Platform Specialty Products (PAH) Tops Q2 EPS by 1c; Boosts Low-End FY17 Adj. EBITDA Guidance

Platform Specialty Products (NYSE: PAH) reported Q2 EPS of $0.20, $0.01 better than the analyst estimate of $0.19. Revenue for the quarter came in at $941 million versus the consensus estimate of $933.32 million.

Highlights for second quarter 2017 (compared with second quarter 2016):

• Net sales increased 2% to $941 million
• GAAP fully diluted loss per share of $0.21; adjusted earnings per share of $0.20, an increase of $0.04
• Reported net loss attributable to common stockholders of $61 million
• Adjusted EBITDA increased 6% to $205 million
• Increasing low-end of full year 2017 adjusted EBITDA guidance; new range of $810 million to $830 million

Sachdev continued, “As we look out to the rest of 2017, we are encouraged by many of the operational improvements we are seeing in our businesses. We are continuing to invest in new organic opportunities in both segments and are seeing many of our customers grow as well. At the same time, some of our end markets, including U.S. automotive and global electronics, are starting to level out or come up against difficult comparisons from 2016. It is in this context that we are raising the low-end of our full year 2017 adjusted EBITDA guidance to $810 million for an adjusted EBITDA guidance range of $810 million to $830 million.”

2017 Guidance Updated

Platform increased the low-end of its previously provided adjusted EBITDA guidance for 2017 from $800 million to $810 million, resulting in an updated adjusted EBITDA guidance range of $810 million to $830 million. This guidance is based on foreign exchange rates as of June 30, 2017.

For earnings history and earnings-related data on Platform Specialty Products (PAH) click here.

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