AgroFresh Solutions (AGFS) Q4 adj.-EBITDA Fell 36%; CEO Macphee Resigns

AgroFresh Solutions (NASDAQ: AGFS) reported Q4 EPS of $0.29, $0.19 better than the analyst estimate of $0.10. Revenue for the quarter came in at $51 million versus the consensus estimate of $49.47 million.

Fourth quarter 2015 Adjusted EBITDA was $27 million, a 36% decline year-over-year on a constant currency basis.

AgroFresh also announced that Thomas Macphee, Chief Executive Officer, has stepped down from his position, effective as of March 10, 2016. In addition, Stan Howell will step down from his position as President at the end of April 2016. The Board has formed a search committee to evaluate candidates to serve as the Company’s next leader, in which the chief executive officer and president roles will be consolidated.

On an interim basis, the responsibilities of chief executive officer and president will be assumed by an Office of the Chair, which will be comprised of Nance Dicciani, Chair of the Board, and Stephen Trevor, a Director of AgroFresh and the former CEO of Boulevard, which acquired the AgroFresh business in July 2015. Ms. Dicciani and Mr. Trevor will partner to lead the Company, with Ms. Dicciani focusing on business operations and Mr. Trevor focusing on financial matters and investor relations.

Ms. Dicciani said: “On behalf of the Board of Directors of AgroFresh, we want to thank Tom Macphee and Stan Howell for their dedication and contributions to AgroFresh as we launched as an independent company and we wish them well as they pursue new endeavors.

“The Board is committed to AgroFresh’s growth strategy, and Steve and I will work closely with the AgroFresh management team to ensure we are focused on all key priorities, our customers and employees and continuing to deliver products and services that maintain the freshness of fruits and vegetables consumed across the globe,” continued Ms. Dicciani.”

2016 Business Outlook

The Company expects net Sales for full year 2016 to increase 5% to 12% year-over-year and expects Adjusted EBITDA to range from $90 million to $100 million.

For earnings history and earnings-related data on AgroFresh Solutions (AGFS) click here.

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