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Sauer-Danfoss Inc. Reports Fourth Quarter 2012 Results

- Revenues Down, Reflecting Continued Weak Markets

AMES, Iowa, Feb. 20, 2013 /PRNewswire/ -- Sauer-Danfoss Inc. (NYSE: SHS) today announced its financial results for the fourth quarter ended December 31, 2012.

Fourth Quarter Review
Net sales for the quarter declined 7 percent to $413.0 million, compared to net sales of $446.1 million for the fourth quarter of 2011.  Excluding the impact of changes in currency translation rates, sales in the fourth quarter declined 6 percent over the same quarter last year.  Sales for the fourth quarter increased 1 percent in the Americas and 2 percent in the Asia-Pacific region, but declined 18 percent in Europe, excluding the impact of changes in currency translation rates.  Sales declined 15 percent in the Work Function segment and 10 percent in both the Controls and Hydrostatics (formerly Propel) segments, but increased 16 percent in the Stand-Alone Businesses segment, excluding the impact of changes in currency translation rates.

The Company reported net income of $19.9 million, or $0.41 per share, for the fourth quarter of 2012, compared to net income of $27.4 million, or $0.57 per share, for the fourth quarter of 2011.  Fourth quarter 2012 results were negatively impacted by $1.8 million, or $0.04 per share, related to deferred tax asset valuation allowances.  Fourth quarter 2011 results were favorably impacted by $9.2 million, or $0.19 per share, related to the reversal of deferred tax asset valuation allowances but were negatively impacted by certain product field recall costs of $6.9 million, or $0.10 per share.

Eric Alstrom, President and Chief Executive Officer, commented, "Our fourth quarter sales continue to reflect the weak global markets we serve, as well as the inventory reduction actions being taken by several of our customers.  While our sales declined due to our weak markets, I am very pleased with our increase in operating income.  We have been able to increase our operating margin by two full percentage points in the face of declining markets and sales.  This reflects strong cost control throughout our organization, as well as our ability to flex our production to changing demands."   

Orders and Backlog Decline
The Company received new orders of $378.1 million for the fourth quarter of 2012, a 17 percent decline compared to fourth quarter 2011 new orders of $456.5 million.  Excluding the impact of changes in currency translation rates, new orders declined 16 percent.

Total backlog at December 31, 2012, was $837.0 million, an 11 percent decline compared to the same period last year of $939.8 million

Twelve Month Review
The Company reported net sales for the twelve months ended December 31, 2012, of $1,916.1 million, a decline of 7 percent compared to net sales of $2,057.5 million for the twelve months of 2011.  Net sales for the twelve months of 2012 were down 4 percent compared to the prior year period, excluding the impact of currency translation rate changes.

Net income for full year 2012 was $181.8 million, or $3.75 per share, compared to net income of $229.9 million, or $4.74 per share, for the same period last year.  2011 results were favorably impacted by $22.9 million, or $0.47 per share, relating to the reversal of deferred tax asset valuation allowances.

Strong Cash Flow
Cash flow from operations for full year 2012 was $335.3 million, compared to $374.2 million for 2011.  Capital expenditures for full year 2012 were $48.6 million compared to $51.8 million for the same period last year. 

"We generated $262 million of free cash flow for full year 2012, compared to the $299 million of record free cash flow of last year.  Our strong cash flow and earnings over the past couple of years has provided us a very solid balance sheet, or base, from which to drive our future growth plans," stated Alstrom.

Initial Outlook for 2013
Alstrom concluded, "Many of our customers are forecasting modest sales growth for the coming year.  However, there is considerable uncertainly in the global economy.  In addition, many of our customers are continuing to work down excessive inventory levels, especially in North America and China.  This could be a drag on our sales for at least the first half of the coming year.  We therefore expect 2013 sales and earnings to be level with 2012."

The outlook for 2013 is as follows:

  • Annual sales down 3 percent to up 7 percent from 2012 levels
  • Expected earnings in the range of $3.25 to $4.25 per share
  • Capital expenditures of approximately $65.0 to $75.0 million

Status of Proposed Tender Offer
As previously disclosed, on November 28, 2012, Danfoss A/S, the Company's parent company, informed the Company's Board of Directors and publicly announced that Danfoss proposed to acquire all the shares of the Company's common stock that it does not already own for a price of $49 per share in cash, and on the following day the Company announced that its Board of Directors had established a special committee of independent directors to consider Danfoss' proposal.  From late December 2012 through late January 2013, the Special Committee and its advisors undertook efforts to enable the Special Committee to respond to Danfoss' proposal, and since late January 2013 the Special Committee, through its advisors, has been in discussions with Danfoss' advisors regarding the proposal.  These discussions are continuing.  There is no assurance that the Special Committee and Danfoss will reach any agreement or, if an agreement is reached, as to the terms and conditions of that agreement or whether it will be successfully completed.

Webcast Information
Members of Sauer-Danfoss' management team will host a webcast on February 21 at 10 AM Eastern Time to discuss 2012 fourth quarter results.  The call is open to all interested parties on listen-only mode via an audio webcast and can be accessed through the Investor Relations page of the Company's website at http://ir.sauer-danfoss.com.  A replay of the call will be available at that site through March 7, 2013.

About Sauer-Danfoss
Sauer-Danfoss Inc. is a worldwide leader in the design, manufacture, and sale of engineered hydraulic and electronic systems and components for use primarily in applications of mobile equipment.  Sauer-Danfoss, with 2012 revenues of approximately $1.9 billion, has sales, manufacturing, and engineering capabilities in Europe, the Americas, and the Asia-Pacific region.      

More details online at www.sauer-danfoss.com.

This press release contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. All statements regarding future performance, growth, sales and earnings projections, conditions or developments are forward-looking statements. Words such as "anticipates," "in the opinion," "believes," "intends," "expects," "may," "will," "should," "could," "plans," "forecasts," "estimates," "predicts," "projects," "potential," "continue," and similar expressions may be intended to identify forward-looking statements.

Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors. Readers should bear in mind that past experience is never a perfect guide to anticipating actual future results. Risk factors affecting the Company's forward-looking statements include, but are not limited to, the following: general, worldwide economic conditions, the level of interest rates, crude oil prices, commercial and consumer confidence, and currency exchange rates; specific economic conditions in the agriculture, construction, road building, turf care, material handling and specialty vehicle markets and the impact of such conditions on the Company's customers in such markets; the cyclical nature of some of the Company's businesses; the ability of the Company to win new programs and maintain existing programs with its original equipment manufacturer (OEM) customers; the highly competitive nature of the markets for the Company's products as well as pricing pressures that may result from such competitive conditions; the continued operation and viability of the Company's significant customers; the Company's execution of internal performance plans; difficulties or delays in manufacturing; the effectiveness of the Company's cost-management and productivity improvement efforts; the Company's ability to manage its business effectively in a period of slowing growth in sales and its capacity to make necessary adjustments to changes in demand for its products; competing technologies and difficulties entering and growing in new and expanding markets, both domestic and foreign; changes in the Company's product mix; future levels of indebtedness and capital spending; the availability of sufficient levels of cash flow from operations and credit on favorable terms, whether from Danfoss A/S, the Company's majority stockholder, or from the capital markets or traditional credit sources to enable the Company to meet its capital needs; claims, including, without limitation, warranty claims, field recall claims, product liability claims, charges or dispute resolutions; the ability of suppliers to provide materials as needed and the Company's ability to recover any price increases for materials in product pricing; the Company's ability to attract and retain key technical and other personnel; labor relations; the failure of customers to make timely payment, especially in light of the persistence of tight credit markets; any inadequacy of the Company's intellectual property protection or the potential for third-party claims of infringement; credit market disruptions and significant changes in capital market liquidity and funding costs affecting the Company and its customers and suppliers; sovereign debt crises, in Europe and elsewhere, and the reaction of other nations to such crises; energy prices; the impact of new or changed tax and other legislation and regulations in jurisdictions in which the Company and its affiliates operate, including regulations affecting retirement and health care benefits provided to Company employees; actions by the U.S. Federal Reserve Board and the central banks of other nations, including heightened capital requirements imposed on Chinese banks; actions by other regulatory agencies, including those taken in response to the global credit crisis; actions by credit rating agencies; changes in accounting standards; worldwide political stability, including developments in the Middle East; the effects of terrorist activities and resulting political or economic instability; natural catastrophes; U.S. and NATO military action overseas; and the effect of acquisitions, divestitures, restructurings, product withdrawals, and other unusual events.

The Company cautions the reader that this list of cautionary statements and risk factors is not exhaustive. The Company's outlook is based upon assumptions and projections arising in connection with the foregoing factors, the evaluation of which is often based on estimates and data prepared by government and other third-party sources.  Those estimates and data are frequently revised.  The Company expressly disclaims any obligation or undertaking to release publicly any updates or changes to these forward-looking statements to reflect future events or circumstances.  The foregoing risks and uncertainties are further described in Item 1A (Risk Factors) in the Company's latest annual report on Form 10-K filed with the SEC, which should be reviewed in considering the forward-looking statements contained in this press release. 

 


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 



Three Months Ended


Year Ended


(Dollars and shares in thousands

December 31,


December 31,


December 31,


December 30,


except per share data)

2012


2011


2012


2011


Net sales

413,007


446,131


1,916,094


2,057,487


Cost of sales

291,084


323,631


1,299,207


1,400,330


Gross profit

121,923


122,500


616,887


657,157


Selling, general and administrative

59,292


61,259


235,069


227,968


Research and development

16,229


18,170


64,072


63,996


Other

(191)


939


(70)


590


Total operating expenses

75,330


80,368


299,071


292,554


Income from operations

46,593


42,132


317,816


364,603


Nonoperating income (expense):









   Interest expense, net

(3,025)


(3,796)


(15,035)


(21,150)


   Loss on early retirement of debt

--


--


(1,254)


(1,176)


   Other, net

(72)


(227)


2,825


(3,094)


Income before income taxes

43,496


38,109


304,352


339,183


Income tax expense

(19,011)


(8,301)


(92,274)


(79,380)


Net income

24,485


29,808


212,078


259,803


Net income attributable to noncontrolling interest, net of tax

 

(4,561)


 

(2,364)


 

(30,319)


 

(29,933)


Net income attributable to Sauer-Danfoss Inc.

19,924


27,444


181,759


229,870


Net income per share:









   Basic net income per common share

0.41


0.57


3.75


4.75


   Diluted net income per common share

0.41


0.57


3.75


4.74


Weighted average shares outstanding:









   Basic

48,417


48,406


48,413


48,402


   Diluted

48,486


48,478


48,482


48,479


 


BUSINESS SEGMENT INFORMATION

 



Three Months Ended


Year Ended



December 31,


December 31,


December 31,


December 31,

(Dollars in thousands)


2012


2011


2012


2011

Net sales









   Hydrostatics


189,225


212,839


883,683


948,153

   Work Function


68,919


82,709


311,588


377,519

   Controls


64,477


71,784


303,612


322,489

   Stand-Alone Businesses


90,386


78,799


417,211


409,326

Total


413,007


446,131


1,916,094


2,057,487

Segment Income (Loss)









   Hydrostatics


25,926


32,368


173,549


210,532

   Work Function


8,270


9,117


48,288


59,235

   Controls


11,093


6,830


74,224


78,459

   Stand-Alone Businesses


11,981


6,889


68,361


58,624

   Global Services and Other Expenses, net


(10,749)


(13,299)


(43,781)


(45,341)

Total


46,521


41,905


320,641


361,509

   Interest expense, net


(3,025)


(3,796)


(15,035)


(21,150)

   Loss on early retirement of debt


--


--


(1,254)


(1,176)

   Income before income taxes


43,496


38,109


304,352


339,183

 






CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


Year Ended


December 31,



December 31,

(Dollars in thousands)

2012



2011

Cash Flows from Operating Activities:





Net income

212,078



259,803

Depreciation and amortization

80,503



88,094

Net change in receivables, inventories, and payables

27,533



(19,432)

Other, net


15,181



45,697

Net cash provided by operating activities


335,295



374,162

Cash Flows from Investing Activities:






Purchases of property, plant and equipment


(48,632)



(51,765)

Proceeds from sale of property, plant and equipment


507



6,317

Advances to related persons


(180,579)



(182,538)

Net cash used in investing activities


(228,704)



(227,986)

Cash Flows from Financing Activities:






Net repayments on notes payable and debt facilities


(21,921)



(82,580)

Payment of prepayment penalty


(803)



--

Cash dividends


(50,871)



--

Dividend resulting from tax sharing agreement


--



(12,928)

Distributions to noncontrolling interest partners


(24,409)



(17,076)

Net cash used in financing activities


(98,004)



(112,584)

Effect of exchange rate changes


1,105



(5,071)

Cash and Cash Equivalents:






Net increase in cash and cash equivalents


9,692



28,521

Cash and cash equivalents at beginning of year


72,560



44,039

Cash and cash equivalents at end of year


82,252



72,560

Non-cash Investing and Financing Activities:






Purchases of property, plant and equipment financed by capital leases


(382)



--

Free cash flow (1)


261,958



298,710







(1) Free cash flow is calculated by summing net cash provided by operating activities, net cash used in investing activities, excluding advances to related persons, and net cash used in financing activities, excluding net repayments on notes payable and debt facilities and cash dividends.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 



  December 31,



December 31,

(Dollars in thousands)                                


2012



2011

ASSETS






Current Assets:






Cash and cash equivalents (1)


441,242



251,287

Accounts receivable, net


217,611



215,978

Inventories


178,226



217,710

Other current assets


73,224



75,868

Total current assets


910,303



760,843

Property, plant and equipment, net


342,246



367,844

Other assets


146,410



149,569

Total Assets


1,398,959



1,278,256







LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:






Long-term debt due within one year


479



955

Accounts payable


168,486



177,996

Other accrued liabilities


171,360



149,240

Total current liabilities


340,325



328,191

Long-term debt


178,378



199,502

Long-term pension liability


88,779



79,717

Deferred income taxes


33,536



35,184

Other liabilities


61,023



57,836

Noncontrolling interest

94,275



90,408

Stockholders' equity of Sauer-Danfoss Inc.


602,643



487,418

Total Liabilities and Stockholders' Equity


1,398,959



1,278,256







Debt to Total Capital Ratio (2)


20%



26%







(1) Includes cash deposited with related persons of $358,990 at December 31, 2012 and $178,727 at December 31, 2011.

(2) The debt to total capital ratio is calculated by dividing total interest bearing debt by total capital. Total interest bearing debt is the sum of long-term debt due within one year and long-term debt. Total capital is the sum of total interest bearing debt, noncontrolling interest, and stockholders' equity.

SOURCE Sauer-Danfoss Inc.

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