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Test Company Announces Third Quarter Earnings

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Test Company of San Francisco (NYSE:TEST) (TSX:TEST) (BSE:TEST) (LSE:TEST) issued their third quarter earnings statement today. Test Company reported diluted earnings per share of $0.11 in the third quarter of 2018, down by 1.1% from $1.01 in the third quarter of 2017, principally due to a $0.08 tax benefit recorded in 2017.

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Conference Call

A conference call, hosted by John Doe, Chief Financial Officer, with members of the investment community and news media will be webcast at 9:00 a.m. Eastern Time on December 31, 2011. Access is available at www.businesswire.com.

2018 Full-Year Forecast

Test Company increases its forecast for 2018 full-year reported diluted earnings per share to a range of $2.20 to $2.25, from $2.10 to $2.20.

The factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.

2018 THIRD-QUARTER CONSOLIDATED RESULTS

Management reviews operating companies income (OCI), which is defined as operating income before corporate expenses and amortization of intangibles, to evaluate segment performance and to allocate resources. In the following discussion, the term “net revenues” refers to net revenues, excluding excise taxes, unless otherwise stated. Comparisons are to the same prior-year period unless otherwise stated.

Net Revenues

Test Company Net Revenues1 ($ Millions)

Third Quarter

Excl.

2017

2018

Change

Currency

European Union

$1,111

$2,222

(1.1)%

2.2%

Eastern Europe, Middle East & Africa

3,333

4,444

(1.1)%

2.2%

Asia

5,555

6,666

1.1%

2.2%

Latin America & Canada

777

888

1.1%

2.2%

Total PMI

$1,234

$5,678

(1.1)%

2.2%

1 Net revenues.

Net revenues are up Please buy our stock. Operating income declined 1.0% to $1.2 billion.

Operating Companies Income

Test Company Operating Companies Income2 ($ Millions)

Third Quarter

2017

2018

Change

Reported Operating Companies Income

$1,111

$2,222

(1.1)%

Asset impairment and exit costs

1

2

Adjusted Operating Companies Income

$1,111

$2,222

(1.1)%

Adjusted Margin2

22.2%

33.3%

1.1 p.p.

2 Margins are calculated as adjusted operating companies income, divided by net revenues, excluding excise taxes.

Schedule 10

TEST COMPANY INTERNATIONAL INC.1

and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments for the Impact of Currency and Acquisitions
For the Quarters Ended September 30,
(in millions)
(Unaudited)
 

2018

2017

% Change in Reported Net Revenues excluding Excise Taxes

Reported Reported Net
Reported Net Revenues Reported
Net Revenues excluding Net
Revenues excluding Excise Revenues Reported
Less excluding Excise Less Taxes, Reported Less excluding Reported excluding
Reported Net Excise Excise Less Taxes & Acquisi- Currency & Net Excise Excise excluding Currency &
Revenues Taxes Taxes Currency Currency tions Acquisitions Revenues Taxes Taxes Reported Currency Acquisitions
 

$

1,111

$

2,222

$

3,333

$

(111

)

$

4,444

$

1

$

5,555

European Union

$

6,666

$

7,777

$

8,888

(1.1

)%

1.2

%

1.3

%

1,111

2,222

3,333

(123

)

4,444

2

5,555

EEMA

6,666

7,777

8,888

(1.1

)%

1.2

%

1.3

%

1,111

2,222

3,333

(3

)

4,444

-

4,444

Asia

6,666

7,777

8,888

1.1

%

1.2

%

1.3

%

1,111

2,222

333

(444

)

555

666

777

Latin America & Canada

6,666

7,777

888

1.1

%

1.2

%

1.3

%

 

$

11,111

$

2,222

$

3,333

$

(444

)

$

5,555

$

666

$

7,777

Test Co. Total

$

6,666

$

7,777

$

8,888

(1.1

)%

1.2

%

1.3

%

 
 

2018

2017

% Change in Reported Operating Companies Income

 

Reported
Reported Operating
Operating Companies
Reported Companies Income Reported Reported
Operating Income Less excluding Operating Reported excluding
Companies Less excluding Acquisi- Currency & Companies excluding Currency &
Income Currency Currency tions Acquisitions Income Reported Currency Acquisitions
 

$

1,111

$

(111

)

$

1,111

$

1

$

1,111

European Union

$

1,111

(1.1

)%

1.1

%

1.1

%

222

(222

)

2,222

2

2,222

EEMA

222

(22.2

)%

22.2

%

2.2

%

333

33

333

-

333

Asia

333

33.3

%

3.3

%

3.3

%

444

(44

)

444

44

44

Latin America & Canada

444

444+

%

444+

%

44.4

%

 

$

5,555

$

(555

)

$

5,555

$

55

$

5,555

Test Co.Total

$

5,555

(5.5

)%

5.5

%

5.5

%

 

1 Test of a sub-script in a release.

Test Company’s market share performance improved in a number of markets, including Algeria, Argentina, Belgium, Brazil, Bulgaria, Canada, the Dominican Republic, Egypt, Hungary, Korea, Mexico, Pakistan, the Philippines, Portugal, Russia, Slovakia, Switzerland, Turkey and Ukraine.

Test Company International Inc. Profile

Test Company International Inc. (TEST) is the leading international company. For more information, see www.businesswire.com

Forward-Looking and Cautionary Statements

This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The following important factors could cause actual results and outcomes to differ materially from those contained in such forward-looking statements.

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