Swick: SIF -1.03 to 7.47 after posting a loss of (0.38) EPS excluding a tax benefit for Jun Q3. Do you still feel this is a good turnaround play for 2017 ?
CEO comments from earnings pr -
New CEO Peter Knapper stated, “My first 40 days here at SIFCO have been very busy as I’ve visited all of our locations and met with the leadership teams and their direct reports. I am excited to be working with this talented group of professionals and look forward to helping the SIFCO team leverage our strengths and capabilities to create greater value for our customers, associates, and shareholders.”
Mr. Knapper continued, “SIFCO’s third quarter results were below our expectations and our capabilities. We continued to be challenged by soft market in Europe as well as throughput constraints here in the U.S. Our order backlog remains strong, but we have to improve our on-time delivery. Our top priority is the customer. We must be committed to delivering quality products, on-time within a safe working environment. The management team will be focusing on removing the barriers that keep us from processing product through our plants efficiently and effectively and we are already working to develop a culture that will allow us to react quickly to changes in market conditions.
Again, I’m excited to be part of the SIFCO team and look forward to reporting much better results in the future.”
