SAN FRANCISCO--(BUSINESS WIRE)--Test Company of San Francisco (NYSE:TEST) (TSX:TEST) (BSE:TEST) (LSE:TEST) issued their third quarter earnings statement today. Test Company reported diluted earnings per share of $0.11 in the third quarter of 2018, down by 1.1% from $1.01 in the third quarter of 2017, principally due to a $0.08 tax benefit recorded in 2017.
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Conference Call
A conference call, hosted by John Doe, Chief Financial Officer, with members of the investment community and news media will be webcast at 9:00 a.m. Eastern Time on December 31, 2011. Access is available at www.businesswire.com.
2018 Full-Year Forecast
Test Company increases its forecast for 2018 full-year reported diluted earnings per share to a range of $2.20 to $2.25, from $2.10 to $2.20.
The factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
2018 THIRD-QUARTER CONSOLIDATED RESULTS
Management reviews operating companies income (OCI), which is defined as operating income before corporate expenses and amortization of intangibles, to evaluate segment performance and to allocate resources. In the following discussion, the term “net revenues” refers to net revenues, excluding excise taxes, unless otherwise stated. Comparisons are to the same prior-year period unless otherwise stated.
Net Revenues
Test Company Net Revenues1 ($ Millions) |
||||||||
Third Quarter |
||||||||
Excl. |
||||||||
2017 |
2018 |
Change |
Currency |
|||||
| European Union | $1,111 |
$2,222 |
(1.1)% |
2.2% |
||||
| Eastern Europe, Middle East & Africa | 3,333 |
4,444 |
(1.1)% |
2.2% |
||||
| Asia | 5,555 |
6,666 |
1.1% |
2.2% |
||||
| Latin America & Canada | 777 |
888 |
1.1% |
2.2% |
||||
| Total PMI | $1,234 |
$5,678 |
(1.1)% |
2.2% |
||||
1 Net revenues.
Net revenues are up Please buy our stock. Operating income declined 1.0% to $1.2 billion.
Operating Companies Income
Test Company Operating Companies Income2 ($ Millions) |
||||||
Third Quarter |
||||||
2017 |
2018 |
Change |
||||
| Reported Operating Companies Income | $1,111 |
$2,222 |
(1.1)% |
|||
| Asset impairment and exit costs | 1 |
2 |
||||
| Adjusted Operating Companies Income | $1,111 |
$2,222 |
(1.1)% |
|||
Adjusted Margin2 |
22.2% |
33.3% |
1.1 p.p. |
|||
2Margins are calculated as adjusted operating companies income, divided by net revenues, excluding excise taxes.
| Schedule 10 | ||||||||||||||||||||||||||||||||||||||||
TEST COMPANY INTERNATIONAL INC.1 |
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| and Subsidiaries | ||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Non-GAAP Measures | ||||||||||||||||||||||||||||||||||||||||
| Adjustments for the Impact of Currency and Acquisitions | ||||||||||||||||||||||||||||||||||||||||
| For the Quarters Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2018 |
2017 |
% Change in Reported Net Revenues excluding Excise Taxes |
||||||||||||||||||||||||||||||||||||||
| Reported | Reported Net | |||||||||||||||||||||||||||||||||||||||
| Reported | Net | Revenues | Reported | |||||||||||||||||||||||||||||||||||||
| Net | Revenues | excluding | Net | |||||||||||||||||||||||||||||||||||||
| Revenues | excluding | Excise | Revenues | Reported | ||||||||||||||||||||||||||||||||||||
| Less | excluding | Excise | Less | Taxes, | Reported | Less | excluding | Reported | excluding | |||||||||||||||||||||||||||||||
| Reported Net | Excise | Excise | Less | Taxes & | Acquisi- | Currency & | Net | Excise | Excise | excluding | Currency & | |||||||||||||||||||||||||||||
| Revenues | Taxes | Taxes | Currency | Currency | tions | Acquisitions | Revenues | Taxes | Taxes | Reported | Currency | Acquisitions | ||||||||||||||||||||||||||||
$ |
1,111 |
$ |
2,222 |
$ |
3,333 |
$ |
(111 |
) |
$ |
4,444 |
$ |
1 |
$ |
5,555 |
European Union | $ |
6,666 |
$ |
7,777 |
$ |
8,888 |
(1.1 |
)% |
1.2 |
% |
1.3 |
% |
|||||||||||||
1,111 |
2,222 |
3,333 |
(123 |
) |
4,444 |
2 |
5,555 |
EEMA | 6,666 |
7,777 |
8,888 |
(1.1 |
)% |
1.2 |
% |
1.3 |
% |
|||||||||||||||||||||||
1,111 |
2,222 |
3,333 |
(3 |
) |
4,444 |
- |
4,444 |
Asia | 6,666 |
7,777 |
8,888 |
1.1 |
% |
1.2 |
% |
1.3 |
% |
|||||||||||||||||||||||
1,111 |
2,222 |
333 |
(444 |
) |
555 |
666 |
777 |
Latin America & Canada | 6,666 |
7,777 |
888 |
1.1 |
% |
1.2 |
% |
1.3 |
% |
|||||||||||||||||||||||
$ |
11,111 |
$ |
2,222 |
$ |
3,333 |
$ |
(444 |
) |
$ |
5,555 |
$ |
666 |
$ |
7,777 |
Test Co. Total |
$ |
6,666 |
$ |
7,777 |
$ |
8,888 |
(1.1 |
)% |
1.2 |
% |
1.3 |
% |
|||||||||||||
2018 |
2017 |
% Change in Reported Operating Companies Income |
||||||||||||||||||||||||||||||||||||||
|
Reported | |||||||||||||||||||||||||||||||||||||||
| Reported | Operating | |||||||||||||||||||||||||||||||||||||||
| Operating | Companies | |||||||||||||||||||||||||||||||||||||||
| Reported | Companies | Income | Reported | Reported | ||||||||||||||||||||||||||||||||||||
| Operating | Income | Less | excluding | Operating | Reported | excluding | ||||||||||||||||||||||||||||||||||
| Companies | Less | excluding | Acquisi- | Currency & | Companies | excluding | Currency & | |||||||||||||||||||||||||||||||||
| Income | Currency | Currency | tions | Acquisitions | Income | Reported | Currency | Acquisitions | ||||||||||||||||||||||||||||||||
$ |
1,111 |
$ |
(111 |
) |
$ |
1,111 |
$ |
1 |
$ |
1,111 |
European Union | $ |
1,111 |
(1.1 |
)% |
1.1 |
% |
1.1 |
% |
|||||||||||||||||||||
222 |
(222 |
) |
2,222 |
2 |
2,222 |
EEMA | 222 |
(22.2 |
)% |
22.2 |
% |
2.2 |
% |
|||||||||||||||||||||||||||
333 |
33 |
333 |
- |
333 |
Asia | 333 |
33.3 |
% |
3.3 |
% |
3.3 |
% |
||||||||||||||||||||||||||||
444 |
(44 |
) |
444 |
44 |
44 |
Latin America & Canada | 444 |
444+ |
% | 444+ |
% | 44.4 |
% |
|||||||||||||||||||||||||||
$ |
5,555 |
$ |
(555 |
) |
$ |
5,555 |
$ |
55 |
$ |
5,555 |
Test Co.Total |
$ |
5,555 |
(5.5 |
)% |
5.5 |
% |
5.5 |
% |
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1 Test of a sub-script in a release.
Test Company’s market share performance improved in a number of markets, including Algeria, Argentina, Belgium, Brazil, Bulgaria, Canada, the Dominican Republic, Egypt, Hungary, Korea, Mexico, Pakistan, the Philippines, Portugal, Russia, Slovakia, Switzerland, Turkey and Ukraine.
Test Company International Inc. Profile
Test Company International Inc. (TEST) is the leading international company. For more information, see www.businesswire.com
Forward-Looking and Cautionary Statements
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The following important factors could cause actual results and outcomes to differ materially from those contained in such forward-looking statements.
