Milwaukee-based Gardner Denver Holdings Inc. reported a 40 percent increase in revenue and went from a $13 million loss during last year’s third quarter to a $28 million profit.
The company, which makes mission-critical flow control and compression equipment, saw earnings improve from a 9 cent loss to 13 cents per diluted share.
The gains were concentrated in the company’s energy segment where revenues were up 119 percent to $301.6 million. Gardner Denver also reported a 48 percent increase in orders for the segment to $251.1 million. The industrials segment was up 9 percent to $288.2 million and orders were up 14 percent to $294.2. The medical segment was up just 1 percent to $59.8 million, but orders were up 19 percent.
“We believe our strong double-digit orders growth in the quarter across all three segments clearly demonstrates that customers understand the benefits of our new product innovation and are choosing our solutions due to the unique differentiation and benefits we provide,” said Vicente Reynal, Gardner Denver chief executive officer.
The improved orders promoted the company to increase its guidance, projecting adjusted EBITDA to be between $550 million and $560 million, a 7 percent increase over the prior guidance.