AgroFresh Solutions Reports Results for Third Quarter and First Nine Months of 2019
AgroFresh Solutions, Inc. (AGFS)
Last agrofresh solutions, inc. earnings: 3/12 04:05 pm
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Source: Business Wire
Quarterly performance primarily affected by a two-week apple harvest delay across the northern hemisphere, shifting substantial revenue to the fourth quarter. Third quarter net sales were $49.0 million, a decrease of 28.7% (27% on a constant currency basis) versus the prior year period. Year-to-date net sales decreased 13.1% (11.2% on a constant currency basis) versus the prior year period.Year-to-date sales of Tecnidex decreased 1.2% on an absolute basis and increased 4.7% on a constant currency basis versus the prior year period.Selling, general and administrative expense decreased 17.6% to $15.0 million for the third quarter of 2019, and decreased 7.7% when excluding nonrecurring items related to litigation, severance and M&A, versus the prior year period.Net income of $3.3 million for the third quarter of 2019, as compared to net income of $3.5 million for the third quarter of 2018. Adjusted EBITDA(1) of $20.6 million for the third quarter of 2019, as compared to $34.6 million in
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