Top-News
Mittwoch,
26.10.2016 23:50
von
PR Newswire
| Aufrufe: 56
Kraton Corporation Announces Third Quarter 2016 Results
Zeitungsständer (Symbolbild).
© AdrianHancu / iStock Editorial / Getty Images Plus / Getty Images
PR Newswire
HOUSTON, Oct. 26, 2016
HOUSTON, Oct. 26, 2016 /PRNewswire/ -- Kraton Corporation (NYSE: KRA), a leading global producer of styrenic block copolymers, specialty polymers, and value-added specialty products primarily derived from renewable sources, announces financial results for the quarter ended September 30, 2016.
2016 THIRD QUARTER HIGHLIGHTS
- Strong volume growth for the Polymer segment, with sales volume up 6.1% compared to the third quarter 2015. Sales volume in our Chemical segment was in line with third quarter 2015.
- Net income was $15.6 million, or $0.49 per diluted share, in the third quarter 2016 compared to a net income of $8.4 million, or $0.27 per diluted share, in the third quarter 2015. Adjusted earnings per diluted share (non-GAAP) was $0.63 in the third quarter 2016 compared to $0.48 in the third quarter 2015.
- Adjusted EBITDA (non-GAAP) was $91.1 million in the third quarter 2016 compared to $42.4 million in the third quarter 2015.
- Realized $10.9 million of year-over-year benefit associated with integration synergies and cost reduction initiatives in the third quarter 2016.
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | ||||||||
| | (In thousands, except per share amounts) | ||||||||||||||
| Revenue | $ | 454,143 | | | $ | 269,012 | | | $ | 1,328,715 | | | $ | 786,349 | |
| Net income (loss) attributable to Kraton | $ | 15,560 | | | $ | 8,446 | | | $ | 111,048 | | | $ | (6,574) | |
| Adjusted EBITDA (non-GAAP)(1) | $ | 91,074 | | | $ | 42,393 | | | $ | 276,911 | | | $ | 116,773 | |
| Adjusted EBITDA as % of revenue (non-GAAP) | 20.1 | % | | 15.8 | % | | 20.8 | % | | 14.9 | % | ||||
| Earnings (loss) per diluted share | $ | 0.49 | | | $ | 0.27 | | | $ | 3.56 | | | $ | (0.21) | |
| Adjusted earnings per diluted share (non-GAAP)(1) | $ | 0.63 | | | $ | 0.48 | | | $ | 2.07 | | | $ | 1.26 | |
| | |
| _______________________ | |
| (1) | See non-GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. |
"During the third quarter 2016 we continued to execute under our cost reduction initiatives and we delivered solid progress toward achieving our targeted transaction synergies for the year. With regard to our HSBC project in Mailiao, Taiwan, having previously achieved mechanical completion, during the quarter the plant was undergoing steps in the commissioning phase as we move toward anticipated commercial production before year end. With respect to our CariflexTM 'direct-couple' project in Paulinia, Brazil, during the third quarter we conducted an extremely successful preliminary production run on the commercial asset that further validates our expectations for the benefits of our new process technology," said Kevin M. Fogarty, Kraton's President and Chief Executive Officer. "We still expect to deliver $70 million of cost reductions and $65 million of transaction synergies by year-end 2018."
"Overall, our results for the third quarter 2016 were below our expectations principally due to incremental margin pressure in our adhesives businesses, lower than planned sales of SBS into paving applications and the impact of lower pricing for TOFA in our Chemical Intermediates business," said Fogarty. "During the quarter our Polymer segment remained on its trend of volume growth, and sales mix improvement. Our Cariflex business continued to demonstrate its attractive market value, as evidenced by 29% volume growth, and we realized 10% volume growth for our Specialty Polymer HSBC product grades, compared to the third quarter 2015. Despite lower than expected sales of SBS grades into paving applications related to a supply constraint for butadiene and production shortfalls in the quarter, sales volume for Performance Products was up over 3% compared to Q3 2015. Differentiated sales as a percentage of the Polymer segment sales mix, increased to 60% in the TTM period ending September 30, 2016, up from 59% for the period ending June 30, 2016," added Fogarty.
"During the quarter, continued availability of low-cost, C5-hydrocarbon-based resins maintained pressure on margins for certain adhesive products in our Chemical segment. In addition, our Chemical Intermediates business experienced continued margin pressure, resulting from the on-going over-supply of TOFA, the impact of increased energy prices on our feedstock costs, and to a lesser extent, changes in product mix. Nevertheless, despite these pressures, in the third quarter 2016 our Chemical segment generated $22.1 million in operating income and $41.5 million in Adjusted EBITDA, resulting in Adjusted EBITDA as a percentage of revenue for the segment of 23%, reflecting its resiliency and attractive customer value" said Fogarty.
Status of Synergies, Operational Improvement, and Cost Reduction Initiatives
We previously announced synergies and operational improvement initiatives associated with our January 6, 2016 acquisition of Arizona Chemical (the "Arizona Chemical Acquisition") and a cost reduction initiative targeted at lowering costs in our Polymer segment. Following is a summary of the status of these initiatives:
| | Three Months Ended September 30, | | Nine Months Ended September 30, | | | ||||||||||||||||||||||
| | 2016 | | 2015 | | Incremental | | 2016 | | 2015 | | Incremental | | Cumulative(1) | ||||||||||||||
| | (In thousands) | ||||||||||||||||||||||||||
| G&A synergies | $ | 5,099 | | | $ | — | | | $ | 5,099 | | | $ | 10,722 | | | $ | — | | | $ | 10,722 | | | $ | 10,722 | |
| Operational improvements Werbung Mehr Nachrichten zur Kraton Performance Polymers Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | |||||||||||||||||||||||||||
