Overview

• US niche business platform's Q1 revenue flat yr/yr after US Salt acquisition

• Q1 net income rose sharply, driven by a $41.9 mln tax benefit from acquisition

• Adjusted EBITDA for Q1 declined due to new parent-level costs

Outlook

• Company did not provide specific financial guidance for the current quarter or full year in its release

Result Drivers

• VOLUME DECLINE - Shipped volumes fell 7% due to trucking disruptions from winter storms and temporary operational interruptions at the Watkins Glen facility

• HIGHER SELLING PRICES - 8% growth in average selling price offset lower volumes, driven by price increases and product mix shift

• CORPORATE COSTS - Adjusted EBITDA declined due to approximately $1 mln of parent-level costs not present in the prior-year period

Company press release: ID:nGNX1rcsqZ

Key Details

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