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.
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.
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)
| Service | Same-day Service Fee (BZD) | Next-day Service Fee (BZD) | Standard Service Fee (BZD) |
|---|---|---|---|
| Standard: Less than 1 year after the occurrence date | 30 | 15 | 4 |
| Late registration: More than 1 but less than 5 years after occurrence date) | Service type not available for late registration | 25 | |
| Late registration: More than 5 years after occurrence date) | Service type not available for late registration | 50 |
Condensed consolidated balance sheet
(dollars in thousands, except per share data)
(unaudited)
| Service | Same-day Service Fee (BZD) | Next-day Service Fee (BZD) | Standard Service Fee (BZD) |
|---|---|---|---|
| Standard: Less than 1 year after the occurrence date | 30 | 15 | 4 |
| Late registration: More than 1 but less than 5 years after occurrence date) | Service type not available for late registration | 25 | |
| Late registration: More than 5 years after occurrence date) | Service type not available for late registration | 50 |