The Company began recording tax expense on U.S. income for the first time in several years beginning in 2013 and currently estimates that its 2013 consolidated effective tax rate will be between 32% and 36%. Due to certain beneficial tax attributes, the Company currently expects to pay only a small amount of cash taxes in the U.S. for the next few years. The tax rate and amount of cash taxes paid will be sensitive to the geographic mix of income, and quarterly effective tax rates may be volatile.
Capital expenditures for 2013 are expected to be approximately $40 to $43 million, an increase from the previous range of $36 to $40 million, and depreciation is expected to be $22 to $24 million in 2013, unchanged from prior guidance.
These financial expectations are for continuing operations and exclude the impact of any potential acquisitions, restructuring activities and outcomes of tax disputes, and do not reflect the Company's stake in Zenara, which is accounted for using the equity method.
The financial information contained in this press release is unaudited, subject to revision and should not be considered final until the Company's third quarter 2013 Form 10-Q is filed with the SEC.
Conference Call and Webcast
A conference call to discuss the Company's third quarter 2013 results will begin at 8:30 a.m. Eastern Time on Friday, November 1, 2013 and last approximately 45 minutes. Those wishing to participate
|SOURCE Cambrex Corporation|
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