Milacron's (MCRN) Q1 Earnings Beat, Revenues Miss Estimates
Zacks Investment Research | May 02, 2019 08:09AM ET
Milacron Holdings Corp. (NYSE:MCRN) delivered adjusted earnings per share of 27 cents in the first quarter, surpassing the Zacks Consensus Estimate of 26 cents. On a year-over-year basis, earnings plunged 30.8%.
Including one-time items, the company reported earnings per share of 13 cents in the reported quarter, jumping 44.4% from the year-ago quarter’s reported figure of 9 cents.
Operational Update
Milacron’s revenues fell 13.9% year over year to $248.7 million during the first quarter. Revenues also missed the Zacks Consensus Estimate of $280 million. Excluding unfavorable impact of currency movements, organic revenues decreased 10.5% from the prior-year quarter’s reported tally. New orders in the reported quarter declined 10.8% year over year to $275.3 million.
Cost of sales during the January-March quarter went down 13.2% year over year to $164 million. Gross profit decreased 15% year over year to $84.8 million. Gross margin came in at 34.1% during the first quarter compared with the year-ago quarter’s 34.6%.
Selling, general and administrative expenses slipped 13% year over year to $54 million. Adjusted EBITDA went down 23.5% to $41.0 million in the first quarter from $53.6 million in the prior-year quarter. Adjusted EBITDA margin shrunk 210 bps to 16.5% in the quarter.
Milacron Holdings Corp. Price, Consensus and EPS Surprise
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