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• | Total net sales decreased 18.0% to $659.3 million from $804.4 million in the second quarter of 2016. On a constant currency basis(1), total net sales decreased 17.2%, with a decrease of 21.0% in the North America business segment and an increase of 1.6% in the International business segment. |
• | Gross margin was 40.7% as compared to 41.9% in the second quarter of 2016. |
• | Operating income decreased 43.5% to $56.6 million as compared to $100.2 million in the second quarter of 2016. |
• | Net income under U.S. generally accepted accounting principles ("GAAP") increased 15.0% to $24.5 million as compared to $21.3 million in the second quarter of 2016. GAAP net income decreased 56.0% to $24.5 million as compared to adjusted net income(1) of $55.7 million in the second quarter of 2016. The Company had no adjustments to GAAP net income in the second quarter of 2017. The Company incurred a $47.2 million loss on extinguishment of debt in the second quarter of 2016 in connection with financing activities in 2016. |
• | Earnings before interest, tax, depreciation and amortization ("EBITDA")(1) decreased 30.6% to $85.8 million as compared to $123.7 million for the second quarter of 2016. EBITDA(1) decreased 31.2% as compared to adjusted EBITDA(1) of $124.7 million in the second quarter of 2016. The Company had no adjustments to EBITDA in the second quarter of 2017. |
• | GAAP earnings per diluted share ("EPS") increased 28.6% to $0.45 as compared to $0.35 in the second quarter of 2016. GAAP EPS decreased 51.1% to $0.45 as compared to adjusted EPS(1) of $0.92 in the second quarter of 2016. |
• | The Company ended the second quarter of 2017 with total debt and consolidated funded debt less qualified cash(1) of $1.9 billion. Leverage based on the ratio of consolidated funded debt less qualified cash to adjusted EBITDA(1) was 3.74 times for the trailing twelve months ended June 30, 2017. |
(in millions, except percentages and per common share amounts) | Three Months Ended | % Change | % Change Constant Currency (1) | ||||||||||
June 30, 2017 | June 30, 2016 | ||||||||||||
Net sales | $ | 659.3 | $ | 804.4 | (18.0 | )% | (17.2 | )% | |||||
Net income | 24.5 | 21.3 | 15.0 | % | 20.2 | % | |||||||
EPS | 0.45 | 0.35 | 28.6 | % | 34.3 | % | |||||||
Adjusted EPS (1) | 0.45 | 0.92 | (51.1 | )% | (48.9 | )% | |||||||
EBITDA (1) | 85.8 | 123.7 | (30.6 | )% | (29.2 | )% |
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