AgroFresh Solutions, Inc. announced unaudited preliminary results for the full year ended December 31, 2019 in advance of its participation in the ICR Conference on Tuesday, January 14, 2020.
Consistent with the guidance provided in the Company’s earnings release for the third quarter of 2019, AgroFresh expects to report full year 2019 net sales of approximately $170 million, down in the low-single digit percentage versus 2018, excluding the impact of foreign currency losses, which is estimated to be in the $3-4 million range.
Additionally, the Company is reaffirming its prior guidance of full year 2019 adjusted EBITDA margin expansion versus the prior year.
As of December 31, 2019, the Company estimates that cash and cash equivalents were approximately $28 million.
Jordi Ferre, Chief Executive Officer, commented, “We are pleased to announce preliminary full year 2019 sales that were in line with our expectations. The fourth quarter benefited from the strong finish to the year by our SmartFreshTM product line, particularly in the Pacific Northwest in the United States, and a return to growth for HarvistaTM.
Both businesses were delayed this year due to weather irregularities that extended the harvest into October and November this year. Our team continues to advance our growth initiatives while controlling our cost basis. This combination is expected to yield an improvement in adjusted EBITDA margins for 2019, while maintaining stable gross margin versus the prior year. We remain focused on the controllable aspects of our business, including improvement in the Company’s cash flows, to enhance AgroFresh’s financial flexibility and our ability to reduce our outstanding debt.”
The foregoing expected results are preliminary and remain subject to the completion of the Company’s year-end audit, and are therefore subject to adjustment. The Company currently plans to report the fourth quarter and full year results in early March 2020. Investors are cautioned not to place undue reliance on the preliminary and unaudited estimates contained in this press release.
2020 ICR Conference Presentation
The Company will be presenting at the 2020 ICR Conference held at the JW Marriott Orlando Grande Lakes in Orlando, Florida, on Tuesday, January 14, 2020 at 2:00pm Eastern Standard Time. The webcast and accompanying slide presentation is available on the “Events & Presentations” section of the Company’s investor relations website at https://agrofreshsolutionsinc.gcs-web.com/.
For more information:
AgroFresh Solutions, Inc.
Jeff Sonnek
Tel: 646-277-1263
Email: Jeff.Sonnek@icrinc.com
www.agrofresh.com