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▪ | Third quarter consolidated net income of $42.3 million compared to net loss of $4.0 million in the third quarter of 2017. |
▪ | Third quarter Adjusted EBITDA(1) of $98.7 million, down 18.9% compared to the third quarter of 2017. |
▪ | Polymer segment operating income of $44.9 million, up 139.7%, and Adjusted EBITDA(1) of $57.0 million, down 26.3% compared to $77.4 million in the third quarter of 2017. |
▪ | During the third quarter of 2017, favorable market dynamics contributed to notable sales volumes and margins. |
▪ | Third quarter 2018 results were impacted by unplanned, short-term facility outages at our Belpre, Ohio, and Berre, France, sites, and higher operating costs including logistics and transportation costs. |
▪ | Chemical segment operating income of $27.5 million, up 16.4%, and Adjusted EBITDA(1) of $41.6 million, down 6.0% compared to $44.3 million in the third quarter of 2017. |
▪ | The decrease in Adjusted EBITDA(1) was primarily attributable to higher operating costs, including planned maintenance activities and higher transportation and logistics costs. |
▪ | Unit margins increased, driven by higher pricing for TOFA, TOFA derivatives and other high value products. |
▪ | Through the first nine months of 2018, consolidated indebtedness reduced by $70.0 million and consolidated net debt (non-GAAP) reduced by $32.4 million. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(In thousands, except percentages and per share amounts) | |||||||||||||||
Revenue | $ | 523,105 | $ | 510,947 | $ | 1,563,892 | $ | 1,494,392 | |||||||
Polymer segment operating income | $ | 44,899 | $ | 18,731 | $ | 137,930 | $ | 98,339 | |||||||
Chemical segment operating income | $ | 27,495 | $ | 23,623 | $ | 79,406 | $ | 66,614 | |||||||
Net income attributable to Kraton | $ | 42,349 | $ | (4,033 | ) | $ | 49,491 | $ | 27,941 | ||||||
Adjusted EBITDA (non-GAAP)(1) | $ | 98,651 | $ | 121,687 | $ | 292,900 | $ | 288,738 | |||||||
Adjusted EBITDA margin (non-GAAP)(2) | 18.9 | % | 23.8 | % | 18.7 | % | 19.3 | % | |||||||
Diluted earnings (loss) per share | $ | 1.31 | $ | (0.13 | ) | $ | 1.53 | $ | 0.88 | ||||||
Adjusted diluted earnings per share (non-GAAP)(1) | $ | 1.02 | $ | 1.51 | $ | 2.49 | $ | 1.88 |
(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. |
(2) | Defined as Adjusted EBITDA as a percentage of revenue. |
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Ticker: KRA
CIK: 1321646
Form Type: 10-Q Quarterly Report
Accession Number: 0001321646-18-000153
Submitted to the SEC: Thu Oct 25 2018 12:27:13 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Plastic Materials Synth Resins And Nonvulcan Elastomers