Milacron Holdings Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Revises Earnings Guidance for the Year 2017
For the nine months, the company reported net sales of $909.3 million against $877.6 million a year ago. Operating earnings was $77.9 million against $96.8 million a year ago. Earnings before income taxes was $18.8 million against $51.2 million a year ago. Net loss was $2.2 million against earnings of $29.4 million a year ago. Loss per diluted share was $0.03 against earnings per diluted share of $0.42 a year ago. Net cash provided by operating activities was $7.4 million against $60.8 million a year ago. Purchases of property and equipment was $34.3 million against $31.0 million a year ago. Adjusted EBITDA was $166.9 million against $159.2 million a year ago. Adjusted net income totaled $86.2 million, or $1.22 per diluted share compared to adjusted net income of $72.9 million, or $1.04 per diluted share in the prior year period. Negative free cash flow was $12.3 million against free cash flow of $30.6 million a year ago.
The company revised earnings guidance fore the year 2017. The company forecasts 3.0% to 3.5% organic sales growth in 2017, which is in line with current market conditions. Adjusted EBITDA is forecasted to be $222 million and $224 million. Free Cash Flow before restructuring is forecasted to be between $80 million and $90 million. The company expects capital expenditures of $45 million and interest expense of $46 million.