Milacron Announces Q2 2018 Results
Milacron Holdings Corp. (“Milacron”) (NYSE: MCRN), a leading industrial technology company serving the plastic processing industry, today announced financial results for the second quarter ended June 30, 2018.
• Sales of $328.1 million increased 6.1% on an as-reported basis and 3.7% on a constant currency basis
• Orders of $342.3 million increased 2.2% on an as-reported basis and 0.3% on a constant currency basis
• Operating earnings (GAAP) increased 21.8% to $35.2 million; Adjusted EBITDA (non-GAAP) increased 5.4% to $62.8 million
• Diluted EPS (GAAP) of $0.21; Diluted adjusted EPS (non-GAAP) increased 4.3% to $0.48
• Cash flow from operations of $14.5 million increased $7.2 million, driving free cash flow of $6.4 million, a $0.5 million increase versus $5.9 million from the prior year
“Milacron delivered another solid quarter with 4% constant currency sales growth and Adjusted EBITDA growth of 5%" said Milacron Chief Executive Officer, Tom Goeke. "Our growth continues to be driven by our consumables businesses as well as our high growth regions, China and India. Year-to-date, we have realized Adjusted EBITDA growth of 8%, adjusted diluted EPS growth of 12% and free cash flow improvement of $27 million."
2018 Revised Outlook
According to current market conditions, Milacron forecasts 2.0% to 4.0% organic sales growth in 2018, which is inclusive of an anticipated 1.0% foreign currency tailwind. Adjusted EBITDA is forecasted to be between $237 million and $240 million. Free Cash Flow is forecasted to be between $80 million and $90 million.
Year-to-Date Results
For the first six months of 2018, sales of $638.5 million increased 7.4% from sales of $594.6 million in the same period a year ago. Excluding the favorable effects of currency movements, organic sales for the first six months of 2018 increased 3.5% versus the prior year period.
Operating earnings for the first six months of 2018 increased 19.2% to $58.3 million compared to operating earnings of $48.9 million in the prior year period.
Adjusted EBITDA for the first six months of 2018 increased 7.8% to $118.2 million, or 18.5% of sales, compared to Adjusted EBITDA of $109.6 million, or 18.4% of sales, in the prior year period.
Net earnings totaled $20.8 million, or $0.30 per basic share and $0.29 per diluted share, in the first six months of 2018 compared to a net loss of $14.5 million, or $0.21 per basic and diluted share, in the prior year period.
Adjusted Net Income totaled $62.6 million, or $0.87 per diluted share, in the first six months of 2018 compared to Adjusted Net Income of $55.2 million, or $0.78 per diluted share, in the prior year period.
For more information, please visit www.milacron.com.
