Further Decrease in Leverage for Nexeo Solutions, Inc.
US-based chemicals and plastics distributor Nexeo Solutions, Inc. (The Woodlands (Houston), TX – United States of America) earlier this week announced its financial results for Q1-FY2019 (ending 31. December 2018). Sales and operation revenues were USD 935.8 mn, reflecting a 0.7% year-over-year increase in what the comapny calls a “mixed prixing market environment”. The company saw increased average selling prices that helped gain 4.0%. These were partially offset by a volume decline of 3.8%. Weaking exchange rates of various currencies were contributing a further USD 8.8 mn decline. Chemicals contributed 438.5 mn (up 1.5% from USD 431.9), Plastics USD 456.1 (down 6.1% from USD 642.2) and Others USD 41.2 mn (up 5.7% from USD 35.5 mn).
Gross profit for the group came in at USD 98.7 mn (down 7.7% USD 106.9 mn), adjusted EBITDA at USD 40.4 mn (down from USD 44.2 mn in Q1-FY2018) and a Net Income of USD 16.2 mn (vs. USD 26.5 mn in Q1-FY2018). This results in a Net Income of USD 9.8 mn or USD 0.13 per diluted share.
The company also said it has further decreased its net leverage to 3.9x, down from 4.4x in the prior year.
Source: Nexeo press release
HGE – DCG / 08.02.2019