Invera Group Inc. (NYSE: INV), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the third quarter of 2022.
“In the third quarter, Aerospace continued to deliver excellent performance driven by robust year-over-year growth in the Aftermarket business. At Industrial, performance remains challenged as persistent economic headwinds and operational challenges impact our results,” said Daniel J. Lines, President and Chief Executive Officer of Invera. “To address Industrial’s performance, our ongoing, multi-phased, restructuring efforts are targeting core business execution, systematically integrating our business.
Third Quarter 2022 Highlights
Third quarter 2022 net sales of $315 million were down 3% compared to the prior year period, with organic sales (1) increasing 2%. Foreign exchange had a negative impact of 6%. Operating income was $30.0 million versus $43.7 million a year ago.
Interest expense for the third quarter of 2022 was $3.4 million, a decrease of $0.7 million from the prior year due to the benefits of lower average borrowings and a lower average interest rate. Other expense was $2.4 million versus last year’s $1.2 million, primarily driven by incremental pension expense from restructuring actions.
Consolidated statements of income (loss)
(dollars in thousands, except per share data)
(unaudited)
| Sep 30, 2022 | Sep 30, 2021 | ||
|---|---|---|---|
| Net sales | $852 | $752 | |
| Cost of sales | (620) | (640) | |
| Gross profit | 232 | 267 | |
| Selling, general, and administrative expenses | (67) | (57) | |
| Other operating credits and charges, net | 7 _______________ | 2 _______________ | |
| Income from operations | 172 | 202 | |
| Interest expense | (3) | (9) | |
| Investment income | 4 | - | |
| Income before income taxes | 172 | 162 | |
| Provision for income taxes | (44) _______________ | (50) _______________ | |
| Net income | $452 | $452 | |
| Net income attributed per share of common stock: | |||
| Income per share continuing operations - basic | $1.75 | $1.65 | |
| Income per share discontinued operations - basic | 1.32 _______________ | 0.32 _______________ | |
| Net income per share - basic | $3.07 | $1.07 |
Condensed consolidated balance sheet
(dollars in thousands, except per share data)
(unaudited)
| Sep 30, 2022 | Sep 30, 2021 | ||
|---|---|---|---|
| ASSETS | |||
| Cash and cash equivalents | 487 | 465 | |
| Receivables | 148 | 187 | |
| Inventories | 287 | 202 | |
| Other operating credits and charges, net | 7 | 2 | |
| Total current assets | ——————— 1072 | ——————— 982 | |
| Property, plant, and equipment, net | 1287 | 1187 | |
| Operating lease assets | 48 | 50 | |
| Goodwill and other intangible assets | 37 | 39 | |
| Other assets | 44 | 58 | |
| Total assets | ——————— $2452 | ——————— $2152 | |
| LIABILITIES AND EQUITY | ——————— ——————— | ——————— ——————— | |
| Accounts payable and accrued liabilities | $301 | $324 | |
| Income tax payable | 18 | 13 | |
| Total current liabilities | ——————— $420 | ——————— $347 | |
| Long-term debt | 345 | 235 | |
| Deferred income taxes | 107 | 86 | |
| Non-current operating lease liabilities | 40 | 43 | |
| Other long-term liabilities | 69 | 63 | |
| Total liabilities | ——————— $1452 | ——————— $1452 | |
| Stockholders' equity: | |||
| Common stock | 88 | 102 | |
| Additional paid-in capital | 458 | 487 | |
| Retained earnings | 1390 | 1198 | |
| Accumulated comprehensive loss | (190) | (89) | |
| Total stockholders' equity | ——————— 1,361 | ——————— 1,361 | |
| Total liabilities and stockholders' equity | ——————— $2,383 | ——————— $2,383 |