Horizon Global down 26% after Q2 results miss [Seeking Alpha]
Horizon Global Corporation Common Shares (HZN)
Last horizon global corporation common shares earnings: 3/16 06:30 am
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US:NYSE Investor Relations:
investors.horizonglobal.com
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Source: Seeking Alpha
Horizon Global down 26% after Q2 results miss Horizon Global ( HZN -26.3% Segment sales: Horizon Americas $108.92M (+0.8% Y/Y); Horizon Europe-Africa $83.67M (-7.9% Y/Y) ; and Horizon Asia-Pacific $30.57M (-11.2% Y/Y). Q2 Gross margin declined by 65 bps declined by 138 Company reported an operating profit of $7.05M, compared to loss of $64.14M a year ago. Net cash used for operating activities was $48.76M, compared to $35.36M a year ago. “In the first quarter, we successfully executed a term loan amendment and second lien term loan, which included our commitment to reduce our First Lien Term Loan by $100M by mid-next year. To proactively address this commitment, we engaged an investment banking firm to initiate the formal process to explore strategic alternatives, including the sale of our Asia-Pacific business segment,” commented Carl Bizon, President and CEO.
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