08.09.16
Univar reported second quarter net income of $39.8 million compared to a loss of $12.4 million a year ago, largely the result of lower interest expense, and the absence of charges related to the initial public offering and debt refinancing in the prior year quarter. During the period, Univar's net sales fell 9.9% ($247.6 million) to $2.3 billion, and gross profit fell 4.7% to $445.4 million, largely due to lower demand from the upstream oil and gas market, and a 7.1% decline in average selling price. Univar reported second quarter Adjusted EBITDA of $148.2 million, which was moderately higher than the $134.1 million reported in the first quarter, and in line with the company's previous guidance.
"As expected, we continued to face challenges in the second quarter with sluggish industrial demand, negative comparisons in upstream oil and gas, and lower average selling prices. Although quarterly results were in line with our previous guidance, I am disappointed in our ability to deliver growth, especially in the U.S." said Steve Newlin, president and CEO. "Since joining Univar as CEO, I have spent the past two months assessing our company in-depth, and despite the current challenges, I am excited about the tremendous opportunity in front of us. I am confident that the actions we are taking will get us on track to deliver above market profit growth in the intermediate and long term."
"As expected, we continued to face challenges in the second quarter with sluggish industrial demand, negative comparisons in upstream oil and gas, and lower average selling prices. Although quarterly results were in line with our previous guidance, I am disappointed in our ability to deliver growth, especially in the U.S." said Steve Newlin, president and CEO. "Since joining Univar as CEO, I have spent the past two months assessing our company in-depth, and despite the current challenges, I am excited about the tremendous opportunity in front of us. I am confident that the actions we are taking will get us on track to deliver above market profit growth in the intermediate and long term."