GCP - GCP STOCK NEWS

GCP Applied Technologies reported a 2.8% increase in net sales, reaching $222.8 million for Q1 2021, despite a 25% decline in income from continuing operations to $1.5 million. Adjusted EBIT rose 9.7% to $16.9 million, while adjusted EBITDA increased 6.8% to $28.2 million. The gross margin improved by 60 basis points to 38.8%. The company is focused on addressing cost inflation in raw materials and ongoing restructuring, with expected savings of $13 million to $15 million in 2022.

GCP Applied Technologies Inc. (NYSE:GCP) will report its first quarter 2021 results on May 4, 2021, at 6:00 a.m. ET. CEO Simon Bates and CFO Craig Merrill will hold a conference call at 10:00 a.m. ET that same day. The call can be accessed through the company’s website or by dialing the provided numbers. A playback will be available until May 11, 2021. GCP specializes in construction products technologies, including cement additives and waterproofing products, contributing to iconic structures globally.

GCP Applied Technologies plans to relocate its global corporate headquarters to the Atlanta, Georgia metro area by Q4 2021, following the $122.5 million sale of its previous headquarters in Cambridge, Massachusetts. This move aims to streamline operations and enhance profitability, with anticipated pre-tax cost savings of $13 million to $15 million primarily from administrative expenses. The company also expects to incur approximately $19 million in costs for this transition. GCP’s R&D operations will remain in Greater Boston. The relocation is expected to qualify for Georgia's Quality Jobs Tax Credit.

GCP Applied Technologies (NYSE:GCP) has announced price increases for certain Cement Additives due to significant inflationary pressures affecting the global chemical and construction sectors. These pressures are linked to raw material supply chain tightness and disruptions caused by ocean freight restrictions and winter storms in the U.S. The company anticipates an inflationary cycle throughout 2021. GCP's regional sales teams will reach out to customers for specific product details.

GCP Applied Technologies reported preliminary results for Q4 and FY 2020, highlighting a 6.0% decrease in Q4 net sales to $242.7 million and 10.9% decrease for the year to $903 million. Despite the downturn, gross margins improved with Q4 at 39.5%, up 150 basis points, and FY at 39.6%, up 170 basis points. The company faced a loss of $0.8 million in continuing operations for Q4, contrasting with a profit in 2019. GCP generated $73.3 million in net cash from operations, signaling strong cash management amid ongoing pandemic challenges.

GCP Applied Technologies Inc. (NYSE:GCP) announced a change in the release date of its fourth quarter 2020 earnings to March 4, 2021, due to additional time needed for financial finalization. The company identified material weaknesses in its accounting controls but does not expect a significant impact on prior period financial statements. Preliminary fourth quarter results show net sales of $242.7 million, a 6% decline, and a net loss of $0.8 million. For the full year, net sales reached $903.2 million, down 10.9%, with net income of $100.5 million.

GCP Applied Technologies (NYSE:GCP) announced it will release its fourth quarter 2020 results on February 24, 2021, at 6:00 a.m. ET. CEO Simon Bates and CFO Craig Merrill will host a related earnings call at 10:00 a.m. ET on the same day. Investors can access the earnings call via a live webcast on the company's website or by dialing in. Playback options will be available until March 3, 2021. GCP specializes in construction product technologies, offering solutions like cement additives and waterproofing products.

GCP Applied Technologies Inc. (NYSE: GCP) has appointed Michael W. Valente as Vice President, General Counsel, and Secretary, effective January 18, 2021. Valente brings over 20 years of experience from the specialty chemicals industry, previously holding senior roles at Versum Materials and Air Products. Additionally, Robyn Hooker McCall has been named Chief Information Officer, offering over two decades of IT leadership. CEO Simon Bates expressed enthusiasm for their expertise in driving cultural change and unlocking shareholder value.

GCP Applied Technologies reported 3Q20 net sales of $248.4 million, down 6.9% from last year, attributed to lower demand due to COVID-19. However, income from continuing operations rose significantly to $99.5 million, boosted by the gain from the sale of its Cambridge headquarters. Gross margin increased by 140 basis points to 40.8%. Adjusted EBITDA was $47.0 million, and liquidity remains strong at $860 million. Despite pandemic challenges, management remains focused on sustainable performance and operational efficiency.