PSP Agricultural Solutions sales increased 4% in Q3 2016

Date:11-07-2016

Platform Specialty Products’ Agricultural Solutions business posted an increase of 4.3% in net sales to $436 million in the third quarter 2016 year-over-year; on a comparable basis, excluding the impact of currency changes and divestitures, organic sales increased 4.3% year-over-year.  Agricultural Solutions' Adjusted EBITDA was $80 million in this quarter, an increase of 27.3%; on a comparable constant currency basis, adjusted EBITDA for this segment increased 18.9%.

Chief Executive Officer Rakesh Sachdev said, "Platform's businesses demonstrated strong performance in the third quarter. While many of our key end-markets are experiencing pressure, our businesses have continued to prove resilient as we are gaining share, launching products successfully and managing cost prudently. Both our business segments grew organic sales, adjusted EBITDA and adjusted EBITDA margins.  Our Ag business grew volumes in most regions and effectively managed price in Latin America despite meaningful pressure from the weaker U.S. Dollar.  The Performance Solutions business benefited primarily from a modest market recovery and share gains in electronics-related businesses, although this was partially offset by continued weakness in oil and gas markets. We believe we are growing faster than our end-markets and expect similar positive growth in the fourth quarter. Our integrations continue to progress ahead of plan, and the savings are clearly apparent in this quarter's results. Our earnings performance through the third quarter has given us the confidence to improve our full year adjusted EBITDA guidance range to $750 million to $765 million."