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Element Solutions Announces Q3 2024 Financial Results
October 29, 2024 | BUSINESS WIREEstimated reading time: 1 minute
Element Solutions Inc, a global and diversified specialty chemicals company, announced its financial results for the three and nine months ended September 30, 2024.
Highlights:
- Net sales of $645 million, an increase of 8% on a reported basis or 6% on an organic basis from the third quarter of 2023
- Reported net income of $40 million, compared to a net loss of $32 million in the same period last year
- Adjusted EBITDA of $143 million, compared to $134 million in the same period last year, an increase of 6% on a reported basis and 8% on a constant currency basis
- Third quarter 2024 cash flows from operating activities of $99 million and free cash flow of $86 million
Executive Commentary
President and Chief Executive Officer Benjamin Gliklich commented, “Element Solutions delivered strong results once again this quarter. Financially, operationally and strategically, we executed well. The Electronics segment continued to capitalize on developing technology trends like advanced packaging and high-performance computing, which represent the highest value and fastest growing portions of our markets. We have invested deliberately over several years to build capabilities oriented towards these emerging opportunities, and our results reflect progress, particularly in the context of ongoing softness in several historical core markets, including Western smartphones and automotive. Our Industrial & Specialty business also grew earnings despite a weakening industrial macro backdrop over the course of the quarter, particularly in Europe. Taken together, we continue to deliver on our commitments and to outperform our markets in each of our segments. Our narrowed full year 2024 adjusted EBITDA guidance range implies record earnings despite overall end-markets remaining well below prior peak levels."
Mr. Gliklich continued, "Our actions this quarter repositioned our portfolio and improved our overall business quality and balance sheet. The previously announced sale of MacDermid Graphics Solutions will further focus our company on its core markets and should improve our underlying growth rate, margins and cash return on investment. The transaction is expected to close between year end and the end of the second quarter of 2025, pending closing conditions and regulatory approvals. Including the expected proceeds from the transaction, our net leverage ratio at year end 2024 would be approximately 2.5x leaving more capacity for strategic capital deployment than we have had in several years. Element Solutions is well-positioned for another record year in 2025.”
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