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Helios Technologies First Quarter 2021 Revenue Grew 58% Reflecting Strong Market Leadership; Augmented Strategy Gaining TractionSARASOTA, Fla., May 10, 2021 (BUSINESS WIRE) — Helios Technologies, Inc. (Nasdaq: HLIO) ("Helios" or the "Company"), a global leader in highly engineered motion control and electronic controls technology for diverse end markets, today reported financial results for the first quarter ended April 3, 2021. Results include a full quarter of BWG Holdings I Corp. (known as "Balboa Water Group" or "Balboa acquisition"), which was acquired on November 6, 2020. Josef Matosevic, the Company's President and Chief Executive Officer, commented, "Our first quarter well exceeded our expectations. Our performance was a direct result of the plans we put into place in the second half of last year and the excellent execution by the Helios team against those plans. In addition, end markets that we had projected would be strong, were even stronger than expected. We had very robust demand across many markets, with record levels in our Electronics segment as well as for our quick release couplings in our Hydraulics segment. We believe our leading market position, best in class lead times, and top-tier technologies are driving market share gains. Importantly, we were able to expand capacity and increase productivity to capture that demand. We believe our diversification strategy is also delivering, as we continue to add new customers in new markets. While there are headwinds from increasing material costs, supply chain constraints and higher freight expenses, we are holding our margins level for the year as we carefully manage pricing to strengthen our advantages in the market and gain share." He concluded, "We are executing well on our augmented value streams so we can meet demand, diversify our markets and drive operating improvements. Our recent flywheel acquisition of Shenzhen Joyonway Electronics & Technology Company in China demonstrates our intent to expand our capacity and build our 'in the region for the region' capabilities. We continue to build our engineering expertise and expand our technology and product offerings. Additionally, we have structured our business to leverage across the organization to enable growth and drive profitability." (1) Adjusted EBITDA is a non-GAAP measure. See comments regarding forward-looking non-GAAP measures in the Forward-Looking Information statement of this release Adjusted EBITDA is a non-GAAP measure. See comments regarding forward-looking non-GAAP measures in the Forward-Looking Information statement of this release First Quarter 2021 Consolidated Results ($ in millions, except per share data) Q1 2021 Q1 2021 Q1 2021 Q1 2021 Q1 2020 Q1 2020 Change Change % Change % Change % Change % Change -------------------- -------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- -------------------- -------------------- -------------------- Net sales $ $ $ $ 204.8 $ $ 129.5 $ $ 75.3 58% 58% 58% 58% Gross profit $ $ $ $ 75.4 $ $ 51.9 $ $ 23.5 45% 45% 45% 45% Gross margin 36.8% 40.1% (330) bps bps Operating income (loss) $ $ $ $ 34.6 $ $ (10.0) $ $ 44.6 NM NM NM NM Operating margin 16.9% -7.7% 2460 bps bps Non-GAAP adjusted operating margin 22.8% 20.4% 240 bps bps Net income (loss) $ $ $ $ 22.6 $ $ (17.2) $ $ 39.8 NM NM NM NM Diluted EPS $ $ $ $ 0.70 $ $ (0.54) $ $ 1.24 NM NM NM NM Non-GAAP cash net income $ $ $ $ 31.7 $ $ 18.1 $ $ 13.6 75% 75% 75% 75% Non-GAAP cash EPS $ $ $ $ 0.99 $ $ 0.56 $ $ 0.43 77% 77% 77% 77% Adjusted EBITDA $ $ $ $ 51.3 $ $ 30.4 $ $ 20.9 69% 69% 69% 69% Adjusted EBITDA margin 25.1% 23.5% 160 bps bps See the attached tables for additional important disclosures regarding Helios's use of non-GAAP adjusted operating income, non-GAAP adjusted operating margin, non-GAAP cash net income, non-GAAP cash earnings per share, adjusted EBITDA (earnings before net interest expense, income taxes, depreciation and amortization, and certain non-recurring charges) and adjusted EBITDA margin (adjusted EBITDA as a percentage of sales) as well as reconciliations of GAAP operating income to non-GAAP adjusted operating income and non-GAAP adjusted operating margin and GAAP net income to non-GAAP cash net income, non-GAAP cash earnings per share, adjusted EBITDA and Adjusted EBITDA margin. Helios believes that, when used in conjunction with measures prepared in accordance with GAAP, the non-GAAP measures described above help improve the understanding of its operating performance. Sales Sales reflected strong demand across all markets, in particular agriculture, construction equipment, recreation, and health & wellness. Results include a full quarter contribution from the Balboa acquisition. Strength in demand across all regions. Foreign currency translation adjustment on sales: $5.8 million favorable. Profits and margins Gross profit and margin drivers: Gross profit and margin were influenced by mix of products sold, the business model of the Balboa acquisition, which has lower gross margin but higher operating margin, as well as the increasing freight costs and constraints with the supply chain. Selling, engineering and administrative ("SEA") expenses: as a percentage of sales, improved 490 basis points to 14.9%, reflecting both the business model of the Balboa acquisition and continued cost containment initiatives. Amortization of intangible assets: $10.2 million was up from $4.3 million in the prior year reflecting the acquisition. Goodwill impairment charge: $31.9 million in first quarter of 2020, resulting from weakened market outlook primarily due to the COVID-19 pandemic. Non-operating items Net interest expense: $4.8 million in the quarter, up $1.8 million compared with the prior-year period due to higher debt balances. Effective tax rate: 23.2% compared with 22.3% in the prior-year period, which excludes non-taxable goodwill impairment charge. Net income, earnings per share, non-GAAP cash earnings per share and adjusted EBITDA GAAP net income and earnings per share: $22.6 million and $0.70 per share. Non-GAAP cash earnings per share: $0.99 compared with $0.56 last year on strong demand, operational efficiencies and better-than-expected performance of the Balboa acquisition. Adjusted EBITDA margin: Improved 160 basis points to 25.1% compared with the prior-year period due higher volume and operational efficiencies. Hydraulics Segment Review (Refer to sales by geographic region and segment data in accompanying tables) ($ in millions, except per share data) Hydraulics Three Months Ended Three Months Ended ---------------------- Q1 2021 Q1 2021 Q1 2021 Q1 2020 Q1 2020 Change Change % Change % Change % Change % Change ---------------------- -------------------- --------------------------------------------------- ----------------------------------------------- ----------------------------------- -------- -------------------- -------------------- Net Sales Americas $ $ 34.3 $ $ 37.3 $ $ (3.0) (8%) (8%) (8%) (8%) EMEA 43.3 33.5 9.8 29% 29% 29% 29% APAC 41.5 33.0 8.5 26% 26% 26% 26% -------------------- -------------------- --------- -------------------- -------------------- ----- -------------------- -------------------- ----- -------- -------- -------------------- -------------------- Total Segment Sales $ $ 119.1 $ $ 103.8 $ $ 15.3 15% 15% 15% 15% Gross Profit $ $ 45.4 $ $ 39.7 $ $ 5.7 14% 14% 14% 14% Gross Margin 38.1% 38.2% (10) bps bps SEA Expenses $ $ 17.3 $ $ 18.2 $ $ (0.9) (5%) (5%) (5%) (5%) Operating Income $ $ 28.1 $ $ 21.5 $ $ 6.6 31% 31% 31% 31% First Quarter Hydraulics Segment Review Higher sales in the European, Middle East, Africa ("EMEA") and Asia/Pacific ("APAC") regions, were driven by demand from the construction and agricultural end markets. This more than offset softness in the Americas; foreign currency exchange rates had a $5.7 million favorable adjustment on sales. The change in gross margin was mostly the result of product mix and increases in freight to meet customer requirements in a timely manner. Operating margin improved 290 basis points reflecting strong cost containment efforts. Electronics Segment Review (Refer to sales by geographic region and segment data in accompanying tables) ($ in millions, except per share data) Electronics Three Months Ended Three Months Ended ---------------------- Q1 2021 Q1 2021 Q1 2021 Q1 2020 Q1 2020 Change Change % Change % Change % Change % Change ---------------------- -------------------- --------------------------------------------------- ----------------------------------------------- ------------------------------------ -------- -------- -------- Net Sales Americas $ $ 65.0 $ $ 21.6 $ $ 43.4 201% 201% 201% 201% EMEA 9.3 2.5 6.8 272% 272% 272% 272% APAC 11.4 1.6 9.8 613% 613% 613% 613% -------------------- -------------------- --------- -------------------- -------------------- ----- -------------------- -------------------- ------ -------- -------- -------- -------- Total Segment Sales $ $ 85.7 $ $ 25.7 $ $ 60.0 234% 234% 234% 234% Gross Profit $ $ 30.0 $ $ 12.2 $ $ 17.8 146% 146% 146% 146% Gross Margin 35.0% 47.5% (1250) bps bps SEA Expenses $ $ 11.7 $ $ 7.4 $ $ 4.3 58% 58% 58% 58% Operating Income $ $ 18.3 $ $ 4.8 $ $ 13.5 281% 281% 281% 281% First Quarter Electronics Segment Review Sales increased mostly as a result of the Balboa acquisition. This was the first full quarter of revenue contribution from Balboa. Strong demand from health & wellness and recreational markets as well as new product introductions drove significant sales increases despite headwinds from supply chain constraints to meet demand. Gross margin reflects the different business model of the Balboa acquisition, which has lower gross margins that are offset by a lower SEA expense structure. Operating margin of 21.4%, up 270 basis points compared with the prior-year period, demonstrates the business model of the Balboa acquisition, which has an inherently lower operating expense structure, and higher volume in the organic business. SEA expenses increased due to the incremental expenses from the acquisition. Balance Sheet and Cash Flow Review Total debt was reduced by $10.2 million to $452.2 million during the first quarter of 2021 from $462.4 million at January 2, 2021, reflecting net repayment of $5.9 million in the quarter. Cash and cash equivalents at April 3, 2021 were $25.9 million, up $0.7 million from the end of 2020. Pro-forma net debt-to-adjusted EBITDA improved to 2.65x at the end of the first quarter 2021 compared with 3.0x (pro-forma for Balboa) at the end of 2020 demonstrating the Company's ability to rapidly de-lever the balance sheet following an acquisition. At the end of the first quarter 2021, the Company had $150.1 million available on its revolving lines of credit. Net cash provided by operations remained flat at $15.1 million in the first quarter 2021 and in the prior-year period. Capital expenditures were $5.0 million, or approximately 2% of sales. The Company continues to expect to spend between $30 to $35 million in capital investments in 2021. Paid 98th sequential quarterly cash dividend on April 20, 2021. 2021 Outlook The following provides the Company's expectations for 2021. This assumes constant currency, using quarter end rates, and that markets served continue to recover from the global pandemic. Previous 2021 Guidance Previous 2021 Guidance Previous 2021 Guidance Updated 2021 Guidance % Change at Mid-Point from Previous Guidance Consolidated revenue $675 - $705 million $675 - $705 million $740 - $750 million 8% Adjusted EBITDA $155 - $170 million $155 - $170 million $170 - $180 million 8% Adjusted EBITDA margin 23% - 24% 23% - 24% 23% - 24% unchanged Interest expense $16 - $18 million $16 - $18 million $16 - $18 million unchanged Effective tax rate 24% - 26% 24% - 26% 24% - 26% unchanged Depreciation $22 - $24 million $22 - $24 million $22 - $24 million unchanged Amortization $30 - $31 million $30 - $31 million $30 - $31 million unchanged Capital expenditures $30 - $35 million $30 - $35 million $30 - $35 million unchanged Capital expenditures % total revenue 5% of sales 5% of sales 4% of sales updated calculation Tricia Fulton, the Company's Chief Financial Officer commented, "The increase in our guidance for 2021 is driven by the strong end market demand we had in the first quarter and expect to continue throughout 2021. We are able to leverage our fixed cost base and maintain our strong margins even given the headwinds on material costs and logistics and our decision to manage price to our competitive advantage." Webcast The Company will host a conference call and webcast tomorrow, May 11, 2021 at 9:00 a.m. Eastern Time to review its financial and operating results and discuss its corporate strategies and outlook. A question-and-answer session will follow. The conference call can be accessed by calling (201) 689-8573. The audio webcast will be available at www.heliostechnologies.com. A telephonic replay will be available from approximately 12:00 p.m. ET on the day of the call through Tuesday, May 18, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13718360. The webcast replay will be available in the investor relations section of the Company's website at www.heliostechnologies.com, where a transcript will also be posted once available. About Helios Technologies Helios Technologies is a global leader in highly engineered motion control and electronic controls technology for diverse end markets, including construction, material handling, agriculture, energy, recreational vehicles, marine, health and wellness. Helios sells its products to customers in over 85 countries around the world. Its strategy for growth is to be the leading provider in niche markets, with premier products and solutions through innovative product development and acquisition. The company has paid a cash dividend to its shareholders every quarter since becoming a public company in 1997. For more information please visit: www.heliostechnologies.com. FORWARD-LOOKING INFORMATION This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve risks and uncertainties, and actual results may differ materially from those expressed or implied by such statements. They include statements regarding current expectations, estimates, forecasts, projections, our beliefs, and assumptions made by Helios Technologies, Inc. ("Helios" or the "Company"), its directors or its officers about the Company and the industry in which it operates, and assumptions made by management, and include among other items, (i) the Company's strategies regarding growth, including its intention to develop new products and make acquisitions; (ii) the effectiveness of Creating the Center of Engineering Excellence; (iii) the Company's financing plans; (iv) trends affecting the Company's financial condition or results of operations; (v) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (vi) the declaration and payment of dividends; and (vii) the Company's ability to respond to changes in customer demand domestically and internationally, including as a result of standardization. In addition, we may make other written or oral statements, which constitute forward-looking statements, from time to time. Words such as "may," "expects," "projects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," variations of such words, and similar expressions are intended to identify such forward-looking statements. Similarly, statements that describe our future plans, objectives or goals also are forward-looking statements. These statements are not guaranteeing future performance and are subject to a number of risks and uncertainties. Our actual results may differ materially from what is expressed or forecasted in such forward-looking statements, and undue reliance should not be placed on such statements. All forward-looking statements are made as of the date hereof, and we undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause the actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to, (i) conditions in the capital markets, including the interest rate environment and the availability of capital; (ii) our failure to realize the benefits expected from the Balboa acquisition, our failure to promptly and effectively integrate the Balboa acquisition and the ability of Helios to retain and hire key personnel, and maintain relationships with suppliers (iii) risks related to health epidemics, pandemics and similar outbreaks and similar outbreaks, including, without limitation, the current COVID-19 pandemic, which may affect our supply chain and material costs, which could have material adverse effects on our business, financial position, results of operations and/or cash flows; (iv) changes in the competitive marketplace that could affect the Company's revenue and/or cost bases, such as increased competition, lack of qualified engineering, marketing, management or other personnel, and increased labor and raw materials costs; and (v) new product introductions, product sales mix and the geographic mix of sales nationally and internationally. Further information relating to factors that could cause actual results to differ from those anticipated is included but not limited to information under the heading Item 1. "Business" and Item 1A. "Risk Factors" in the Company's Form 10-K for the year ended January 2, 2021. This news release will discuss some historical non-GAAP financial measures, which the Company believes are useful in evaluating its performance. The determination of the amounts that are excluded from these non-GAAP measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income recognized in a given period. You should not consider the inclusion of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. This news release also presents forward-looking statements regarding non-GAAP Adjusted EBITDA margin. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company's 2021 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with quarter-end and year-end adjustments. Any variation between the Company's actual results and preliminary financial data set forth above may be material. Financial Tables Follow: HELIOS TECHNOLOGIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Three Months Ended Three Months Ended Three Months Ended -------------------- -------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------------- April 3, April 3, March 28, 2021 2021 2021 2021 2020 % Change ----------------------------------------------------- -------------------- -------------------- ----------------------------------------------- ----------------------------------------------- ------------------------------ Net sales $ $ $ 204,844 $ $ 129,483 58 58 % Cost of sales 129,477 77,633 67 67 % -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Gross profit 75,367 51,850 45 45 % Gross margin 36.8 % 40.1 % Selling, engineering and administrative expenses 30,561 25,664 19 19 % Amortization of intangible assets 10,198 4,348 135 135 % Goodwill impairment - 31,871 NM NM -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Operating income (loss) 34,608 (10,033 ) NM NM -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Operating margin 16.9 % -7.7 % Interest expense, net 4,751 2,951 61 61 % Foreign currency transaction loss, net 464 125 271 271 % Other non-operating income, net (1 ) (94 ) (99 (99 )% -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Income (loss) before income taxes 29,394 (13,015 ) NM NM Income tax provision 6,807 4,208 62 62 % -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Net income (loss) $ $ $ 22,587 $ $ (17,223 ) NM NM ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== Basic and diluted net income (loss) per common share $ $ $ 0.70 $ $ (0.54 ) NM NM ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== Basic and diluted weighted average shares outstanding 32,193 32,062 Dividends declared per share $ $ $ 0.09 $ $ 0.09 ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== NM = Not meaningful HELIOS TECHNOLOGIES CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) April 3, April 3, April 3, April 3, January 2, 2021 2021 2021 2021 2021 ------------------------------------------------------------------------------ -------------------- -------------------- ------------------------------------------------- ------------------------------------------------- Assets (Unaudited) (Unaudited) (Unaudited) Current assets: Cash and cash equivalents $ $ $ 25,924 $ $ 25,216 Restricted cash 41 41 Accounts receivable, net of allowance for credit losses of $1,453 and $1,493 124,391 97,623 Inventories, net 119,763 110,372 Income taxes receivable 579 1,103 Other current assets 21,901 19,664 -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- -------------------- Total current assets 292,599 254,019 Property, plant and equipment, net 160,695 163,177 Deferred income taxes 6,152 6,645 Goodwill 434,059 443,533 Other intangible assets, net 407,309 419,375 Other assets 10,734 10,230 -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- -------------------- Total assets $ $ $ 1,311,548 $ $ 1,296,979 ==================== ==================== ==================== ========= ==================== ==================== ==================== ========= ==================== Liabilities and shareholders' equity Current liabilities: Accounts payable $ $ $ 72,608 $ $ 59,477 Accrued compensation and benefits 18,731 22,985 Other accrued expenses and current liabilities 24,315 24,941 Current portion of long-term non-revolving debt, net 15,841 16,229 Dividends payable 2,900 2,891 Income taxes payable 7,749 1,489 -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- -------------------- Total current liabilities 142,144 128,012 Revolving line of credit 249,797 255,909 Long-term non-revolving debt, net 186,126 189,932 Deferred income taxes 73,578 78,864 Other noncurrent liabilities 34,623 36,472 -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- -------------------- Total liabilities 686,268 689,189 -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- -------------------- Commitments and contingencies - - Shareholders' equity: Preferred stock, par value $0.001, 2,000 shares authorized, no shares issued or outstanding - - Common stock, par value $0.001, 100,000 shares authorized, 32,226 and 32,121 shares issued and outstanding 32 32 Capital in excess of par value 376,994 371,778 Retained earnings 290,007 270,320 Accumulated other comprehensive loss (41,753 ) (34,340 ) -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- -------------------- Total shareholders' equity 625,280 607,790 -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- -------------------- Total liabilities and shareholders' equity $ $ $ 1,311,548 $ $ 1,296,979 ==================== ==================== ==================== ========= ==================== ==================== ==================== ========= ==================== HELIOS TECHNOLOGIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended Three Months Ended Three Months Ended Three Months Ended ----------------------------------------------------------------------------- -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------ April 3, April 3, April 3, April 3, March 28, March 28, 2021 2021 2021 2021 2020 2020 ----------------------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------- -------------------- ----------------------------------------------- Cash flows from operating activities: Net income (loss) $ $ $ 22,587 $ $ (17,223 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 15,237 8,376 Goodwill Impairment - 31,871 Stock-based compensation expense 2,107 1,533 Amortization of debt issuance costs 125 179 Benefit for deferred income taxes (906 ) (1,186 ) Forward contract gains, net (2,402 ) (440 ) Other, net 32 160 (Increase) decrease in operating assets: Accounts receivable (28,051 ) (6,838 ) Inventories (10,809 ) (2,818 ) Income taxes receivable 565 1,415 Other current assets (2,614 ) (2,740 ) Other assets 2,139 1,213 Increase (decrease) in operating liabilities: Accounts payable 13,912 3,867 Accrued expenses and other liabilities (2,147 ) (4,652 ) Income taxes payable 6,126 3,051 Other noncurrent liabilities (819 ) (701 ) -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Net cash provided by operating activities 15,082 15,067 -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Cash flows from investing activities: Acquisition of business, net of cash acquired (1,000 ) - Amounts paid for net assets acquired (2,400 ) - Capital expenditures (5,036 ) (2,937 ) Proceeds from dispositions of equipment 35 3 Cash settlement of forward contracts 1,544 1,634 Software development costs (623 ) - -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Net cash used in investing activities (7,480 ) (1,300 ) -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Cash flows from financing activities: Borrowings on revolving credit facilities 6,602 2,000 Repayment of borrowings on revolving credit facilities (8,500 ) (5,500 ) Repayment of borrowings on long-term non-revolving debt (4,029 ) (2,100 ) Proceeds from stock issued 333 355 Dividends to shareholders (2,891 ) (2,885 ) Other financing activities (974 ) (815 ) -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Net cash used in financing activities (9,459 ) (8,945 ) -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,565 310 -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Net increase in cash, cash equivalents and restricted cash 708 5,132 Cash, cash equivalents and restricted cash, beginning of period 25,257 22,162 -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Cash, cash equivalents and restricted cash, end of period $ $ $ 25,965 $ $ 27,294 ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== HELIOS TECHNOLOGIES SEGMENT DATA (In thousands) (Unaudited) Three Months Ended Three Months Ended Three Months Ended Three Months Ended April 3, April 3, April 3, April 3, March 28, 2021 2021 2021 2021 2020 ----------------------------------- -------------------- -------------------- ----------------------------------------------- ----------------------------------------------- Sales: Hydraulics $ $ $ 119,106 $ $ 103,818 Electronics 85,738 25,665 -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Consolidated $ $ $ 204,844 $ $ 129,483 ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== Gross profit and margin: Hydraulics $ $ $ 45,409 $ $ 39,674 38.1 % 38.2 % Electronics 29,958 12,176 35.0 % 47.5 % ----------------------------------- -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Consolidated $ $ $ 75,367 $ $ 51,850 ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== 36.8 % 40.1 % Operating income (loss) and margin: Hydraulics $ $ $ 28,073 $ $ 21,482 23.6 % 20.7 % Electronics 18,280 4,778 21.4 % 18.7 % Corporate and other (11,745 ) (36,293 ) -------------------- -------------------- -------------------- ------- -------------------- -------------------- -------------------- ------- -------------------- Consolidated $ $ $ 34,608 $ $ (10,033 ) ==================== ==================== ==================== ======= ==================== ==================== ==================== ======= ==================== 16.9 % (7.7 %) HELIOS TECHNOLOGIES ADDITIONAL INFORMATION (Unaudited) 2021 Sales by Geographic Region and Segment ($ in millions) Q1 Q1 Q1 % Change % Change y/y y/y -------------------- -------------------- ------------------------------ -------------------- -------------------- Americas: Hydraulics $ $ 34.3 (8%) (8%) Electronics 65.0 201% 201% -------------------- -------------------- ---------- Consol. Americas 99.3 69% 69% -------------------- -------------------- ---------- % of total 48% EMEA: Hydraulics $ $ 43.3 29% 29% Electronics 9.3 272% 272% -------------------- -------------------- ---------- Consol. EMEA 52.6 46% 46% -------------------- -------------------- ---------- % of total 26% -------------------- -------------------- ---------- -------------------- -------------------- APAC: Hydraulics $ $ 41.5 26% 26% Electronics 11.4 613% 613% -------------------- -------------------- ---------- Consol. APAC 52.9 53% 53% -------------------- -------------------- ---------- % of total 26% Total $ $ 204.8 58% 58% 2020 Sales by Geographic Region and Segment ($ in millions) Q1 Q1 Q1 % Change % Change Q2 Q2 % Change % Change Q3 Q3 % Change % Change Q4 Q4 % Change % Change YTD 2020 YTD 2020 % Change % Change y/y y/y y/y y/y y/y y/y y/y y/y y/y y/y -------------------- -------------------- ------------------------------ -------------------- -------------------- -------------------- ------------------------------ -------------------- -------------------- -------------------- ------------------------------ -------------------- -------------------- -------------------- ------------------------------ -------------------- -------------------- -------------------- ------------------------------ -------------------- -------------------- Americas: Hydraulics $ $ 37.3 (10%) (10%) $ $ 34.2 (17%) (17%) $ $ 27.7 (36%) (36%) $ $ 31.3 (14%) (14%) $ $ 130.5 (20%) (20%) Electronics 21.6 (17%) (17%) 13.4 (50%) (50%) 21.4 (11%) (11%) 37.5 92% 92% 93.9 (2%) (2%) -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- Consol. Americas 58.9 (13%) (13%) 47.6 (30%) (30%) 49.1 (27%) (27%) 68.8 24% 24% 224.4 (13%) (13%) -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- % of total 45% 40% 40% 45% 43% EMEA: Hydraulics 33.5 (20%) (20%) 31.2 (15%) (15%) 32.1 1% 1% 34.4 11% 11% 131.2 (7%) (7%) Electronics 2.5 0% 0% 1.9 6% 6% 1.5 (29%) (29%) 4.9 145% 145% 10.8 29% 29% -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- Consol. EMEA 36.0 (19%) (19%) 33.1 (14%) (14%) 33.6 (1%) (1%) 39.3 19% 19% 142.0 (5%) (5%) -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- % of total 28% 28% 27% 26% 27% -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- APAC: Hydraulics $ $ 33.0 (0%) (0%) $ $ 36.7 3% 3% $ $ 38.4 10% 10% $ $ 37.4 6% 6% $ $ 145.5 5% 5% Electronics 1.6 (11%) (11%) 1.9 12% 12% 1.5 (17%) (17%) 6.1 221% 221% 11.1 54% 54% -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- Consol. APAC 34.6 (1%) (1%) 38.6 3% 3% 39.9 9% 9% 43.5 17% 17% 156.6 7% 7% -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- % of total 27% 32% 33% 29% 30% Total $ $ 129.5 (12%) (12%) $ $ 119.3 (17%) (17%) $ Please read the End User Agreement. News provided by COMTEX. |
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