KLX Q2 Profit Falls - Quick Facts

(RTTNews) - KLX Inc. (KLXI), distributor and value added service provider of aerospace fasteners and consumables, and a provider of services and products to the oil and gas industry, reported that its net earnings for second fiscal quarter 2015 were $7.4 million and $0.14 per share, down from $45.4 million and $0.87 per share in the previous year.

Adjusted second quarter 2015 net earnings and adjusted earnings per share, excluding costs as defined, amortization and non-cash compensation expense, and including the tax benefit from the amortization of tax deductible goodwill were $32.3 million and $0.62 per share, respectively.

Second quarter 2015 revenues of $412.7 million declined 4.2 percent as compared to the three-month period ended June 30, 2014. On a constant currency basis, ASG revenues increased 5.7 percent. Including the negative effects of foreign exchange, KLX revenues declined 4.2 percent, reflecting a 3.3 percent increase in ASG revenues, offset by an approximate 32.5 percent decrease in ESG revenues.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.58 per share and revenues of $416.28 million. Analysts' estimates typically exclude special items.

For comparative purposes, the second quarter and six month 2015 results are adjusted to exclude certain costs related to the spin-off from the Company's former parent, B/E Aerospace, Inc., on December 16, 2014.

Amin Khoury, KLX's Chairman and Chief Executive Officer, "ASG generated record revenues of $700 million for the first half of 2015, and expects full year 2015 revenues to grow at a constant currency mid-single digit rate as compared with fiscal year 2014, driven by continued strength of our global aerospace manufacturing customers and strong air travel demand."