WELLINGTON, Fla., April 17, 2017 (GLOBE NEWSWIRE) -- KLX Inc. (the “Company”) (NASDAQ:KLXI), a leading distributor and value added service provider of aerospace fasteners and consumables, and a provider of services and products to the oil and gas exploration and production industry, announced today that it plans to report strong first quarter financial results for the quarter ending April 30, 2017 when the Company reports its financial results in May 2017. The Company also announced it is raising its financial guidance for the year ending January 31, 2018 (Fiscal 2017).
The new Fiscal 2017 financial guidance assumes the recognition in Fiscal 2017 of previously deferred revenues and earnings from 2016, and in addition, an approximate 2 percent increase in consolidated revenues and a 3.5 percent increase in adjusted net earnings and adjusted net earnings per diluted share, in each case from previously announced fiscal 2017 financial guidance.
The Company’s new Fiscal 2017 financial guidance with respect to the following financial metrics is as follows:
- Consolidated revenues of approximately $1.75 billion
- Consolidated operating earnings of approximately $222 million
- Adjusted net earnings of approximately $157 million
- Adjusted net earnings per diluted share of approximately $3.00
Adjusted net earnings and adjusted net earnings per diluted share are non-GAAP financial measures that reflect net earnings before amortization and non-cash compensation expense, and includes the tax benefit from the amortization of tax deductible goodwill.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve risks and uncertainties. The Company’s actual experience and results may differ materially from the experience and results anticipated in such statements. Factors that might cause such a difference include those discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”), which include its Annual Report on Form 10-K and Current Reports on Form 8-K. For more information, see the section entitled “Forward -Looking Statements” contained in the Company’s Annual Report on Form 10-K and in other filings. The forward-looking statements included in this news release are made only as of the date of this news release and, except as required by federal securities laws and rules and regulations of the SEC, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About KLX Inc.
KLX Inc., through its two operating segments, provides mission critical products and complex logistical solutions to support its customers’ high value assets. KLX serves its customers in demanding environments that face high cost of downtime and require dependable, high quality just-in-time customer support. The Aerospace Solutions Group is a leading distributor and value added service provider of aerospace fasteners and consumables offering the broadest range of aerospace hardware and consumables and inventory management services worldwide. The Energy Services Group provides vital services and products to the oil and gas industry on an episodic, 24/7 basis. For more information, visit the KLX website at www.klx.com.