Page 21 - Glass Machinery Plants & Accessories no. 4/2018

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< of its footprint to meet rising customer demand. Due to
lower production volume, higher maintenance and supply
chain costs, Asia Pacific reported segment operating profit
of USD 5 million in the first quarter of 2018, which was
substantially below the prior year. As these discrete asset
improvement projects finish, the region’s cost structure
is expected to substantially improve in the second half of
2018 and beyond. Consistent with management guidance
for the first quarter 2018, non-operational costs partially
offset improved operating performance. Retained corporate
and other costs were essentially on par with prior year.
Net interest expense in the quarter was USD 62 million
compared with USD 78 million for the first quarter 2017.
Excluding the USD 17 million charge in the first quarter
of 2017 related to debt redeemed prior to its maturity, net
interest expense was USD 61 million in the prior year.
The Company has benefited from deleveraging and a solid
proportion of exposure to Euribor, which has been stable, Yes, there is
relative to rising Libor rates in the US. The company
has successfully launched its USD 400 million share
repurchase programme. In the first quarter of 2018, the intelligence out there...
company repurchased 2 million shares for approximately
USD 45 million. The company anticipates repurchasing
approximately USD 100 million in shares in 2018. The lots of it
company is maintaining its annual guidance for earnings
and cash flow. The company expects earnings from
continuing operations, and adjusted earnings, for the full
year 2018 to be in the range of USD 2.75 to USD 2.85 per
share, which compares favorably with adjusted earnings of
USD 2.65 per share in 2017. The midpoint of this range
represents more than a 10% compounded annual growth
rate in adjusted earnings per share since 2015.
The company expects earnings from continuing
operations, and adjusted earnings, for the second quarter
of 2018 to be approximately USD 0.75 per share.
Solid improvement in on-going business operations are
expected to be essentially offset by investments in assets
and, new technology developments as well as a higher
tax expense, compared with prior year. The company
expects cash provided by continuing operating activities
for 2018 to be approximately USD 800 million and
adjusted free cash flow to be approximately USD 400
million. The earnings and cash flow guidance ranges are
consistent with targets conveyed by senior management
during Investor Day in early 2016. The earnings and cash REAL-TIME INTELLIGENT DATA ACCESS
flow guidance ranges may not fully reflect uncertainty in By receiving open information from one single, smart database
macroeconomic conditions and currency rates, among in real-time, you’re even more in touch with all your processes –
other factors. On 22 December 2017, the Tax Cuts and
no matter where you are – which means greater efficiency and
Jobs Act (“the Act”) was enacted in the US. The Act
productivity, less defects and losses. In fact, it’s like having your
reduces the US federal corporate tax rate from 35% to
own personal satellite backed by our service, support and training.
21%, and requires companies to pay a one-time transition So, watch this space if you are gearing up for Manufacturing
tax on earnings of certain foreign subsidiaries that were
Intelligence.
previously tax deferred and creates new taxes on certain
foreign sourced earnings. Presently, no substantive impact
on the company’s adjusted earnings or cash taxes is
expected in 2018 as a result of the Act.

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