Element Solutions Inc Announces 2024 Third Quarter Financial Results
Element Solutions (NYSE:ESI) reported strong Q3 2024 financial results with net sales of $645 million, up 8% year-over-year, and 6% organic growth. The company posted a net income of $40 million compared to a loss of $32 million in Q3 2023. Adjusted EBITDA reached $143 million, increasing 6%. The Electronics segment led growth with a 14% increase in net sales to $419 million, while Industrial & Specialty saw a 3% decrease to $226 million. The company announced the sale of MacDermid Graphics Solutions for $325 million and updated its full-year 2024 adjusted EBITDA guidance to $535-540 million.
Element Solutions (NYSE:ESI) ha riportato solidi risultati finanziari per il terzo trimestre del 2024, con ricavi netti di 645 milioni di dollari, in aumento dell'8% rispetto all'anno precedente, e una crescita organica del 6%. L'azienda ha registrato un utile netto di 40 milioni di dollari rispetto a una perdita di 32 milioni di dollari nel terzo trimestre del 2023. L'EBITDA rettificato ha raggiunto i 143 milioni di dollari, con un incremento del 6%. Il segmento Elettronica ha guidato la crescita con un aumento del 14% nelle vendite nette, arrivando a 419 milioni di dollari, mentre il settore Industriale & Specialità ha visto un calo del 3%, scendendo a 226 milioni di dollari. L'azienda ha annunciato la vendita di MacDermid Graphics Solutions per 325 milioni di dollari e ha aggiornato la sua previsione di EBITDA rettificato per l'intero anno 2024 a 535-540 milioni di dollari.
Element Solutions (NYSE:ESI) informó sobre resultados financieros sólidos para el tercer trimestre de 2024, con ventas netas de 645 millones de dólares, un aumento del 8% en comparación con el año anterior, y un crecimiento orgánico del 6%. La compañía registró ingresos netos de 40 millones de dólares en comparación con una pérdida de 32 millones de dólares en el tercer trimestre de 2023. El EBITDA ajustado alcanzó los 143 millones de dólares, aumentando un 6%. El segmento de Electrónica lideró el crecimiento con un incremento del 14% en ventas netas, alcanzando los 419 millones de dólares, mientras que el sector Industrial y Especialidad vio una disminución del 3%, bajando a 226 millones de dólares. La compañía anunció la venta de MacDermid Graphics Solutions por 325 millones de dólares y actualizó su previsión de EBITDA ajustado para todo el año 2024 a 535-540 millones de dólares.
Element Solutions (NYSE:ESI)는 2024년 3분기 재무 결과를 발표했으며, 순매출 6억 4천 5백만 달러로 작년 대비 8% 증가하고, 유기적 성장은 6%에 달했습니다. 회사는 2023년 3분기의 3천 2백만 달러 손실에 비해 순이익 4천만 달러를 기록했습니다. 조정 EBITDA는 1억 4천 3백만 달러에 도달하여 6% 증가했습니다. 전자 부문은 순매출이 4억 1천 9백만 달러로 14% 증가하여 성장을 주도했으며, 산업 및 특수 부문은 2억 2천 6백만 달러로 3% 감소했습니다. 회사는 MacDermid Graphics Solutions의 3억 2천 5백만 달러에 대한 판매를 발표했으며, 2024년 전체 조정 EBITDA 전망을 5억 3천 5백만 달러에서 5억 4천만 달러로 업데이트했습니다.
Element Solutions (NYSE:ESI) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des ventes nettes de 645 millions de dollars, en hausse de 8 % par rapport à l'année précédente, et une croissance organique de 6 %. L'entreprise a affiché un bénéfice net de 40 millions de dollars, par rapport à une perte de 32 millions de dollars au troisième trimestre 2023. L'EBITDA ajusté a atteint 143 millions de dollars, soit une augmentation de 6 %. Le segment Électronique a conduit la croissance avec une augmentation de 14 % des ventes nettes, atteignant 419 millions de dollars, tandis que le secteur Industriel & Spécialité a enregistré une baisse de 3 % à 226 millions de dollars. L'entreprise a annoncé la vente de MacDermid Graphics Solutions pour 325 millions de dollars et a mis à jour ses prévisions d'EBITDA ajusté pour l'année complète 2024 à 535-540 millions de dollars.
Element Solutions (NYSE:ESI) hat für das dritte Quartal 2024 starke Finanzzahlen gemeldet, mit Nettoerlösen von 645 Millionen Dollar, was einem Anstieg von 8 % im Vergleich zum Vorjahr entspricht, und einem organischen Wachstum von 6 %. Das Unternehmen erzielte einen Nettoertrag von 40 Millionen Dollar im Vergleich zu einem Verlust von 32 Millionen Dollar im dritten Quartal 2023. Das bereinigte EBITDA erreichte 143 Millionen Dollar, was einem Anstieg von 6 % entspricht. Der Elektroniksektor führte das Wachstum mit einem Anstieg der Nettoumsätze um 14 % auf 419 Millionen Dollar an, während der Industriebereich & Spezialitäten einen Rückgang um 3 % auf 226 Millionen Dollar verzeichnete. Das Unternehmen gab den Verkauf von MacDermid Graphics Solutions für 325 Millionen Dollar bekannt und aktualisierte die Prognose für das bereinigte EBITDA für das Gesamtjahr 2024 auf 535-540 Millionen Dollar.
- Net sales increased 8% to $645 million with 6% organic growth
- Turned $32M loss into $40M profit year-over-year
- Electronics segment sales grew 14% to $419 million
- Adjusted EBITDA increased 6% to $143 million
- Expected proceeds from MacDermid Graphics sale will reduce leverage ratio to 2.5x
- Achieved 25 basis points reduction in interest rate on new term loans
- Industrial & Specialty segment sales decreased 3% to $226 million
- Adjusted EBITDA margin decreased by 30 basis points to 22.1%
- Ongoing softness in Western smartphones and automotive markets
- Weakening industrial macro backdrop, particularly in Europe
Insights
Element Solutions delivered a strong Q3 2024 performance with notable improvements across key metrics. Net sales reached
The company's strategic moves are noteworthy - the planned sale of MacDermid Graphics Solutions for
The narrowed full-year adjusted EBITDA guidance of
-
Net sales of
, an increase of$645 million 8% on a reported basis or6% on an organic basis from the third quarter of 2023 -
Reported net income of
, compared to a net loss of$40 million in the same period last year$32 million -
Adjusted EBITDA of
, compared to$143 million in the same period last year, an increase of$134 million 6% on a reported basis and8% on a constant currency basis -
Third quarter 2024 cash flows from operating activities of
and free cash flow of$99 million $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
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.”
Third Quarter 2024 Highlights (compared with third quarter 2023)
-
Net sales on a reported basis for the third quarter of 2024 were
, an increase of$645 million 8% over the third quarter of 2023. Organic net sales increased6% .-
Electronics: Net sales increased
14% to . Organic net sales increased$419 million 9% . -
Industrial & Specialty: Net sales decreased
3% to . Organic net sales remained relatively flat.$226 million
-
Electronics: Net sales increased
-
Third quarter of 2024 earnings per share (EPS) performance:
-
GAAP diluted EPS was
, as compared to a loss per share of$0.17 for the same period last year.$0.13 -
Adjusted EPS was
, as compared to$0.39 for the same period last year.$0.36
-
GAAP diluted EPS was
-
Reported net income for the third quarter of 2024 was
, as compared to a net loss of$40 million for the third quarter of 2023.$32 million -
Net income margin increased to
6.3% .
-
Net income margin increased to
-
Adjusted EBITDA for the third quarter of 2024 was
, as compared to$143 million for the third quarter of 2023, an increase of$134 million 6% . On a constant currency basis, adjusted EBITDA increased8% .-
Electronics: Adjusted EBITDA was
, an increase of$99 million 9% . On a constant currency basis, adjusted EBITDA increased10% . -
Industrial & Specialty: Adjusted EBITDA was
, an increase of$44 million 1% . On a constant currency basis, adjusted EBITDA increased4% . -
Adjusted EBITDA margin decreased by 30 basis points to
22.1% . On a constant currency basis, adjusted EBITDA margin decreased by 20 basis points.
-
Electronics: Adjusted EBITDA was
Updated 2024 Guidance
The Company expects full year 2024 adjusted EBITDA to be in the range of
Recent Developments
MacDermid Graphics Solutions Transaction — On September 1, 2024, the Company entered into an agreement to sell its flexographic printing plate business, MacDermid Graphics Solutions, for approximately
Syndication of
Conference Call
Element Solutions will host a webcast/dial-in conference call to discuss its 2024 third quarter financial results at 8:30 a.m. (Eastern Time) on Tuesday, October 29, 2024. Participants on the call will include President and Chief Executive Officer Benjamin Gliklich and Chief Financial Officer Carey J. Dorman.
To listen to the call by telephone, please dial 888-510-2346 (domestic) or 646-960-0111 (international) and provide the Conference ID: 3799230. The call will be simultaneously webcast at www.elementsolutionsinc.com. A replay of the call will be available after completion of the live call at www.elementsolutionsinc.com.
About Element Solutions
Element Solutions Inc is a leading global specialty chemicals company whose businesses supply a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, these innovative solutions enable customers' manufacturing processes in several key industries, including consumer electronics, power electronics, semiconductor fabrication, communications and data storage infrastructure, automotive systems, industrial surface finishing, consumer packaging and offshore energy.
More information about the Company is available at www.elementsolutionsinc.com.
Forward-Looking Statements
This release is intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 as it contains "forward-looking statements" within the meaning of the federal securities laws. These statements will often contain words such as "expect," "anticipate," "project," "will," "should," "believe," "intend," "plan," "assume," "estimate," "predict," "seek," "continue," "outlook," "may," "might," "aim," "can have," "likely," "potential," "target," "hope," "goal," "priority," "guidance" or "confident" and variations of such words and similar expressions. Examples of forward-looking statements include, but are not limited to, statements, beliefs, projections or expectations regarding capitalizing on developing technology trends and emerging opportunities; market trends and growth; commitment to outperform end-markets; expected benefits of the MacDermid Graphics Solutions transaction; the timing for completion of this transaction; the ability of the parties to close this transaction, including obtaining regulatory approvals and meeting other closing conditions; net debt leverage ratio at year end 2024 including the expected proceeds of this transaction; capital deployment; non-GAAP effective tax rate; full year 2024 guidance for adjusted EBITDA, constant currency adjusted EBITDA growth and free cash flow; and expected record year in 2025. These projections and statements are based on management's estimates, assumptions or expectations with respect to future events and financial performance, and are believed to be reasonable, though are inherently uncertain and difficult to predict. Such projections and statements are based on the assessment of information available as of the current date, and the Company does not undertake any obligations to provide any further updates. Actual results could differ materially from those expressed or implied in the forward-looking statements if one or more of the underlying estimates, assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the war between
ELEMENT SOLUTIONS INC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(dollars in millions, except per share amounts) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
$ |
645.0 |
|
|
$ |
599.3 |
|
|
$ |
1,832.7 |
|
|
$ |
1,759.8 |
|
Cost of sales |
|
377.5 |
|
|
|
357.4 |
|
|
|
1,053.0 |
|
|
|
1,061.6 |
|
Gross profit |
|
267.5 |
|
|
|
241.9 |
|
|
|
779.7 |
|
|
|
698.2 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Selling, technical, general and administrative |
|
157.6 |
|
|
|
149.9 |
|
|
|
462.1 |
|
|
|
445.8 |
|
Research and development |
|
14.9 |
|
|
|
12.9 |
|
|
|
48.6 |
|
|
|
54.3 |
|
Goodwill impairment |
|
— |
|
|
|
80.0 |
|
|
|
— |
|
|
|
80.0 |
|
Total operating expenses |
|
172.5 |
|
|
|
242.8 |
|
|
|
510.7 |
|
|
|
580.1 |
|
Operating profit (loss) |
|
95.0 |
|
|
|
(0.9 |
) |
|
|
269.0 |
|
|
|
118.1 |
|
Other (expense) income: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(14.2 |
) |
|
|
(13.3 |
) |
|
|
(42.4 |
) |
|
|
(37.0 |
) |
Foreign exchange gains (losses) |
|
11.1 |
|
|
|
(5.3 |
) |
|
|
24.0 |
|
|
|
8.6 |
|
Other (expense) income, net |
|
(14.7 |
) |
|
|
3.1 |
|
|
|
(29.7 |
) |
|
|
1.8 |
|
Total other expense |
|
(17.8 |
) |
|
|
(15.5 |
) |
|
|
(48.1 |
) |
|
|
(26.6 |
) |
Income (loss) before income taxes and non-controlling interests |
|
77.2 |
|
|
|
(16.4 |
) |
|
|
220.9 |
|
|
|
91.5 |
|
Income tax expense |
|
(36.8 |
) |
|
|
(15.3 |
) |
|
|
(32.8 |
) |
|
|
(53.4 |
) |
Net income (loss) from continuing operations |
|
40.4 |
|
|
|
(31.7 |
) |
|
|
188.1 |
|
|
|
38.1 |
|
Income from discontinued operations, net of tax |
|
— |
|
|
|
— |
|
|
|
1.6 |
|
|
|
2.9 |
|
Net income (loss) |
|
40.4 |
|
|
|
(31.7 |
) |
|
|
189.7 |
|
|
|
41.0 |
|
Net income attributable to non-controlling interests |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
— |
|
Net income (loss) attributable to common stockholders |
$ |
40.3 |
|
|
$ |
(31.8 |
) |
|
$ |
189.5 |
|
|
$ |
41.0 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share |
|
|
|
|
|
|
|
||||||||
Basic from continuing operations |
$ |
0.17 |
|
|
$ |
(0.13 |
) |
|
$ |
0.77 |
|
|
$ |
0.16 |
|
Basic from discontinued operations |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
Basic attributable to common stockholders |
$ |
0.17 |
|
|
$ |
(0.13 |
) |
|
$ |
0.78 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
||||||||
Diluted from continuing operations |
$ |
0.17 |
|
|
$ |
(0.13 |
) |
|
$ |
0.77 |
|
|
$ |
0.16 |
|
Diluted from discontinued operations |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
Diluted attributable to common stockholders |
$ |
0.17 |
|
|
$ |
(0.13 |
) |
|
$ |
0.78 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
242.1 |
|
|
|
241.5 |
|
|
|
242.0 |
|
|
|
241.4 |
|
Diluted |
|
242.6 |
|
|
|
241.5 |
|
|
|
242.5 |
|
|
|
241.8 |
|
ELEMENT SOLUTIONS INC CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
|
September 30, |
|
December 31, |
||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
376.0 |
|
|
$ |
289.3 |
|
Accounts receivable, net of allowance for doubtful accounts of |
|
474.9 |
|
|
|
461.8 |
|
Inventories |
|
285.7 |
|
|
|
298.9 |
|
Prepaid expenses |
|
28.2 |
|
|
|
32.5 |
|
Other current assets |
|
116.4 |
|
|
|
115.0 |
|
Current assets held for sale |
|
70.0 |
|
|
|
— |
|
Total current assets |
|
1,351.2 |
|
|
|
1,197.5 |
|
Property, plant and equipment, net |
|
273.9 |
|
|
|
296.9 |
|
Goodwill |
|
2,220.2 |
|
|
|
2,336.7 |
|
Intangible assets, net |
|
782.2 |
|
|
|
879.3 |
|
Deferred income tax assets |
|
159.3 |
|
|
|
120.5 |
|
Other assets |
|
120.0 |
|
|
|
143.2 |
|
Non-current assets held for sale |
|
191.4 |
|
|
|
— |
|
Total assets |
$ |
5,098.2 |
|
|
$ |
4,974.1 |
|
Liabilities and stockholders' equity |
|
|
|
||||
Accounts payable |
$ |
127.1 |
|
|
$ |
140.6 |
|
Current installments of long-term debt |
|
11.5 |
|
|
|
11.5 |
|
Accrued expenses and other current liabilities |
|
228.8 |
|
|
|
217.3 |
|
Current liabilities held for sale |
|
16.6 |
|
|
|
— |
|
Total current liabilities |
|
384.0 |
|
|
|
369.4 |
|
Debt |
|
1,914.7 |
|
|
|
1,921.0 |
|
Pension and post-retirement benefits |
|
24.4 |
|
|
|
28.1 |
|
Deferred income tax liabilities |
|
105.6 |
|
|
|
108.9 |
|
Other liabilities |
|
198.5 |
|
|
|
202.4 |
|
Non-current liabilities held for sale |
|
16.3 |
|
|
|
— |
|
Total liabilities |
|
2,643.5 |
|
|
|
2,629.8 |
|
Stockholders' equity |
|
|
|
||||
Common stock: 400.0 shares authorized (2024: 267.1 shares issued; 2023: 266.2 shares issued) |
|
2.7 |
|
|
|
2.7 |
|
Additional paid-in capital |
|
4,210.4 |
|
|
|
4,196.9 |
|
Treasury stock (2024: 25.0 shares; 2023: 24.6 shares) |
|
(349.5 |
) |
|
|
(341.9 |
) |
Accumulated deficit |
|
(1,052.4 |
) |
|
|
(1,183.3 |
) |
Accumulated other comprehensive loss |
|
(371.9 |
) |
|
|
(345.9 |
) |
Total stockholders' equity |
|
2,439.3 |
|
|
|
2,328.5 |
|
Non-controlling interests |
|
15.4 |
|
|
|
15.8 |
|
Total equity |
|
2,454.7 |
|
|
|
2,344.3 |
|
Total liabilities and stockholders' equity |
$ |
5,098.2 |
|
|
$ |
4,974.1 |
|
ELEMENT SOLUTIONS INC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||||||||||||||
|
Three Months Ended |
|
|
Nine Months Ended |
||||||||||||||||
|
September 30, |
|
June 30, |
|
March 31, |
|
|
September 30, |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
40.4 |
|
|
$ |
93.3 |
|
|
$ |
56.0 |
|
|
|
$ |
189.7 |
|
|
$ |
41.0 |
|
Net income from discontinued operations, net of tax |
|
— |
|
|
|
1.6 |
|
|
|
— |
|
|
|
|
1.6 |
|
|
|
2.9 |
|
Net income from continuing operations |
|
40.4 |
|
|
|
91.7 |
|
|
|
56.0 |
|
|
|
|
188.1 |
|
|
|
38.1 |
|
Reconciliation of net income to net cash flows provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization |
|
39.4 |
|
|
|
40.1 |
|
|
|
40.3 |
|
|
|
|
119.8 |
|
|
|
124.7 |
|
Deferred income taxes |
|
9.2 |
|
|
|
(37.4 |
) |
|
|
(5.4 |
) |
|
|
|
(33.6 |
) |
|
|
(8.1 |
) |
Foreign exchange gains |
|
(12.4 |
) |
|
|
(4.7 |
) |
|
|
(7.8 |
) |
|
|
|
(24.9 |
) |
|
|
(10.5 |
) |
Incentive stock compensation |
|
3.8 |
|
|
|
3.6 |
|
|
|
4.1 |
|
|
|
|
11.5 |
|
|
|
10.6 |
|
Goodwill impairment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
80.0 |
|
Other, net |
|
13.6 |
|
|
|
1.3 |
|
|
|
3.7 |
|
|
|
|
18.6 |
|
|
|
25.8 |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts receivable |
|
(12.2 |
) |
|
|
(27.4 |
) |
|
|
(4.8 |
) |
|
|
|
(44.4 |
) |
|
|
(6.6 |
) |
Inventories |
|
22.6 |
|
|
|
(20.1 |
) |
|
|
(23.9 |
) |
|
|
|
(21.4 |
) |
|
|
(37.2 |
) |
Accounts payable |
|
(15.1 |
) |
|
|
14.3 |
|
|
|
0.7 |
|
|
|
|
(0.1 |
) |
|
|
13.3 |
|
Accrued expenses |
|
18.9 |
|
|
|
13.5 |
|
|
|
(14.5 |
) |
|
|
|
17.9 |
|
|
|
(8.0 |
) |
Prepaid expenses and other current assets |
|
(0.9 |
) |
|
|
(9.3 |
) |
|
|
6.7 |
|
|
|
|
(3.5 |
) |
|
|
3.4 |
|
Other assets and liabilities |
|
(8.8 |
) |
|
|
1.0 |
|
|
|
3.1 |
|
|
|
|
(4.7 |
) |
|
|
(3.7 |
) |
Net cash flows provided by operating activities |
|
98.5 |
|
|
|
66.6 |
|
|
|
58.2 |
|
|
|
|
223.3 |
|
|
|
221.8 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures |
|
(12.6 |
) |
|
|
(14.5 |
) |
|
|
(19.0 |
) |
|
|
|
(46.1 |
) |
|
|
(36.3 |
) |
Proceeds from disposal of property, plant and equipment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
1.4 |
|
Acquisitions, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(3.9 |
) |
|
|
|
(3.9 |
) |
|
|
(188.6 |
) |
Other, net |
|
— |
|
|
|
(6.4 |
) |
|
|
— |
|
|
|
|
(6.4 |
) |
|
|
(2.7 |
) |
Net cash flows used in investing activities |
|
(12.6 |
) |
|
|
(20.9 |
) |
|
|
(22.9 |
) |
|
|
|
(56.4 |
) |
|
|
(226.2 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt proceeds |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
150.0 |
|
Repayments of borrowings |
|
(2.8 |
) |
|
|
(2.9 |
) |
|
|
(2.9 |
) |
|
|
|
(8.6 |
) |
|
|
(8.6 |
) |
Dividends |
|
(19.4 |
) |
|
|
(19.4 |
) |
|
|
(20.0 |
) |
|
|
|
(58.8 |
) |
|
|
(58.1 |
) |
Payment of financing fees |
|
— |
|
|
|
— |
|
|
|
(2.1 |
) |
|
|
|
(2.1 |
) |
|
|
(1.0 |
) |
Other, net |
|
(6.0 |
) |
|
|
0.9 |
|
|
|
(7.7 |
) |
|
|
|
(12.8 |
) |
|
|
(7.7 |
) |
Net cash flows (used in) provided by financing activities |
|
(28.2 |
) |
|
|
(21.4 |
) |
|
|
(32.7 |
) |
|
|
|
(82.3 |
) |
|
|
74.6 |
|
Net cash flows provided by operating activities of discontinued operations |
|
— |
|
|
|
1.6 |
|
|
|
— |
|
|
|
|
1.6 |
|
|
|
2.9 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
9.0 |
|
|
|
(2.9 |
) |
|
|
(5.6 |
) |
|
|
|
0.5 |
|
|
|
(9.1 |
) |
Net increase (decrease) in cash and cash equivalents |
|
66.7 |
|
|
|
23.0 |
|
|
|
(3.0 |
) |
|
|
|
86.7 |
|
|
|
64.0 |
|
Cash and cash equivalents at beginning of period |
|
309.3 |
|
|
|
286.3 |
|
|
|
289.3 |
|
|
|
|
289.3 |
|
|
|
265.6 |
|
Cash and cash equivalents at end of period |
$ |
376.0 |
|
|
$ |
309.3 |
|
|
$ |
286.3 |
|
|
|
$ |
376.0 |
|
|
$ |
329.6 |
|
ELEMENT SOLUTIONS INC ADDITIONAL FINANCIAL INFORMATION (Unaudited) |
||||||||||||||||||||||||||||||
I. SEGMENT RESULTS |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||||||||||||||||||||
(dollars in millions) |
2024 |
|
|
2023 |
|
|
Reported |
|
Constant Currency |
|
Organic |
|
2024 |
|
2023 |
|
Reported |
|
Constant Currency |
|
Organic |
|||||||||
Net Sales |
||||||||||||||||||||||||||||||
Electronics |
$ |
419.1 |
|
$ |
367.0 |
|
|
14 |
% |
|
15 |
% |
|
9 |
% |
|
$ |
1,160.0 |
|
$ |
1,062.4 |
|
9 |
% |
|
11 |
% |
|
7 |
% |
Industrial & Specialty |
|
225.9 |
|
|
232.3 |
|
|
(3 |
)% |
|
0 |
% |
|
0 |
% |
|
|
672.7 |
|
|
697.4 |
|
(4 |
)% |
|
(2 |
)% |
|
(2 |
)% |
Total |
$ |
645.0 |
|
$ |
599.3 |
|
|
8 |
% |
|
9 |
% |
|
6 |
% |
|
$ |
1,832.7 |
|
$ |
1,759.8 |
|
4 |
% |
|
6 |
% |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ |
40.4 |
|
$ |
(31.7 |
) |
|
(nm) |
|
|
|
|
|
$ |
189.7 |
|
$ |
41.0 |
|
362 |
% |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjusted EBITDA |
||||||||||||||||||||||||||||||
Electronics |
$ |
98.6 |
|
$ |
90.4 |
|
|
9 |
% |
|
10 |
% |
|
|
|
$ |
274.7 |
|
$ |
239.4 |
|
15 |
% |
|
18 |
% |
|
|
||
Industrial & Specialty |
|
44.1 |
|
|
43.7 |
|
|
1 |
% |
|
4 |
% |
|
|
|
|
130.1 |
|
|
123.1 |
|
6 |
% |
|
9 |
% |
|
|
||
Total |
$ |
142.7 |
|
$ |
134.1 |
|
|
6 |
% |
|
8 |
% |
|
|
|
$ |
404.8 |
|
$ |
362.5 |
|
12 |
% |
|
15 |
% |
|
|
|
Three Months Ended September 30, |
|
Constant Currency |
|
Nine Months Ended September 30, |
|
Constant Currency |
||||||||||||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
Change |
||||||
Net Income Margin |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
6.3 |
% |
|
(5.3 |
)% |
|
(nm) |
|
|
|
|
|
10.3 |
% |
|
2.3 |
% |
|
800bps |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Electronics |
23.5 |
% |
|
24.6 |
% |
|
(110)bps |
|
23.6 |
% |
|
(100)bps |
|
23.7 |
% |
|
22.5 |
% |
|
120bps |
|
23.9 |
% |
|
140bps |
Industrial & Specialty |
19.5 |
% |
|
18.9 |
% |
|
60bps |
|
19.7 |
% |
|
90bps |
|
19.3 |
% |
|
17.7 |
% |
|
160bps |
|
19.6 |
% |
|
190bps |
Total |
22.1 |
% |
|
22.4 |
% |
|
(30)bps |
|
22.2 |
% |
|
(20)bps |
|
22.1 |
% |
|
20.6 |
% |
|
150bps |
|
22.3 |
% |
|
170bps |
(nm) Calculation not meaningful. |
II. CAPITAL STRUCTURE |
||||||||
(dollars in millions) |
|
|
Maturity |
|
Interest Rate |
|
September 30, |
|
|
|
|
|
|
2024 |
|||
Instrument |
|
|
|
|
|
|
|
|
Term Loans |
(1) |
|
12/18/2030 |
|
SOFR plus |
|
$ |
1,141.4 |
Total First Lien Debt |
|
|
|
|
|
|
|
1,141.4 |
Senior Notes due 2028 |
|
|
9/1/2028 |
|
|
|
|
800.0 |
Total Debt |
|
|
|
|
|
|
|
1,941.4 |
Cash Balance |
|
|
|
|
|
|
|
376.0 |
Net Debt |
|
|
|
|
|
|
$ |
1,565.4 |
Adjusted Shares Outstanding |
(2) |
|
|
|
|
|
|
244.6 |
Market Capitalization |
(3) |
|
|
|
|
|
$ |
6,643.3 |
Total Capitalization |
|
|
|
|
|
|
$ |
8,208.7 |
(1) |
Element Solutions swapped its floating term loan rate to a fixed rate for all of its outstanding term loans through the use of interest rate swaps and cross-currency swaps which mature in January 2025 or December 2028, as applicable. At September 30, 2024, |
|
(2) |
See "Adjusted Common Shares Outstanding at September 30, 2024 and 2023" following the footnotes under the "Adjusted Earnings Per Share (EPS)" reconciliation table below. |
|
(3) |
Based on the closing price of the shares of Element Solutions of |
III. SELECTED FINANCIAL DATA |
|
|
|
|
|||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
(dollars in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Interest expense |
$ |
17.4 |
|
$ |
15.7 |
|
$ |
50.9 |
|
$ |
43.5 |
Interest paid |
|
24.3 |
|
|
22.9 |
|
|
56.9 |
|
|
48.7 |
Income tax expense |
|
36.8 |
|
|
15.3 |
|
|
32.8 |
|
|
53.4 |
Income taxes paid |
|
21.3 |
|
|
17.5 |
|
|
60.8 |
|
|
49.0 |
Capital expenditures |
|
12.6 |
|
|
13.4 |
|
|
46.1 |
|
|
36.3 |
Proceeds from disposal of property, plant and equipment |
|
— |
|
|
0.9 |
|
|
— |
|
|
1.4 |
Non-GAAP Measures
To supplement its financial measures prepared in accordance with GAAP, Element Solutions presents in this release the following non-GAAP financial measures: EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EPS, adjusted common shares outstanding, free cash flow, organic net sales growth, full year 2024 guidance for adjusted EBITDA, constant currency adjusted EBITDA growth and free cash flow. The Company also evaluates and presents its results of operations on a constant currency basis.
Management internally reviews these non-GAAP measures to evaluate performance and liquidity on a comparative period-to-period basis in terms of absolute performance, trends and expected future performance with respect to the Company’s business and believes that these non-GAAP measures provide investors with an additional perspective on trends and underlying operating results on a period-to-period comparable basis. The Company also believes that investors find this information helpful in understanding the ongoing performance of its operations as well as their ability to generate cash separate from items that may have a disproportionate positive or negative impact on its financial results in any particular period or that are considered to be associated with its capital structure. These non-GAAP financial measures, however, have limitations as analytical tools, and should not be considered in isolation from, a substitute for, or superior to, the related financial information that Element Solutions reports in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements and may not be completely comparable to similarly titled measures of other companies due to potential differences in calculation methods. In addition, these measures are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. Investors are encouraged to review the definitions and reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures included in this press release, and not to rely on any single financial measure to evaluate the Company's businesses.
The Company provides full year 2024 guidance for adjusted EBITDA and constant currency adjusted EBITDA growth only on a non-GAAP basis. Reconciliations of such forward-looking non-GAAP measures to GAAP are excluded in reliance upon the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K due to the inherent difficulty in forecasting and quantifying, without unreasonable efforts, certain amounts that are necessary for such reconciliations, including adjustments that could be made for restructurings, refinancings, impairments, divestitures, integration and acquisition-related expenses, share-based compensation amounts, non-recurring, unusual or unanticipated charges, expenses or gains, adjustments to inventory and other charges reflected in its reconciliations of historic numbers, the amount of which, based on historical experience, could be significant.
Constant Currency:
The Company discloses net sales and adjusted EBITDA on a constant currency basis by adjusting results to exclude the impact of changes due to the translation of foreign currencies of its international locations into
The impact of foreign currency translation is calculated by converting the Company's current-period local currency financial results into
Organic Net Sales Growth:
Organic net sales growth is defined as net sales excluding the impact of foreign currency translation, changes due to the pass-through pricing of certain metals and acquisitions and/or divestitures, as applicable. Management believes this non-GAAP financial measure provides investors with a more complete understanding of the underlying net sales trends by providing comparable net sales over differing periods on a consistent basis.
The following table reconciles GAAP net sales growth to organic net sales growth for the three and nine months ended September 30, 2024:
|
|
Three Months Ended September 30, 2024 |
||||||||||
|
|
Reported Net Sales Growth |
|
Impact of Currency |
|
Constant Currency |
|
Change in Pass-Through Metals Pricing |
|
Acquisitions |
|
Organic Net Sales Growth |
Electronics |
|
|
|
|
|
|
|
(5)% |
|
—% |
|
|
Industrial & Specialty |
|
(3)% |
|
|
|
|
|
—% |
|
—% |
|
|
Total |
|
|
|
|
|
|
|
(3)% |
|
—% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2024 |
||||||||||
|
|
Reported Net Sales Growth |
|
Impact of Currency |
|
Constant Currency |
|
Change in Pass-Through Metals Pricing |
|
Acquisitions |
|
Organic Net Sales Growth |
Electronics |
|
|
|
|
|
|
|
(3)% |
|
(1)% |
|
|
Industrial & Specialty |
|
(4)% |
|
|
|
(2)% |
|
—% |
|
|
|
(2)% |
Total |
|
|
|
|
|
|
|
(2)% |
|
|
|
|
NOTE: Totals may not sum due to rounding. |
For the three months ended September 30, 2024, Electronics' consolidated results were positively impacted by
Adjusted Earnings Per Share (EPS):
Adjusted EPS is a key metric used by management to measure operating performance and trends as management believes the exclusion of certain expenses in calculating adjusted EPS facilitates operating performance comparisons on a period-to-period basis. Adjusted EPS is defined as net income adjusted to reflect adjustments consistent with the Company's definition of adjusted EBITDA. Additionally, the Company eliminates amortization expense associated with intangible assets, incremental depreciation associated with the step-up of fixed assets and incremental cost of sales associated with the step-up of inventories, as applicable, recognized in purchase accounting for acquisitions.
Further, the Company adjusts its effective tax rate to
The resulting adjusted net income is then divided by the Company's adjusted common shares outstanding. Adjusted common shares outstanding represent the shares outstanding as of the balance sheet date for the quarter-to-date period and an average of each quarter for the year-to-date period plus shares issuable upon exercise or vesting of all outstanding equity awards (assuming a performance achievement target level for equity awards with targets considered probable).
The following table reconciles GAAP "Net income (loss)" to "Adjusted net income" and presents the number of adjusted common shares outstanding used in calculating adjusted EPS for each period presented below:
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
(dollars in millions, except per share amounts) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) |
|
$ |
40.4 |
|
|
$ |
(31.7 |
) |
|
$ |
189.7 |
|
|
$ |
41.0 |
|
Income from discontinued operations, net of tax |
|
|
— |
|
|
|
— |
|
|
|
(1.6 |
) |
|
|
(2.9 |
) |
Net income attributable to non-controlling interests |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
— |
|
Reversal of amortization expense |
(1) |
|
29.4 |
|
|
|
32.7 |
|
|
|
89.4 |
|
|
|
93.3 |
|
Adjustment to reverse incremental depreciation expense from acquisitions |
(1) |
|
0.3 |
|
|
|
0.4 |
|
|
|
1.0 |
|
|
|
1.2 |
|
Restructuring (income) expense |
(2) |
|
(0.1 |
) |
|
|
2.1 |
|
|
|
5.7 |
|
|
|
6.3 |
|
Acquisition, divestiture and integration expense |
(3) |
|
6.3 |
|
|
|
5.0 |
|
|
|
11.3 |
|
|
|
13.3 |
|
Foreign exchange (gains) losses on intercompany loans |
(4) |
|
(13.5 |
) |
|
|
6.5 |
|
|
|
(24.2 |
) |
|
|
(7.6 |
) |
Debt refinancing costs |
(5) |
|
0.4 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
Goodwill impairment |
(6) |
|
— |
|
|
|
80.0 |
|
|
|
— |
|
|
|
80.0 |
|
Kuprion Acquisition research and development charge |
(7) |
|
— |
|
|
|
— |
|
|
|
3.9 |
|
|
|
15.7 |
|
Other, net |
(8) |
|
18.8 |
|
|
|
(0.9 |
) |
|
|
24.6 |
|
|
|
1.6 |
|
Tax effect of pre-tax non-GAAP adjustments |
(9) |
|
(8.3 |
) |
|
|
(25.2 |
) |
|
|
(22.4 |
) |
|
|
(40.8 |
) |
Adjustment to estimated effective tax rate |
(9) |
|
21.3 |
|
|
|
18.6 |
|
|
|
(11.4 |
) |
|
|
35.1 |
|
Adjusted net income |
|
$ |
94.9 |
|
|
$ |
87.4 |
|
|
$ |
266.2 |
|
|
$ |
236.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted earnings per share |
(10) |
$ |
0.39 |
|
|
$ |
0.36 |
|
|
$ |
1.09 |
|
|
$ |
0.97 |
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted common shares outstanding |
(10) |
|
244.6 |
|
|
|
243.9 |
|
|
|
244.5 |
|
|
|
243.9 |
|
(1) |
The Company eliminates the amortization expense associated with intangible assets and incremental depreciation associated with the step-up of fixed assets recognized in purchase accounting for acquisitions. The Company believes these adjustments provide insight with respect to the cash flows necessary to maintain and enhance its product portfolio. |
|
(2) |
The Company adjusts for costs of restructuring its operations, including those related to its acquired businesses. The Company adjusts these costs because it believes they are not reflective of ongoing operations. |
|
(3) |
The Company adjusts for costs associated with acquisition, divestiture and integration activity, including costs of obtaining related financing, legal and accounting fees and transfer taxes. The Company adjusts these costs because it believes they are not reflective of ongoing operations. |
|
(4) |
The Company adjusts for foreign exchange gains and losses on intercompany loans because it expects the period-to-period movement of the applicable currencies to offset on a long-term basis and because these gains and losses are not fully realized due to their long-term nature. The Company does not exclude foreign exchange gains and losses on short-term intercompany and third-party payables and receivables. |
|
(5) |
The Company adjusts for costs related to debt refinancing because it believes these costs are not reflective of ongoing operations. |
|
(6) |
The Company recorded a non-cash goodwill impairment charge of |
|
(7) |
The Company adjusts for research and development costs associated with contingent consideration and the purchase accounting related to the acquisition of Kuprion, Inc. The Company adjusts these costs because it believes they are not reflective of ongoing operations. |
|
(8) |
The Company's adjustments include a non-cash available-for-sale debt security impairment charge of |
|
(9) |
The Company uses a non-GAAP effective tax rate of |
|
(10) |
The Company defines "Adjusted common shares outstanding" as the number of shares of its common stock outstanding as of the balance sheet date for the quarter-to-date period and an average of each quarter for the year-to-date period, plus the shares issuable upon exercise or vesting of all outstanding equity awards (assuming a performance achievement target level for equity awards with targets considered probable). The Company adjusts the number of its outstanding common shares for this calculation as it believes it provides a better understanding of its results of operations on a per share basis. See the table below for further information. |
Adjusted Common Shares Outstanding at September 30, 2024 and 2023
The following table shows the Company's adjusted common shares outstanding at each period presented:
|
September 30, |
|
Year-to-Date Average |
||||
|
|
September 30, |
|||||
(amounts in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Basic common shares outstanding |
242.2 |
|
241.5 |
|
242.1 |
|
241.5 |
Number of shares issuable upon vesting of granted Equity Awards |
2.4 |
|
2.4 |
|
2.4 |
|
2.4 |
Adjusted common shares outstanding |
244.6 |
|
243.9 |
|
244.5 |
|
243.9 |
EBITDA and Adjusted EBITDA:
EBITDA represents earnings before interest, provision for income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA, excluding the impact of additional items included in GAAP earnings which the Company believes are not representative or indicative of its ongoing business or are considered to be associated with its capital structure, as described in the footnotes located under the "Adjusted Earnings Per Share (EPS)" reconciliation table above. Adjusted EBITDA for each segment also includes an allocation of corporate costs, such as compensation expense and professional fees. Management believes adjusted EBITDA and adjusted EBITDA margin provide investors with a more complete understanding of the long-term profitability trends of the Company's business and facilitate comparisons of its profitability to prior and future periods.
The following table reconciles GAAP "Net income (loss)" to "Adjusted EBITDA" for each of the periods presented:
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
(dollars in millions) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) |
|
$ |
40.4 |
|
|
$ |
(31.7 |
) |
|
$ |
189.7 |
|
|
$ |
41.0 |
|
Add (subtract): |
|
|
|
|
|
|
|
|
||||||||
Income from discontinued operations, net of tax |
|
|
— |
|
|
|
— |
|
|
|
(1.6 |
) |
|
|
(2.9 |
) |
Income tax expense |
|
|
36.8 |
|
|
|
15.3 |
|
|
|
32.8 |
|
|
|
53.4 |
|
Interest expense, net |
|
|
14.2 |
|
|
|
13.3 |
|
|
|
42.4 |
|
|
|
37.0 |
|
Depreciation expense |
|
|
10.0 |
|
|
|
11.8 |
|
|
|
30.4 |
|
|
|
31.4 |
|
Amortization expense |
|
|
29.4 |
|
|
|
32.7 |
|
|
|
89.4 |
|
|
|
93.3 |
|
EBITDA |
|
|
130.8 |
|
|
|
41.4 |
|
|
|
383.1 |
|
|
|
253.2 |
|
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
||||||||
Restructuring (income) expense |
(2) |
|
(0.1 |
) |
|
|
2.1 |
|
|
|
5.7 |
|
|
|
6.3 |
|
Acquisition, divestiture and integration expense |
(3) |
|
6.3 |
|
|
|
5.0 |
|
|
|
11.3 |
|
|
|
13.3 |
|
Foreign exchange (gains) losses on intercompany loans |
(4) |
|
(13.5 |
) |
|
|
6.5 |
|
|
|
(24.2 |
) |
|
|
(7.6 |
) |
Debt refinancing costs |
(5) |
|
0.4 |
|
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
Goodwill impairment |
(6) |
|
— |
|
|
|
80.0 |
|
|
|
— |
|
|
|
80.0 |
|
Kuprion Acquisition research and development charge |
(7) |
|
— |
|
|
|
— |
|
|
|
3.9 |
|
|
|
15.7 |
|
Other, net |
(8) |
|
18.8 |
|
|
|
(0.9 |
) |
|
|
24.6 |
|
|
|
1.6 |
|
Adjusted EBITDA |
|
$ |
142.7 |
|
|
$ |
134.1 |
|
|
$ |
404.8 |
|
|
$ |
362.5 |
|
NOTE: For the footnote descriptions, please refer to the footnotes located under the "Adjusted Earnings Per Share (EPS)" reconciliation table above. |
Free Cash Flow:
Free cash flow is defined as net cash flows from operating activities less net capital expenditures. Net capital expenditures include capital expenditures less proceeds from the disposal of property, plant and equipment. Management believes that free cash flow, which measures the Company’s ability to generate cash from its business operations, is an important financial measure for evaluating the Company's liquidity. Free cash flow should be considered as an additional measure of liquidity to, rather than as a substitute for, net cash provided by operating activities.
The following table reconciles "Cash flows from operating activities" to "Free cash flow" for the periods presented and the Company's free cash flow outlook for the full year 2024:
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
||||||||||||
|
September 30, |
|
September 30, |
|
|
Outlook |
||||||||||||
(dollars in millions) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
Cash flows from operating activities |
$ |
98.5 |
|
|
$ |
87.4 |
|
|
$ |
223.3 |
|
|
$ |
221.8 |
|
|
|
|
Capital expenditures |
|
(12.6 |
) |
|
|
(13.4 |
) |
|
|
(46.1 |
) |
|
|
(36.3 |
) |
|
|
~(60) |
Proceeds from disposal of property, plant and equipment |
|
— |
|
|
|
0.9 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
~0 |
Free cash flow |
$ |
85.9 |
|
|
$ |
74.9 |
|
|
$ |
177.2 |
|
|
$ |
186.9 |
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028362293/en/
Investor Relations Contact:
Varun Gokarn
Vice President, Strategy and Integration
Element Solutions Inc
1-203-952-0369
IR@elementsolutionsinc.com
Media Contact:
Scott Bisang / Ed Hammond / Tali Epstein
Collected Strategies
1-212-379-2072
esi@collectedstrategies.com
Source: Element Solutions Inc
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