Horizon Global Reports Financial Results for the Fourth Quarter and Full Year 2020
Horizon Global Corporation (NYSE: HZN) announced significant financial improvements for Q4 and full year 2020. Net sales for Horizon Americas rose 34.3% to $96.8 million, driven largely by aftermarket sales. Horizon Europe-Africa saw a 12.6% increase in net sales to $79.1 million. Adjusted EBITDA for Horizon Americas improved to $10.9 million from a loss of $5.6 million, while Europe-Africa's adjusted EBITDA rose to $2.5 million. Cash and availability increased to $83.4 million. The company remains focused on enhancing operational efficiency and driving profitability in 2021.
- Net sales for Horizon Americas rose 34.3% to $96.8 million.
- Adjusted EBITDA for Horizon Americas improved to $10.9 million from a loss of $5.6 million.
- Net sales for Horizon Europe-Africa increased 12.6% to $79.1 million.
- Adjusted EBITDA for Horizon Europe-Africa rose to $2.5 million from a loss of $5.9 million.
- Cash and availability increased to $83.4 million, up $38.5 million year-over-year.
- Horizon Europe-Africa reported an operating loss of $(2.4) million, despite improvements.
Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and trailering equipment, today reported fourth quarter and full year financial results for 2020.
“2020 was a transformational year for Horizon Global as reflected by significant year-over-year improvements in profitability and cash flow generation,” stated Terry Gohl, Horizon Global’s President and Chief Executive Officer. “We entered 2020 with great momentum and high expectations for the turnaround of the Company. While we immediately faced unprecedented macro-economic challenges due to the global pandemic, the team maintained its focus and ultimately delivered significant value to our shareholders as well as all of our key stakeholders. To offset commercial headwinds in early 2020, we accelerated the execution of our operational improvement initiatives, including the operational transformation of Mexico manufacturing and Americas distribution, streamlining our Americas product portfolio and rationalizing our Europe-Africa distribution footprint. This resulted in improved productivity and throughput, which enabled us to deliver on customer commitments and further solidified Horizon Global as the supplier of choice during the second half of the year. Our strong financial performance allowed us to opportunistically address our full capital structure in early 2021, resulting in a new term loan with a lower interest rate, flexible covenants and other favorable terms that enable us to pursue our long-term strategic plan.”
2020 Fourth Quarter Segment Results
Horizon Americas. Net sales increased
Horizon Europe-Africa. Net sales increased
Balance Sheet and Liquidity. Cash and Availability(2) was
Summary
Gohl commented, “Horizon Global’s 2020 performance is testament to the hard work and dedication of each and every member of our global team. We established a culture of continuous improvement and we are not taking our foot off the gas in 2021. We will build on our positive momentum and remain laser focused on our strategic plan and operational excellence. With our current open order book, brand recognition and customer confidence, we believe we are well positioned to drive margin expansion, profitability improvement and increased cash flow generation."
Conference
Horizon Global will host a conference call regarding fourth quarter and full year 2020 earnings on Thursday, March 11, 2021 at 8:30 a.m. Eastern Time. The conference call will be hosted by Horizon Global's President and Chief Executive Officer, Terry Gohl, and Dennis Richardville, Chief Financial Officer. Participants on the call are asked to register five to ten minutes prior to the scheduled start time by dialing (844) 825-9786 and from outside the U.S. at (412) 902-4185. Please use the conference identification number 10152299.
The fourth quarter and full-year 2020 results and supplemental materials, including a presentation in PDF format, will be distributed before the market opens on March 11, 2021, and will be available on the Company’s website at www.horizonglobal.com prior to the start of the call.
The conference call will be webcast simultaneously and in its entirety through the Horizon Global website. Shareholders, media representatives and others may participate in the webcast by registering through the investor relations section on the Company’s website.
A replay of the call will be available on Horizon Global’s website or by phone by dialing (877) 344-7529 and from outside the U.S. at (412) 317-0088. Please use the conference identification number 10152299. The telephone replay will be available approximately two hours after the end of the call and continue through March 25, 2021.
About Horizon Global
Headquartered in Plymouth, MI, Horizon Global is the #1 designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products in North America and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon provides its customers with outstanding products and services that reflect the Company's commitment to market leadership, innovation and operational excellence. The Company’s mission is to utilize forward-thinking technology to develop and deliver best in-class products for our customers, engage with our employees and realize value creation for our shareholders.
Horizon Global is home to some of the world’s most recognized brands in the towing and trailering industry, including: Draw-Tite, Reese, Westfalia, BULLDOG, Fulton and Tekonsha. Horizon Global has approximately 4,000 employees.
For more information, please visit www.horizonglobal.com.
Forward-Looking Statements
This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained herein speak only as of the date they are made and give our current expectations or forecasts of future events. These forward-looking statements can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to, risks and uncertainties with respect to: the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition and liquidity; the Company’s ability to maintain compliance with the New York Stock Exchange’s continued listing standards; the Company’s debt, including the Company’s ability to comply with the applicable financial covenants related thereto; liabilities and restrictions imposed by the Company’s debt instruments; market demand; competitive factors; supply constraints; material and energy costs; technology factors; litigation; government and regulatory actions including the impact of any tariffs, quotas, or surcharges; the Company’s accounting policies; future trends; general economic and currency conditions; various conditions specific to the Company’s business and industry; the success of the Company’s action plan, including the actual amount of savings and timing thereof; the success of the Company’s business improvement initiatives in Europe-Africa, including the amount of savings and timing thereof; the Company’s exposure to product liability claims from customers and end users, and the costs associated therewith; the Company’s ability to meet its covenants in the agreements governing its debt; factors affecting the Company’s business that are outside of its control, including natural disasters, pandemics, including the current COVID-19 pandemic, accidents and governmental actions; and other risks that are discussed in the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. The risks described herein are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. We caution readers not to place undue reliance on such statements, which speak only as of the date hereof. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
(1) |
Please refer to “Company and Business Segment Financial Information” which details certain costs, expense, other charges, that are included in the determination of net income attributable to Horizon Global under GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results. The Company’s management utilizes Adjusted EBITDA as the key measure of company and segment performance and for planning and forecasting purposes, as management believes this measure is most reflective of the operational profitability or loss of the Company and its operating segments and provides management and investors with information to evaluate the operating performance of its business and is representative of its performance used to measure certain of its financial covenants. Adjusted EBITDA should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Horizon Global, which is the most directly comparable financial measure to Adjusted EBITDA that is prepared in accordance with U.S. GAAP. |
|
(2) |
"Cash and Availability" refers to cash and cash equivalents and amounts of cash accessible but undrawn from credit facilities. |
|
(3) |
Working Capital defined as "total current assets" excluding "cash, cash equivalents and restricted cash", less "total current liabilities" excluding "current maturities, long-term debt" and "short-term operating lease liabilities". |
Horizon Global Corporation |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(Dollars in thousands) |
||||||||
|
|
December 31,
|
|
December 31,
|
||||
|
|
(unaudited) |
|
|
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
44,970 |
|
|
$ |
11,770 |
|
Restricted cash |
|
|
5,720 |
|
|
|
— |
|
Receivables, net |
|
|
87,420 |
|
|
|
71,680 |
|
Inventories |
|
|
115,320 |
|
|
|
136,650 |
|
Prepaid expenses and other current assets |
|
|
11,510 |
|
|
|
8,570 |
|
Total current assets |
|
|
264,940 |
|
|
|
228,670 |
|
Property and equipment, net |
|
|
74,090 |
|
|
|
75,830 |
|
Operating lease right-of-use assets |
|
|
47,310 |
|
|
|
45,770 |
|
Goodwill |
|
|
3,360 |
|
|
|
4,350 |
|
Other intangibles, net |
|
|
58,230 |
|
|
|
60,120 |
|
Deferred income taxes |
|
|
1,280 |
|
|
|
430 |
|
Other assets |
|
|
7,280 |
|
|
|
5,870 |
|
Total assets |
|
$ |
456,490 |
|
|
$ |
421,040 |
|
Liabilities and Shareholders' Equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Short-term borrowings and current maturities, long-term debt |
|
$ |
14,120 |
|
|
$ |
4,310 |
|
Accounts payable |
|
|
99,520 |
|
|
|
78,450 |
|
Short-term operating lease liabilities |
|
|
12,180 |
|
|
|
9,880 |
|
Accrued liabilities |
|
|
59,100 |
|
|
|
48,850 |
|
Total current liabilities |
|
|
184,920 |
|
|
|
141,490 |
|
Gross long-term debt |
|
|
251,960 |
|
|
|
236,550 |
|
Unamortized debt issuance costs and discount |
|
|
(20,570 |
) |
|
|
(31,500 |
) |
Long-term debt |
|
|
231,390 |
|
|
|
205,050 |
|
Deferred income taxes |
|
|
3,130 |
|
|
|
4,040 |
|
Long-term operating lease liabilities |
|
|
46,340 |
|
|
|
48,070 |
|
Other long-term liabilities |
|
|
14,560 |
|
|
|
13,790 |
|
Total liabilities |
|
|
480,340 |
|
|
|
412,440 |
|
Total Horizon Global shareholders' (deficit) equity |
|
|
(18,690 |
) |
|
|
12,340 |
|
Noncontrolling interest |
|
|
(5,160 |
) |
|
|
(3,740 |
) |
Total shareholders' (deficit) equity |
|
|
(23,850 |
) |
|
|
8,600 |
|
Total liabilities and shareholders' equity |
|
$ |
456,490 |
|
|
$ |
421,040 |
|
Horizon Global Corporation |
||||||||||||||||
Consolidated Statements of Operations (unaudited) |
||||||||||||||||
(Dollars in thousands, except per share amounts) |
||||||||||||||||
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Net sales |
|
$ |
175,860 |
|
|
$ |
142,280 |
|
|
$ |
661,230 |
|
|
$ |
690,450 |
|
Cost of sales |
|
|
(142,980 |
) |
|
|
(134,210 |
) |
|
|
(540,680 |
) |
|
|
(594,220 |
) |
Gross profit |
|
|
32,880 |
|
|
|
8,070 |
|
|
|
120,550 |
|
|
|
96,230 |
|
Selling, general and administrative expenses |
|
|
(33,690 |
) |
|
|
(41,040 |
) |
|
|
(127,370 |
) |
|
|
(154,180 |
) |
Net (loss) gain on dispositions of property and equipment |
|
|
(10 |
) |
|
|
(720 |
) |
|
|
(90 |
) |
|
|
780 |
|
Operating loss |
|
|
(820 |
) |
|
|
(33,690 |
) |
|
|
(6,910 |
) |
|
|
(57,170 |
) |
Other income (expense), net |
|
|
960 |
|
|
|
1,220 |
|
|
|
(470 |
) |
|
|
(5,390 |
) |
Interest expense |
|
|
(7,710 |
) |
|
|
(8,000 |
) |
|
|
(31,680 |
) |
|
|
(58,270 |
) |
Loss from continuing operations before income tax |
|
|
(7,570 |
) |
|
|
(40,470 |
) |
|
|
(39,060 |
) |
|
|
(120,830 |
) |
Income tax benefit |
|
|
1,750 |
|
|
|
8,490 |
|
|
|
1,580 |
|
|
|
10,820 |
|
Net loss from continuing operations |
|
|
(5,820 |
) |
|
|
(31,980 |
) |
|
|
(37,480 |
) |
|
|
(110,010 |
) |
(Loss) income from discontinued operations, net of income taxes |
|
|
— |
|
|
|
— |
|
|
|
(500 |
) |
|
|
189,520 |
|
Net (loss) income |
|
|
(5,820 |
) |
|
|
(31,980 |
) |
|
|
(37,980 |
) |
|
|
79,510 |
|
Less: Net loss attributable to noncontrolling interest |
|
|
(410 |
) |
|
|
(400 |
) |
|
|
(1,420 |
) |
|
|
(1,240 |
) |
Net (loss) income attributable to Horizon Global |
|
$ |
(5,410 |
) |
|
$ |
(31,580 |
) |
|
$ |
(36,560 |
) |
|
$ |
80,750 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income per share attributable to Horizon Global: |
|
|
|
|
|
|
|
|
||||||||
Basic: |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
(0.21 |
) |
|
$ |
(1.24 |
) |
|
$ |
(1.40 |
) |
|
$ |
(4.30 |
) |
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
7.49 |
|
Total |
|
$ |
(0.21 |
) |
|
$ |
(1.24 |
) |
|
$ |
(1.42 |
) |
|
$ |
3.19 |
|
Diluted: |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
(0.21 |
) |
|
$ |
(1.24 |
) |
|
$ |
(1.40 |
) |
|
$ |
(4.30 |
) |
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
7.49 |
|
Total |
|
$ |
(0.21 |
) |
|
$ |
(1.24 |
) |
|
$ |
(1.42 |
) |
|
$ |
3.19 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
26,157,634 |
|
|
|
25,387,388 |
|
|
|
25,797,529 |
|
|
|
25,297,576 |
|
Diluted |
|
|
26,157,634 |
|
|
|
25,387,388 |
|
|
|
25,797,529 |
|
|
|
25,297,576 |
|
Horizon Global Corporation |
||||||||
Consolidated Statements of Cash Flows (unaudited) |
||||||||
(Dollars in thousands) |
||||||||
|
|
Twelve Months Ended
|
||||||
|
|
2020 |
|
2019 |
||||
Cash Flows from Operating Activities: |
|
|
|
|
||||
Net (loss) income |
|
$ |
(37,980 |
) |
|
$ |
79,510 |
|
Less: Net (loss) income from discontinued operations |
|
|
(500 |
) |
|
|
189,520 |
|
Net loss from continuing operations |
|
|
(37,480 |
) |
|
|
(110,010 |
) |
|
|
|
|
|
||||
Adjustments to reconcile net loss from continuing operations to net cash provided by (used for) operating activities: |
|
|
|
|
||||
Net loss (gain) on dispositions of property and equipment |
|
|
90 |
|
|
|
(780 |
) |
Depreciation |
|
|
16,290 |
|
|
|
15,940 |
|
Amortization of intangible assets |
|
|
6,620 |
|
|
|
5,750 |
|
Write off of operating lease assets |
|
|
— |
|
|
|
10,780 |
|
Amortization of original issuance discount and debt issuance costs |
|
|
14,200 |
|
|
|
22,060 |
|
Deferred income taxes |
|
|
(2,060 |
) |
|
|
(7,280 |
) |
Non-cash compensation expense |
|
|
3,000 |
|
|
|
2,150 |
|
Paid-in-kind interest |
|
|
8,120 |
|
|
|
9,720 |
|
(Increase) decrease in receivables |
|
|
(12,230 |
) |
|
|
19,290 |
|
Decrease in inventories |
|
|
24,220 |
|
|
|
8,380 |
|
Increase in prepaid expenses and other assets |
|
|
(4,900 |
) |
|
|
(2,990 |
) |
Increase (decrease) in accounts payable and accrued liabilities |
|
|
24,590 |
|
|
|
(30,140 |
) |
Other, net |
|
|
(1,370 |
) |
|
|
(11,350 |
) |
Net cash provided by (used for) operating activities for continuing operations |
|
|
39,090 |
|
|
|
(68,480 |
) |
Cash Flows from Investing Activities: |
|
|
|
|
||||
Capital expenditures |
|
|
(13,310 |
) |
|
|
(9,720 |
) |
Net proceeds from sale of business |
|
|
— |
|
|
|
214,570 |
|
Net proceeds from disposition of property and equipment |
|
|
90 |
|
|
|
1,620 |
|
Net cash (used for) provided by investing activities for continuing operations |
|
|
(13,220 |
) |
|
|
206,470 |
|
Cash Flows from Financing Activities: |
|
|
|
|
||||
Proceeds from borrowing on credit facilities |
|
|
7,220 |
|
|
|
13,450 |
|
Repayments of borrowings on credit facilities |
|
|
(4,800 |
) |
|
|
(7,490 |
) |
Proceeds from Revolving Credit Facility, net of issuance costs |
|
|
54,680 |
|
|
|
— |
|
Repayments of borrowings on Revolving Credit Facility |
|
|
(32,760 |
) |
|
|
— |
|
Proceeds from ABL revolving debt, net of issuance costs |
|
|
8,000 |
|
|
|
79,790 |
|
Repayments of borrowings on ABL revolving debt |
|
|
(27,920 |
) |
|
|
(123,240 |
) |
Repayments of borrowings on First Lien Term Loan, including transaction fees |
|
|
— |
|
|
|
(173,430 |
) |
Proceeds from Second Lien Term Loan, net of issuance costs |
|
|
— |
|
|
|
35,500 |
|
Proceeds from Paycheck Protection Program Loan |
|
|
8,670 |
|
|
|
— |
|
Proceeds from issuance of Series A Preferred Stock |
|
|
— |
|
|
|
5,340 |
|
Proceeds from issuance of Warrants |
|
|
— |
|
|
|
5,270 |
|
Other, net |
|
|
(440 |
) |
|
|
100 |
|
Net cash provided by (used for) financing activities for continuing operations |
|
|
12,650 |
|
|
|
(164,710 |
) |
Discontinued Operations: |
|
|
|
|
||||
Net cash (used for) provided by discontinued operating activities |
|
|
(500 |
) |
|
|
11,430 |
|
Net cash used for discontinued investing activities |
|
|
— |
|
|
|
(1,120 |
) |
Net cash provided by discontinued financing activities |
|
|
— |
|
|
|
— |
|
Net cash (used for) provided by discontinued operations |
|
|
(500 |
) |
|
|
10,310 |
|
Effect of exchange rate changes on cash and cash equivalents and restricted cash |
|
|
900 |
|
|
|
530 |
|
Cash and Cash Equivalents and Restricted Cash: |
|
|
|
|
||||
Increase (decrease) for the year |
|
|
38,920 |
|
|
|
(15,880 |
) |
At beginning of year |
|
|
11,770 |
|
|
|
27,650 |
|
At end of year |
|
$ |
50,690 |
|
|
$ |
11,770 |
|
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Cash paid for interest |
|
$ |
8,930 |
|
|
$ |
20,060 |
|
Cash paid for taxes, net of refunds |
|
$ |
1,560 |
|
|
$ |
80 |
|
Appendix I
Horizon Global Corporation
Company and Business Segment Financial Information
(Unaudited - dollars in thousands)
The Company’s management utilizes Adjusted EBITDA(1) as the key measure of company and segment performance and for planning and forecasting purposes, as management believes this measure is most reflective of the operational profitability or loss of the Company and its operating segments and provides management and investors with information to evaluate the operating performance of its business and is representative of its performance used to measure certain of its financial covenants. Adjusted EBITDA(1) should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Horizon Global, which is the most directly comparable financial measure to Adjusted EBITDA(1) that is prepared in accordance with U.S. GAAP. Adjusted EBITDA(1), as determined and measured by Horizon Global, should also not be compared to similarly titled measures reported by other companies. The Company also uses operating income (loss) to measure stand-alone segment performance.
Adjusted EBITDA(1) is defined as net income attributable to Horizon Global before interest expense, income taxes, depreciation and amortization, and before certain items, as applicable such as severance, restructuring, relocation and related business disruption costs, impairment of goodwill and other intangibles, non-cash stock compensation, certain product liability and litigation claims, acquisition and integration costs, gains (losses) on business divestitures and other assets, board transition support and non-cash unrealized foreign currency remeasurement costs.
The following table summarizes Adjusted EBITDA(1) for our operating segments for the three months ended December 31, 2020 and 2019:
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Variance |
||||||||||||||||||||||||||||||
|
|
Horizon
|
|
Horizon
|
|
Corporate |
|
Consolidated |
|
Horizon
|
|
Horizon
|
|
Corporate |
|
Consolidated |
|
Consolidated |
||||||||||||||||||
|
|
(dollars in thousands) |
|
(dollars in thousands) |
||||||||||||||||||||||||||||||||
Net loss attributable to Horizon Global |
|
|
|
|
|
|
|
$ |
(5,410 |
) |
|
|
|
|
|
|
|
$ |
(31,580 |
) |
|
$ |
26,170 |
|
||||||||||||
Net loss attributable to noncontrolling interest |
|
|
|
|
|
|
|
|
(410 |
) |
|
|
|
|
|
|
|
|
(400 |
) |
|
|
(10 |
) |
||||||||||||
Net loss |
|
|
|
|
|
|
|
$ |
(5,820 |
) |
|
|
|
|
|
|
|
$ |
(31,980 |
) |
|
$ |
26,160 |
|
||||||||||||
Interest expense |
|
|
|
|
|
|
|
|
7,710 |
|
|
|
|
|
|
|
|
|
8,000 |
|
|
|
(290 |
) |
||||||||||||
Income tax benefit |
|
|
|
|
|
|
|
|
(1,750 |
) |
|
|
|
|
|
|
|
|
(8,490 |
) |
|
|
6,740 |
|
||||||||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
6,760 |
|
|
|
|
|
|
|
|
|
4,900 |
|
|
|
1,860 |
|
||||||||||||
EBITDA |
|
$ |
9,870 |
|
|
$ |
3,460 |
|
|
$ |
(6,430 |
) |
|
$ |
6,900 |
|
|
$ |
(14,280 |
) |
|
$ |
(7,920 |
) |
|
$ |
(5,370 |
) |
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "Horizon Global Reports Financial Results for the Fourth Quarter and Full Year 2020 FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were Horizon Global's Q4 2020 net sales figures for HZN?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Horizon Global reported Q4 2020 net sales of $96.8 million for Horizon Americas and $79.1 million for Horizon Europe-Africa."
}
},
{
"@type": "Question",
"name": "How did Horizon Global's adjusted EBITDA perform in Q4 2020 for HZN?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Horizon Global's adjusted EBITDA for Horizon Americas reached $10.9 million, while Horizon Europe-Africa saw an increase to $2.5 million."
}
},
{
"@type": "Question",
"name": "What is Horizon Global's outlook for 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Horizon Global aims to build on its positive momentum and focus on operational excellence to improve profitability and cash flow generation in 2021."
}
}
]
}
FAQ
What were Horizon Global's Q4 2020 net sales figures for HZN?
Horizon Global reported Q4 2020 net sales of $96.8 million for Horizon Americas and $79.1 million for Horizon Europe-Africa.
How did Horizon Global's adjusted EBITDA perform in Q4 2020 for HZN?
Horizon Global's adjusted EBITDA for Horizon Americas reached $10.9 million, while Horizon Europe-Africa saw an increase to $2.5 million.
What is Horizon Global's outlook for 2021?
Horizon Global aims to build on its positive momentum and focus on operational excellence to improve profitability and cash flow generation in 2021.
HZN
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48.81M
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