Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.
Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.#
Q4 2013 Adjusted EBITDA increased 16.8% on steady sales and strong cost reduction
Q4 2013 constant currency sales were slightly above Q4 2012. Rolls sales improved 6.4%, primarily due to strength in North America while machine clothing sales declined 3.2%, primarily due to market decline in Europe.
Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.#
Q4 2013 Adjusted EBITDA was $24.1 million. This is an increase of $3.5 million or 16.8% versus Q4 2012, and is primarily driven by a steady market and strong cost reduction. Cost reduction added $4.7 million in year-over-year Adjusted EBITDA in the quarter. See "Non-GAAP Financial Measures" below.
Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.#
Q4 orders were strong for machine clothing and the Company has a large backlog going into Q1 2014 for these products. It is customary in the industry to receive blanket order commitments for specific machine positions at year-end. While orders are a good leading indicator of sales, actual production hours by our customers will be the best driver of sales.
Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.#
The macro environment was slightly weaker than expected at the end of 2013, with weakness in the North American containerboard market, the largest market segment in the global market.
Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.#
Producer inventories rose in Q3 2013 and the industry (the Company's customers) was disciplined to idle machine output to balance demand and inventory. This correction is still holding in Q1 2014 with certain swing production now idle for greater than 80 days. This is an indication that GDP-based activity and industrial production was weaker than expected. This is consistent with information released on this topic by industry participants and other trade sources. Furthermore, the severe weather in North America in Q1 2014 is expected to exacerbate this issue.
Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.#
The Company increased its inventory positions in 2013 as it embarked upon a global raw material substitution project that resulted from its 2013 global bid-out of procured raw materials. Savings are expected to result in 2014 and inventories are expected to be reduced back down to normal levels in 2014.
Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.#
Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.#
Xerium Technologies, Inc., a leading global provider of industrial consumable products and services, announced its Q4 and full year 2013 results.#
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