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Element Solutions beats estimates on strong electronics demand

February 26/2021

MOSCOW (MRC) -- Element Solutions today reported fourth-quarter net income down 59.8% year-on-year (YOY), to $29.9 million, on net sales up 18.0%, to USD536.6 millio, said Chemweek.

Adjusted earnings, excluding some tax rate changes which cut into net income, totaled 31 cents/share, up 40.9% YOY and beating analysts consensus estimate of 28 cents/share, as reported by Refinitiv (New York, New York). Net sales were up 10% YOY on an organic basis, excluding currency impacts, pass-through metal prices, and acquisitions.

"In 2020, we saw an acceleration of the compelling secular trends we expect to propel our business in the future, says Element Solutions president and CEO Benjamn Gliklich. Investment in 5G infrastructure and new mobile technologies and the development of electric vehicles all gained ground. In the fourth quarter, our industrially oriented businesses recovered from the impact of COVID-related shutdowns, while our high-end electronics business experienced strong demand driven by these trends. Strong demand trends have carried over into 2021, Gliklich adds.

Electronics segment net sales grew 26% YOY, to USD343 million, while segment adjusted EBITDA was up 30%, to USD81 million. Industrial and specialty segment sales increased 6% YOY, to USD193 million, while segment adjusted EBITDA rose 13%, to USD45 million.

As per MRC, Element Solutions says it has acquired DMP Corporation (Rock Hill, South Carolina), a provider of turnkey wastewater treatment and recycling products and services for the manufacturing sector. Terms of the transaction, including purchase price, were not disclosed. DMP will, along with Elements existing metals recycling business, form MacDermic Envio Solutions, a new business unit within the companys industrial solutions segment.

We remind that Russia's output of chemical products rose in October 2020 by 7.2% year on year. At the same time, production of basic chemicals grew in the first ten months of 2020 by 6.3% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-October output. October production of polymers in primary form grew to 857,000 tonnes from 852,000 tonnes in September. Overall output of polymers in primary form totalled 8,340,000 tonnes over the stated period, up by 17%  year on year.
Author:Anna Larionova
Tags:petroleum products, liquid caustic soda, kausticheskaya soda, rigid caustic soda, neftegaz.
Category:General News
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