Milwaukee-based Gardner Denver Holdings Inc. improved its top and bottom line results in 2017 and CEO Vicente Reynal said the company saw orders improve by at least 20 percent in all three segments in the fourth quarter.
“Looking forward to 2018, our strategy will remain consistent as we build upon the successes of 2017,” Reynal said. “We believe our continued focus on commercial execution combined with a disciplined approach to operational excellence and capital allocation will continue to deliver solid results in 2018 and drive long-term value creation for our shareholders.”
Gardner Denver, which makes mission-critical flow and control and compression equipment, returned to public trading in 2017 after it was acquired by KKR in 2013. It also returned to profitability, reporting net income of $18.5 million for the year, compared to a net loss of $36.6 million in 2016. In the fourth quarter alone the company reported $143.8 million in net income, compared to a net loss of $10.2 million in 2016.
Revenue also grew, up 22 percent for the year to $2.38 billion. While the fourth quarter didn’t match the overall growth for the year, it was still strong, up 15.3 percent to $665 million.
“We enter 2018 with strong business momentum as all three segments had order growth of 20 percent or higher in the fourth quarter, which we believe demonstrates the continued penetration of our new products,” Reynal said.
Orders in Gardner Denver’s energy segment saw the strongest growth, up 62 percent compared to 2016. The medical segment saw orders grow 29 percent and industrials were up 25 percent.