PSP Agricultural Solutions sales down 2% in Q2 2016

Date:08-09-2016

Platform Specialty Products’ Agricultural Solutions business posted a 2.0 % decline in net sales to $484 million in the second quarter 2016 year-over-year; on a comparable basis, excluding the impact of currency changes, organic sales increased 4.8% year-over-year.  Agricultural Solutions' Adjusted EBITDA was $95 million, a decline of 17.9%; on a comparable constant currency basis, adjusted EBITDA for this segment decreased 14.9%.

Chief Executive Officer 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 Ag business continues to post impressive growth outside of North America, and we have plans to stabilize our business in the United States where market conditions are challenging. We are half way through what has continued to be a challenging year, but I am happy to report that our businesses are performing well, and I am confident in our teams' ability to improve our run-rate in the second half of 2016. Therefore, we have decided to increase the lower-end of our adjusted EBITDA guidance to a new range of $735 million to $775 million."