PQ Group Holdings Reports First Quarter 2019 Results
Operating Performance On Track; Reaffirming 2019 Outlook
Sales of $359.2 million declined 1.9%; up 1.4% on constant currency basis on stronger pricing and commercial activities in all business segments;
Net income of $3.2 million or diluted EPS of $0.02; Adjusted net income of $17.5 million or Adjusted diluted EPS of $0.13;
Adjusted EBITDA of $101.0 million; Adjusted EBITDA margin of 26.0%;
Reaffirming 2019 Financial Guidance including Adjusted free cash flow of $125 million to $145 million
MALVERN, PA, May 9, 2019 -- PQ Group Holdings Inc. (NYSE:PQG) (“PQ” or the “Company”) reported results for the first quarter ended March 31, 2019. Sales of $359.2 million were down 1.9% versus the same period in 2018; up 1.4% on a constant currency basis on improved pricing in all business segments. Net income was $3.2 million or $0.02 diluted EPS and Adjusted net income was $17.5 million or $0.13 Adjusted diluted EPS. Adjusted EBITDA was $101.0 million, down 6.4% (down 3.8% on a constant currency basis) with Refining Services' strong performance offset by anticipated lower Zeolyst Joint Venture results on customer order timing. Adjusted EBITDA margin was 26.0%.
“Our team's strong commercial execution, particularly in achieving higher prices in all of our business segments, delivered solid operating results,” commented Belgacem Chariag, PQ President and Chief Executive Officer. “With firm hydrocracking catalyst orders and expected growth in highway safety demand, we are reaffirming our outlook for 2019.”
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 First Quarter 2019 Earnings Release
The following information was filed by Pq Group Holdings Inc. (PQG) on Thursday, May 9, 2019 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: 0001708035-19-000011 Submitted to the SEC: Fri May 10 2019 5:11:43 PM EST Accepted by the SEC: Fri May 10 2019 Period: Sunday, March 31, 2019 Industry: Chemicals And Allied Products