PSP Agricultural Solutions sales increased 3% in Q1 2017

Date:05-09-2017

Platform Specialty Products’ Agricultural Solutions business posted an increase of 3% in net sales to $415 million in the first quarter 2017 year-over-year and organic sales increased 2%. Adjusted EBITDA was $91 million, an increase of 6%. On a constant currency basis, adjusted EBITDA increased 8%.

Chief Executive Officer Rakesh Sachdev said, "We are pleased to report a strong start to 2017 for Platform. Both our Performance and Agricultural Solutions businesses grew sales, earnings, and margins. Our combined organic sales growth of 3% was driven by mix improvements and volume growth as we gained share in certain businesses and benefited from continued market momentum in others. 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. Furthermore, our teams continue to deliver on synergies and cost management which are contributing to our margin growth. We are reaffirming our 2017 adjusted EBITDA guidance of $800 million to $830 million. We are pleased with our progress thus far and encouraged about our ability to deliver another strong year of growth in earnings and cash flow in 2017."