Milacron posts 7.7% sales increase in third quarter over Q3 2016

Milacron Holdings Corp. (Cincinnati, OH), an industrial technology company serving the plastics industry, announced its financial results for the third quarter ending Sept. 30, 2017. For Q3 2017, sales increased to $314.7 million, or 7.7%, from sales of $292.2 million in the same period a year ago.

Excluding the favorable effects of currency movements, organic sales for the third quarter of 2017 increased 6.1% versus the prior year period. Operating earnings for the third quarter of 2017 increased 1.7% to $29.6 million compared with $29.1 million in the prior year period. Operating earnings for the third quarter of 2017 were negatively affected by $3.2 million of incremental restructuring costs when compared to the prior year period.

Adjusted EBITDA for the third quarter increased 5.5% to $57.3 million, or 18.2% of sales, compared with $54.3 million, or 18.6% of sales, in the prior year period. Net earnings totaled $12.4 million, or $0.18 per basic share and $0.17 per diluted share, in the third quarter of 2017 compared with net earnings of $6.7 million, or $0.10 per basic and diluted share, in the prior year period. Adjusted net income totaled $31.0 million, or $0.44 per diluted share, in the third quarter of 2017 compared to $25.1 million, or $0.36 per diluted share, in the prior year period.

“We are pleased with our third quarter sales performance of 6.1% constant currency growth, as this reflects the continued strength in our global markets, particularly in Asia and Europe,” said Milacron CEO Tom Goeke. “This was an outstanding topline growth quarter, as our consumables businesses grew double digits, led by our hot-runner business at over 15% and fluids at 6%. Our Advanced Plastic Processing Technologies (APPT) aftermarket business also performed well in the quarter and we remain confident that our performance and investment efforts here will position us to build momentum through the fourth quarter and into 2018.”

For the first nine months of 2017, sales increased 3.6% to $909.3 million compared to the same period a year ago. Operating earnings for the first nine months of 2017 decreased 19.5% to $77.9 million compared to operating earnings of $96.8 million in the prior year period. Operating earnings were negatively impacted by $12.3 million of incremental restructuring costs when compared to the prior year period.

Sales for Q3 2017 were up in all Milacron business units: $175.9 million for APPT compared to $168.7 million for the same period a year ago; Melt Delivery & Control Systems sales increased 11.8% to $108.1 million, compared to $95.4 million for the same period a year ago; and Fluid Technologies increased 6.4% to $30.7 million compared to $28.1 million in the same period a year ago.

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