PQ Group Holdings Inc. (PQG) Misses Q3 EPS by 4c, Revenues Miss; Offers FY20 Sales Outlook

October 30, 2020 6:17 AM

PQ Group Holdings Inc. (NYSE: PQG) reported Q3 EPS of $0.20, $0.04 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $380.3 million versus the consensus estimate of $387.44 million.

“As the global economy gradually recovers from the pandemic, the PQ team continued to perform well, and Refining Services again led the way with Adjusted EBITDA margins of more than 40%,” said Belgacem Chariag, PQ Chairman, President and Chief Executive Officer. “PQ also is taking significant steps to unlock value for shareholders with the planned sale of Performance Materials, review of strategic alternatives for Performance Chemicals and expansion of our capital allocation program beyond reinvestment and debt reduction to include special dividends.”


PQ Group Holdings Inc. sees FY2020 revenue of $1.43-1.46 billion, versus the consensus of $1.46 billion.

With execution to date resulting in solid financial performance, the outlook for 2020 remains on track. On a consolidated basis including Performance Materials, the company projects sales of $1,430 to $1,460 million(1), Adjusted EBITDA of $410 to $425 million and Adjusted Free Cash Flow of $145 million to $155 million, excluding $18 million in cash proceeds from a product line sale earlier in 2020.

With the pending transaction, Performance Materials is expected to be reported as a discontinued operation beginning in the fourth quarter of 2020. Consequently, the company is also providing 2020 guidance from continuing operations, excluding Performance Materials, as below:

The company is withdrawing its 2020 EPS guidance as it finalizes the tax effect of the divestiture.

For earnings history and earnings-related data on PQ Group Holdings Inc. (PQG) click here.


Corporate News Earnings Guidance Management Comments

Next Articles