Gcp Applied Technologies Inc. (GCP) 10K Annual Reports & 10Q SEC Filings

(GCP or the Company), a leading global provider of construction products, today announced financial and operating results for the fourth quarter and full year 2021.

Fourth Quarter 2021 Highlights

•Net sales $244.3 million, an increase of 0.7%

•Selling, general and administrative expenses of $64.6 million, a decrease of 1.7%

•Income from continuing operations attributable to GCP shareholders of $1.8 million

•Adjusted EBIT* of $18.8 million

•Adjusted EBITDA* of $31.0 million

•Adjusted EPS of $0.12

Full Year 2021 Highlights

•Net sales of $970.1 million, an increase of 7.4%

•Selling, general and administrative expenses of $254.6 million, a decrease of 3.7%

•Income from continuing operations attributable to GCP shareholders of $21.5 million

•Adjusted EBIT* of $87.1 million

•Adjusted EBITDA* of $133.0 million

•Adjusted EPS of $0.65

•Net cash provided by operating activities from continuing operations of $49.4 million

For the three months ended December 31, 2021, GCP reported net sales of $244.3 million compared with $242.7 million in the prior year quarter. Net Sales Constant Currency* were $245.3 million versus $242.7 million, an increase of 1.1% over the prior year quarter. Income from continuing operations attributable to GCP shareholders was $1.8 million compared with a loss of $0.8 million in the fourth quarter of 2020, while Adjusted EBIT* was $18.8 million a decrease of 30.9% versus the prior year quarter. Adjusted EBITDA* totaled $31.0 million, a decrease of 20.5% over the prior year quarter. Diluted earnings per share from continuing operations attributable to GCP shareholders was $0.02 versus a loss of $0.01 in the fourth quarter of 2020, while Adjusted EPS* was $0.12 compared with $0.22 in the prior year quarter.

"Demand was slightly better than forecast across both our business segments during the fourth quarter 2021. We experienced continued supply chain disruptions across all our business and we also had COVID-19 restrictions in some countries. Additionally, raw material and freight inflation continued to impact gross margins. During the quarter our average selling price increased, our selling, general and administrative costs continued to decrease and we worked hard on productivity improvements in our operations," commented Simon Bates, GCP’s President and Chief Executive Officer.

"I want to thank our employees for their commitment and dedication in a most challenging year. I very much appreciate their professionalism and focus on the customer as we work towards the closing of the transaction with Saint-Gobain."

*Non-GAAP financial measures. See the tables herein for important information regarding these measures and a reconciliation to the most comparable GAAP measures.

NM - Not meaningful.

The following information was filed by Gcp Applied Technologies Inc. (GCP) on Tuesday, March 1, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Gcp Applied Technologies Inc.'s 10-K Annual Report:

Other - Other Highlight
An accounting estimate is considered critical if management is required to make assumptions and judgments about matters that were highly uncertain at the time the estimate was made, if different estimates reasonably could have been used, or if changes in the estimate are reasonably likely to occur from period to period that could have a material impact on our financial condition or results of operations.

Financial - Expense Highlight
The following table summarizes pension costs for 2021 and 2020: 20212020(in millions)Certain pension costs$5.8 $5.2 Pension MTM adjustment, net(10.3)2.8 Pension curtailment gains- - Total pension (benefit) costs from continuing operations$(4.5)$8.0 2021 2020 (in millions) Certain pension costs 5.8 5.2 Pension MTM adjustment, net (10.3) 2.8 Pension curtailment gains Total pension (benefit) costs from continuing operations (4.5) 8.0 Certain pension costs were $5.8 million and $5.2 million, respectively, in 2021 and 2020.
Revenue - Product Highlight
SBM Net Sales and Gross Margin Net sales were $411.6 million in 2021, an increase of $27.3 million, or 7.1%, compared to 2020 due to higher sales volume of 4.3%, the favorable impact of foreign currency translation of 2.0% and pricing of 0.8%.
Financial - Expense Highlight
In March 2021, the Board approved a business restructuring and repositioning plan related to the relocation of the Company's corporate headquarters to the Atlanta, Georgia area, the closure of its Cambridge, Massachusetts campus, the build-out of new R&D locations near the Boston/Cambridge area, as well as the consolidation of other regional facilities and offices, including an organizational redesign, which is expected to lower costs.
Other - Other Highlight
Employee Benefit Plans Defined Contribution Retirement Plan We sponsor a defined contribution retirement plan for our employees in the U.S. which is a qualified plan under section 401(k) of the U.S. tax code.
Other - Other
For the U.K. pension plan,...Read more
Other - Other
The higher amount of Pension...Read more
Financial - Income
Segment Operating Income and Operating...Read more
Financial - Expense
We have achieved total annualized...Read more
Revenue - Product
SCC Net Sales and Gross...Read more
Financial - Earnings
Gross profit decreased 3.9% to...Read more
Other - Other
Actual amounts could differ from...Read more
Other - Other
Our liability for unrecognized tax...Read more
Financial - Expense
We have achieved total annualized...Read more
Revenue - Product
Net Sales and Gross Margin...Read more
Financial - Shares
Share Repurchase Program On July...Read more
Financial - Expense
However, the effect of the...Read more
Other - Other
For the U.S. pension plans,...Read more
Financial - Expense
GCP received cash proceeds of...Read more
Financial - Earnings
Gross profit was $157.5 million...Read more
Other - Other
For a summary of recently...Read more
Financial - Income
For 2021, our disbursements, other...Read more
Financial - Expense
A hypothetical 100 basis point...Read more
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Selling, general, and administrative ("SG&A")...Read more
Revenue - Product
The increase was primarily due...Read more
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Residential volumes increased 12.0% in...Read more
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Contractual Obligations At December 31,...Read more
Financial - Earnings
We took actions to protect...Read more
M & A - Other
These favorable impacts were partially...Read more
Financial - Expense
SG&A SG&A costs of $254.6...Read more
Financial - Expense
Despite this positive momentum, inflation...Read more
Financial - Earnings
Segment operating margin of 7.0%...Read more
Financial - Expense
In December 2021, the Company...Read more
Financial - Debt
We expect to have sufficient...Read more
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We expect to meet our...Read more
Financial - Expense
We expect to realize total...Read more
Financial - Cash Flow
As shown in the table...Read more
Revenue - Product
240 basis points improvement was...Read more
Revenue - Geography
Pension and OPEB We sponsor...Read more
Other - Other
Fully-funded plans include several advance-funded...Read more
Other - Other
Effective Tax Rate Our effective...Read more
Other - Other
At December 31, 2021, there...Read more
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Pursuant to the terms of...Read more
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Additionally, we recognize applicable material...Read more
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CRITICAL ACCOUNTING POLICIES AND ESTIMATES...Read more
Revenue - Product
Net sales increased 7.4% to...Read more
Other - Other
We also believe it is...Read more
Revenue - Product
Sales volumes increased 4.3% in...Read more
Other - Other
There were $2.8 million in...Read more
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Income Tax (Expense) Benefit Income...Read more
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Further, we may be required...Read more
Other - Other
Please refer to Note 17,...Read more
Revenue - Product
Sales volumes increased 4.3% due...Read more
Financial - Earnings
Segment operating margin for 2021...Read more
Financial - Earnings
PBUs granted in 2020 and...Read more
Other - Other
Based on quotes from dealers...Read more
Financial - Expense
During 2021 and 2020, we...Read more
Revenue - Geography
We have been closely monitoring...Read more
Financial - Expense
In accordance with pension mark-to-market...Read more
Financial - Income
Please refer to Note 2,...Read more
Other - Other
We make estimates related to...Read more
Revenue - Product
Sales volumes were higher in...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Gcp Applied Technologies Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: GCP
CIK: 1644440
Form Type: 10-K Annual Report
Accession Number: 0001644440-22-000004
Submitted to the SEC: Tue Mar 01 2022 4:10:36 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Chemicals And Allied Products

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Gcp Applied Technologies Inc. (GCP) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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