(MENAFN- Investor Ideas) Perimeter Solutions, SA (NYSE: PRM) ("Perimeter" or the "Company"), a leading provider of mission-critical firefighting products and services, as well as high-quality phosphorus-based specialty chemicals, today reported financial results for its second quarter ended June 30, 2024.
Second Quarter 2024 Results
Net Sales increased 67% to $127.3 million in the second quarter, as compared to $76.1 million in the prior year quarter.
Fire Safety sales increased 85% to $98.5 million, as compared to $53.1 million in the prior year quarter.
Specialty Products sales increased 25% to $28.7 million, as compared to $23.0 million in the prior year quarter.
Net Income during the second quarter was $21.7 million, or $0.14 per diluted share, a decrease of $30.3 million from net income of $52.0 million, or $0.31 per diluted share in the prior year quarter.
Adjusted EBITDA increased 209% to $64.9 million in the second quarter, as compared to $21.0 million in the prior year quarter.
Fire Safety Adjusted EBITDA increased 237% to $55.6 million, as compared to $16.5 million in the prior year quarter.
Specialty Products Adjusted EBITDA increased 108% to $9.3 million, as compared to $4.5 million in the prior year quarter.
Year-to-Date 2024 Results
Net sales increased 55% to $186.3 million during the year-to-date period, as compared to $120.0 million in the prior-year period.
Fire Safety sales increased 72% to $123.7 million, as compared to $71.9 million in the prior year period.
Specialty Products sales increased 30% to $62.6 million, as compared to $48.1 million in the prior year period.
Net loss during the year-to-date period was $60.9 million, or $0.42 per diluted share, an increase of $122.3 million from a net income of $61.4 million, or $0.36 per diluted share in the prior year period.
Adjusted EBITDA increased 220% to $77.0 million in the year-to-date period, as compared to $24.1 million in the prior year period.
Fire Safety Adjusted EBITDA increased 321% to $55.4 million, as compared to $13.2 million in the prior year period.
Specialty Products Adjusted EBITDA increased 98% to $21.6 million, as compared to $10.9 million in the prior year period.
Conference Call and Webcast
As previously announced, Perimeter Solutions management will hold a conference call at 8:30 a.m. ET on Thursday, August 1, 2024 to discuss financial results for the second quarter 2024. The conference call can be accessed by dialing (877) 407-9764 (toll-free) or (201) 689-8551 (toll).
The conference call will also be webcast simultaneously on Perimeter's website ( ), accessed under the Investor Relations page. The webcast link will be made available on the Company's website prior to the start of the call; go to the investor relations page of our website to the News & Events menu and click on "Events & Presentations."
A slide presentation will also be available for reference during the conference call; go to the investor relations page of our website to the News & Events menu and click on "Events & Presentations."
Following the live webcast, a replay will be available on the Company's website. A telephonic replay will also be available approximately two hours after the call and can be accessed by dialing (877) 660-6853 (toll-free) or (201) 612-7415 (toll). The telephonic replay will be available until August 31, 2024.
About Perimeter Solutions
Perimeter Solutions is a leading global solutions provider, providing high-quality firefighting products and phosphorus-based specialty chemicals. The Company's business is organized and managed in two reporting segments: Fire Safety and Specialty Products.
The Fire Safety business consists of formulating, manufacture and sale of fire retardants and firefighting foams that assist in combating various types of fires, including wildland, structural, flammable liquids and others. Our Fire Safety business also offers specialized equipment and services, typically in conjunction with our fire management products, to support our customers' firefighting operations. Our specialized equipment includes airbase retardant storage, mixing, and delivery equipment; mobile retardant bases; retardant ground application units; mobile foam equipment; and equipment that we custom design and manufacture to meet specific customer needs. Our service network can meet the emergency resupply needs of over 150 air tanker bases in North America, as well as many other customer locations in North America and internationally. The segment is built on the premise of superior technology, exceptional responsiveness to our customers' needs, and a "never-fail" service network. The segment sells products to government agencies and commercial customers around the world.
The Specialty Products business produces and sells high quality Phosphorus Pentasulfide ("P2S5") primarily used in the preparation of lubricant additives, including a family of compounds called Zinc Dialkyldithiophosphates ("ZDDP") that provide critical anti-wear protection to engine components. P2S5 is also used in pesticide and mining chemicals applications.
Forward-Looking Information
This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods.
Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Perimeter believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Perimeter's actual financial results and cause them to differ materially from those anticipated in any forward-looking statements, including the risk factors described from time to time by us in our filings with the Securities and Exchange Commission ("SEC"), including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024. Shareholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements.
Any forward-looking statement made by Perimeter in this press release speaks only as of the date on which it is made. Perimeter undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: Perimeter Solutions, SA.
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