December 31, 2016, sales at Xerium, a supplier of industrial consumable products dipped 2 per cent to $113.2 million as against $115.3 million in the prior year's fourth quarter. Adjusted EBITDA fell 5.1 per cent year on year at $20.4 million, while operating income of $8.8 million, was flat over same quarter of 2015.
Full year 2016 sales amounted to $471.3 million vis-à-vis $477.2 million in 2015, down 1 per cent, while full year operating income at $46.1 million was nearly flat. Adjusted EBITDA in the reporting year stood at $95.4 million, compared to $101.9 million in the previous year.
Xerium began a $100 million debt repayment program in 2016, and reduced total debt to $508.1 million and net debt to $511.7 million at the end of 2016. (AR)
Fibre2Fashion News Desk – India