Net income of $15.8 million or Diluted EPS of $0.12; Adjusted Net Income of $37.2 million or Adjusted Diluted EPS of $0.28
Adjusted EBITDA up 5.0% to $128.9 million for an Adjusted EBITDA margin of 26.6%
2018 outlook reaffirmed: Sales of $1,545 million to $1,575 million; Adjusted EBITDA of $470 million to $490 million; and Free Cash Flow of $120 million to $140 million
On track for debt paydown in second half 2018
MALVERN, PA., August 9, 2018 -- PQ Group Holdings Inc. (NYSE:PQG) (“PQ” or the “Company”) reported results for the three months ended June 30, 2018. Sales of $434.7 million increased 11.7% from the same period in 2017, driven by higher sales in both business segments. Net income was $15.8 million or diluted EPS of $0.12 as compared to a net loss of $1.6 million or diluted loss per share of $0.02 for the same period in 2017.
Adjusted Net Income improved to $37.2 million or diluted adjusted EPS of $0.28 from Adjusted Net Income of $15.3 million or diluted adjusted EPS of $0.15 for the same period in 2017 largely driven by higher adjusted EBITDA coupled with lower interest expense. Adjusted EBITDA was $128.9 million, a 5.0% increase largely attributed to the Performance Materials & Chemicals business segment and the Zeolyst Joint Venture.
“Our solid second quarter performance demonstrates the strength of our competitive positions and diverse product portfolio, which enable us to capture the underlying strong demand growth trends in nearly all of our end markets,” commented Jim Gentilcore, Executive Chairman of PQ. “We remain on track with our outlook for strong free cash flow generation with a primary focus on deleveraging in the second half of 2018.”
The financial results and outlook include non-GAAP financial measures. These non-GAAP measures are more fully described and are reconciled from the respective measures determined under GAAP in “Presentation of Non-GAAP Financial Measures” and the attached appendix tables.
PQ Group Holdings Second Quarter 2018 Earnings Release
The following information was filed by Pq Group Holdings Inc. (PQG) on Thursday, August 9, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: PQG CIK: 1708035 Form Type: 10-Q Quarterly Report Accession Number: 0001708035-18-000017 Submitted to the SEC: Fri Aug 10 2018 5:13:22 PM EST Accepted by the SEC: Fri Aug 10 2018 Period: Saturday, June 30, 2018 Industry: Chemicals And Allied Products