GCP Applied Technologies (GCP) Tops Q4 EPS by 2c, Revenues Miss; Offers FY20 EPS Mid-Point Guidance Below Consensus

GCP Applied Technologies (NYSE: GCP) reported Q4 EPS of $0.27, $0.02 better than the analyst estimate of $0.25. Revenue for the quarter came in at $258.3 million versus the consensus estimate of $265.84 million.

• Delivered full-year 2019 results in-line with outlook
• Drove fourth consecutive quarter of significantly increased profitability for Specialty Construction Chemicals
• Advanced restructuring programs resulting in $16 million decrease in selling, general and administrative expenses in 2019
• Continued to grow net cash provided by continuing operations and Adjusted Free Cash Flow* in 2019
• 2019 Net sales of $1.014 billion; Net Sales, Constant Currency* of $1.038 billion
• 2019 Income from continuing operations attributable to GCP shareholders of $41 million; Adjusted EBIT* of $102 million

Commenting on GCP's fourth quarter and full year results, Randy Dearth, President and Chief Executive Officer, said, "Our performance in the fourth quarter and ability to meet our financial commitments for 2019 demonstrate that our actions to position GCP for growth are taking hold. We have made real progress, including the implementation of a new organizational structure, a significant increase in profitability for Specialty Construction Chemicals, solid revenue and truck install growth for VERIFI®, a reduction in our expenses, and meaningful growth in Adjusted Free Cash Flow*."

Dearth continued, "As I look to the future, I am confident that we are on the right track. While we recognize that we have more work to do to raise our performance and efficiency, we are taking significant actions. We are focused on returning Specialty Building Materials to sustainable growth, continuing to build out our VERIFI® franchise, implementing additional efficiency projects, and further optimizing SCC's operating model. We expect these initiatives to produce a more stable business with the potential to create substantial value for shareholders."

GUIDANCE:

GCP Applied Technologies sees FY2020 EPS of $0.79-$0.95, versus the consensus of $0.93.

For earnings history and earnings-related data on GCP Applied Technologies (GCP) click here.

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