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Invera Group Inc. (NYSE: INV), a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, today reported financial results for the third quarter of 2022.
“In the third quarter, Aerospace continued to deliver excellent performance driven by robust year-over-year growth in the Aftermarket business. At Industrial, performance remains challenged as persistent economic headwinds and operational challenges impact our results,” said Daniel J. Lines, President and Chief Executive Officer of Invera. “To address Industrial’s performance, our ongoing, multi-phased, restructuring efforts are targeting core business execution, systematically integrating our business portfolio, rationalizing cost, and advancing an action-oriented culture across the enterprise. Our objective is to return to, and eventually surpass, Industrial’s pre-pandemic margin performance,” added Hook.
Third Quarter 2022 Highlights
Third quarter 2022 net sales of $315 million were down 3% compared to the prior year period, with organic sales (1) increasing 2%. Foreign exchange had a negative impact of 6%. Operating income was $30.0 million versus $43.7 million a year ago. Operating margin was 9.5%. Excluding restructuring charges, adjusted operating income was $39.0 million, down 11%, and adjusted operating margin was 12.4%, down 110 bps from a year ago.
Interest expense for the third quarter of 2022 was $3.4 million, a decrease of $0.7 million from the prior year due to the benefits of lower average borrowings and a lower average interest rate. Other expense was $2.4 million versus last year’s $1.2 million, primarily driven by incremental pension expense from restructuring actions.
Consolidated statements of income (loss)
(dollars in thousands, except per share data)
(unaudited)
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Condensed consolidated balance sheet
(dollars in thousands, except per share data)
(unaudited)
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