Platform's Q2 Sales Up on Alpha Acquisition
WEST PALM BEACH, FL -- Platform Specialty Products reported second quarter revenues at its solder and PCB materials business unit rose 141% year-over-year to $438 million.
On a comparable basis, excluding the impact of currency changes, organic sales at the Performance Solutions unit decreased 2.2% year-over-year.
The results include the Alpha and Enthone businesses, which Platform acquired last December.
Performance Solutions reported an adjusted EBITDA of $98 million, up 0.4% from comparable adjusted EBITDA in 2015. On a comparable constant currency basis, adjusted EBITDA for this segment increased 4.3%.
For the three months ended June 30, overall net sales were $922 million, up 36.5%. Excluding the impact of currency changes and divestitures, organic sales increased 1.4% year-over-year.
The net loss was $9 million, compared to a net loss of $12 million in 2015. Adjusted EBITDA was $193 million, an increase of 15% on a reported basis and a decrease of 9.5% on a comparable basis to last year. Adjusted EBITDA declined 6.1% on a comparable constant currency basis.
Chief executive Rakesh Sachdev said, “This was a strong quarter for Platform despite the weakness we are seeing in several of our end markets. Our businesses are demonstrating their resilience in these growth-starved times for our key industries. The Performance business continues to demonstrate strong earnings growth despite a difficult electronics market, and our integrations of recently acquired companies are going well and ahead of schedule.
The company raised the low-end of its adjusted EBITDA guidance to a new range of $735 million to $775 million.
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