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Platform Specialty Products up 2% post Q2 results, reaffirms guidance

Published 05/03/2018, 12:21 PM
© Reuters.  Platform Specialty Products up 2% post Q2 results, reaffirms guidance
ESI
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  • Platform Specialty Products (PAH +1.9%) reported Q1 net sales growth of 12% Y/Y to $964M.
  • Performance solutions sales +10% Y/Y to $492M due to forex tailwinds and organic growth in all major verticals (organic sales +4%) and adj. EBITDA margin declined by 18 bps to 22.7%.
  • Agricultural solutions sales +14% Y/Y to $472M due to forex tailwinds primarily in the Euro and organic growth across geographies (organic sales +6%) and adj. EBITDA margin declined by 167 bps to 20.2%.
  • Q1 overall margins: Gross declined by 193 bps to 42%, operating declined by 73 bps to 10.8% and Adj. EBITDA declined by 92 bps to 21.5%.
  • FY18 guidance reaffirmed: Adj. EBITDA $870-900M, organic sales growth of ~3-4% in performance and agricultural solutions; Net capex ~$100M
  • Previously: Platform Specialty Products beats by $0.01, beats on revenue (May 3)
  • Slides
  • Now read: Anika down 28% on Q1 miss and product recall


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