SIFCO Industries (NYSEAM) Q4 2012 earnings summary

Executive summary

• FY2012 net sales rose 16.5% to $125.1 million, largely reflecting the QAF acquisition; net income declined to $6.5 million from $7.4 million.

• Adjusted EBITDA increased to $19.8 million from $17.2 million, while consolidated operating income fell to $9.3 million from $10.9 million.

Financial highlights

• Net sales were $125.1 million versus $107.4 million; net income was $6.548 million versus $7.449 million in FY2011.

• Operating income was $9.346 million versus $10.855 million; income before tax was $9.4 million versus $11.2 million.

• Operating cash flow was $9.8 million versus $10.2 million; capital expenditures were $3.5 million versus $3.3 million.

Outlook and guidance

• FY2013 capital expenditures expected at $4.0–$5.0 million, focused on production and product-offering capabilities across the three segments.

• Commercial aerospace and energy demand outlooks were for steady long-term growth; management described the air transport outlook as cautiously optimistic and military demand as stable but exposed to defense-budget decisions.

• FY2013 inflation was not expected to be a significant factor.