Cambrex Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported net sales of $103,991,000 compared to $112,008,000 a year ago. Net revenues were $104,618,000 compared to $112,619,000 a year ago. Operating profit was $6,632,000 compared to $25,543,000 a year ago. Income before income taxes was $11,409,000 compared to $24,774,000 a year ago. Income from continuing operations was $26,815,000 or $0.79 per diluted share compared to $17,276,000 or $0.52 per diluted share a year ago. Net income was $26,729,000 or $0.79 per diluted share compared to $17,296,000 or $0.52 per diluted share a year ago. Adjusted EBITDA was $28,079,000 compared to $33,739,000 a year ago. EBITDA was $15,816,000 compared to $33,739,000 a year ago. Adjusted income from continuing operations was $16,700,000 or $0.49 per diluted share compared to $18,506,000 or $0.55 per diluted share a year ago. Net debt was $227.9 million at the end of the third quarter, an increase of $399.2 million during the quarter.  The increase was driven by the acquisition of Halo and partially offset by cash flows from operations.

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.