(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.
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