MacDermid's Results Boost Platform's Q1
WEST PALM BEACH, FL -- Platform Specialty Products reported first quarter net sales at its MacDermid Performance Solutions segment increased 6% to $447 million.
MacDermid's organic sales increased 5%. Adjusted EBITDA was $102 million, an increase of 23%. On a constant currency basis, adjusted EBITDA increased 27%.
MacDermid Performance Solutions includes Alpha Assembly Solutions.
For the period ended Mar. 31, overall company net sales increased 5% to $862 million, while organic sales increased 3% on improved sales mix and volume growth.
The net loss attributable to stockholders was $24 million, versus a loss of $134 million a year ago. Adjusted EBITDA increased 15% to $193 million.
In a press statement, chief executive Rakesh Sachdev said, “We are pleased to report a strong start to 2017 for Platform. Both our MacDermid Performance and Agricultural Solutions businesses grew sales, earnings, and margins. We saw the benefit of our recent investments in the business as many of our focus areas for growth, including semiconductor chemistries and Ag biosolutions products, were meaningful contributors to organic sales growth in the quarter. We are encouraged by the strength of our industrial and electronics markets - particularly in Asia - and by the strength of the start of the year for our Ag business in Latin America which is expected to offset some of the weakness we are seeing from the slow and cold season this year in the European Ag markets.
Based on foreign exchange rates as of Mar. 31, Platform reaffirmed its previously provided adjusted EBITDA for 2017 of $800 million to $830 million, representing an increase of 8% versus full year 2016 results at the mid-point on a constant currency basis.
