Halyard Health, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018
February 27, 2018 at 07:06 am EST
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Halyard Health, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company's net sales were $166.3 million compared to $153.5 million a year ago. Operating loss was $3.0 million compared to $30.4 million a year ago. Loss before income taxes was $10.2 million compared to $3.8 million a year ago. Income from continuing operations was $4.4 million compared to loss of $21.9 million a year ago. Net income was $32.8 million against net loss of $10.0 million a year ago. EBITDA was $49.7 million compared to $32.6 million a year ago. Diluted earnings per share from continuing operations were $0.09 against loss per share diluted of $0.47 a year ago. Diluted earnings per share were $0.69 against $0.21 a year ago. Adjusted EBITDA was $63.9 million compared to $50.5 million a year ago. Cash provided by operating activities was $64.1 million compared to $44.9 million a year ago. Capital expenditures were $12.6 million compared to $7.4 million a year ago. Adjusted operating profit for the fourth quarter excludes $5 million of restructuring charges, $2 million for acquisition-related charges, $3 million for litigation matters and $5 million of intangible amortization expense, offset by $6 million for a change in internal policies, as the company begins the process of re-aligning its policies post-divestiture. Adjusted income from continuing operations was $0.4 million or $0.01 per diluted share against loss of $11.7 million or $0.25 per diluted share a year ago. Adjusted net income was $35.0 million or $0.73 per share diluted against $23.7 million or $0.51 per diluted share a year ago. Adjusted loss before income taxes was $0.6 million against $19.2 million a year ago. Adjusted operating profit was $6.6 million against loss of $11.3 million a year ago.
For the year, the company's net sales were $611.6 million compared to $566.2 million a year ago. Operating loss was $43.1 million compared to $107.1 million a year ago. Loss before income taxes was $72.2 million compared to $139.2 million a year ago. Loss from continuing operations was $32.1 million compared to $83.3 million a year ago. Net income was $79.3 million against $39.8 million a year ago. EBITDA was $182.5 million compared to $152.6 million a year ago. Diluted loss per share from continuing operations were $0.69 against $1.79 a year ago. Diluted earnings per share were $1.69 against $0.85 a year ago. Adjusted EBITDA was $226.2 million compared to $210.7 million a year ago. Cash provided by operating activities was $144.2 million compared to $188.8 million a year ago. Capital expenditures were $43.2 million compared to $29.1 million a year ago. Adjusted loss from continuing operations was $11.8 million or $0.25 per share against $35.5 million or $0.76 per share a year ago. Adjusted net income was $110.1 million or $2.35 per share diluted against $92.7 million or $1.99 per diluted share a year ago. Adjusted loss before income taxes was $23.9 million against $66.0 million a year ago. Adjusted loss before income taxes was $0.6 million against $19.2 million a year ago. Adjusted operating profit was $5.2 million against loss of $33.9 million a year ago.
The company provided tax rate guidance for the year 2018. The company announced that the adjusted effective tax rate is anticipated to be between 25% and 27%, as the company anticipates the new U.S. tax regulations will have a positive impact on its adjusted effective tax rate.
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Halyard Health, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Tax Rate Guidance for the Year 2018