Element Solutions Q2 Results Beat Estimates - Quick Facts

(RTTNews) - Specialty chemicals company Element Solutions Inc (ESI) on Tuesday reported net income for the second quarter of $1.2 million or $0.01 per share, compared to $1.5 million or $0.01 per share in the year-ago period.

Adjusted earnings per share from continuing operations were $0.18, compared to $0.21 per share in the prior-year quarter.

Net sales declined 15 percent to $387.0 million from $456.7 million in the year-ago period. Organic net sales for the quarter, which exclude the impact of currency changes, certain pass-through metal prices and acquisitions, decreased 15 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share for the quarter on revenues of $377.89 million. Analysts' estimates typically exclude special items.

For the third quarter of 2020, Element Solutions expects adjusted EBITDA to be at least $80 million.

The company raised its outlook for full-year 2020 free cash flow and now expects to generate free cash flow of greater than $185 million. However, the company added that impact of COVID-19 continues to make it difficult to forecast macroeconomic conditions or operating results.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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