Cambrex Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Revises Earnings Guidance for the Year 2018
For the nine months, the company reported net sales of $389,934,000 compared to $348,963,000 a year ago. Net revenues were $397,761,000 compared to $352,179,000 a year ago. Operating profit was $81,665,000 compared to $88,109,000 a year ago. Income before income taxes was $91,044,000 compared to $85,999,000 a year ago. Income from continuing operations was $91,916,000 or $2.73 per diluted share compared to $63,515,000 or $1.90 per diluted share a year ago. Net income was $91,206,000 or $2.71 per diluted share compared to $62,191,000 or $1.86 per diluted share a year ago. EBITDA was $105,868,000 compared to $111,132,000 a year ago. Adjusted EBITDA was $86,921,000 compared to $111,132,000 a year ago. Adjusted income from continuing operations was $54,236,000 or $1.61 per diluted share compared to $63,885,000 or $1.91 per diluted share a year ago.
The company revised earnings guidance for the year 2018. The company now expects Adjusted net revenue growth between negative 1% to 3%, adjusted EBITDA between $153 to $159 million, adjusted income from continuing operations per share between $2.95 to $3.09, free cash flow between $35 million to $45 million, capital expenditures between $70 to $80 million, depreciation and amortization between $31 to $34 million and adjusted effective tax rate between 20% to 22% against net revenue between negative 2% to positive 2%, adjusted EBITDA between $150 to $160 million, adjusted income from continuing operations per share between $2.91 to $3.14, free cash flow between $35 million to $45 million, capital expenditures between $70 to $80 million, depreciation and amortization between $33 to $37 million and adjusted effective tax rate between 20% to 22% as previously expected.