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Leading Ink Manufacturers, Printers Report First Half 2013 Results



Published November 15, 2013
Related Searches: pigments offset additives ink
Sensient Technologies reported results for the second quarter and first half of 2013. Consolidated revenue reached a new quarterly record of $378.8 million compared to $367.8 million in the second quarter of 2012. Operating income was $48.7 million. Adjusted operating income was $55.3 million compared to $54.3 million reported in the second quarter of 2012.

Revenue for the six months ended June 30, 2013 was $744.5 million, compared to $733.4 million reported in the first half of 2012.

Cash provided by operating activities in the second quarter of 2013 was $44.5 million, an increase of 11% from the $40.1 million reported in the second quarter of 2012. For the first six months of 2013, cash provided by operating activities increased 43% to $70.0 million, compared to $49.1 million in the first six months of 2012.

“Sensient delivered solid results in the second quarter,” said Kenneth P. Manning, chairman and CEO of Sensient Technologies. “We continue to see opportunities for growth in all of our groups, and I remain very optimistic about the company’s future.”

The Color Group reported revenue of $126.6 million in the second quarter of 2013, compared to $129.2 million reported in the comparable period last year. Second quarter operating income increased 4.4% to an all-time quarterly high of $27.7 million. Color Group operating margins increased to 21.9% in the second quarter. Strong performances in digital inks and cosmetics contributed to the record results.

ALTANA was able to match the strong prior-year level in terms of sales and operating earnings in the first half of 2013. Sales in the first six months of the current business year reached €887 million (prior year: €886 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) were at €178 million, compared to €180 million in the first half of 2012. At 20.1%, the EBITDA margin also remained at a high level.

“We are looking back on a successful first half year, in which we were able to maintain the strong prior-year level, despite the difficult overall economic conditions in Europe,” said Dr. Matthias L. Wolfgruber, CEO of ALTANA AG.

In contrast to the same period in 2012, ALTANA recorded rising sales volumes in the first six months of the current business year. However, these were offset by negative price/mix and exchange rate effects.

In the first half of 2013, growth was registered by the divisions BYK Additives & Instruments and ELANTAS Electrical Insulation. BYK increased sales by 3%, primarily due to acquisitions, with sales up to €335 million on the prior-year figure (€326 million). ELANTAS achieved a growth of 2%, with sales up to €215 million. ECKART Effect Pigments recorded a decline in sales by 5%, with sales down to €170 million. At €167 million, sales at ACTEGA Coatings & Sealants were 2% down on the prior-year level (€171 million).

R.R. Donnelley & Sons Company reported financial results for the second quarter of 2013. Net sales in the quarter were $2.6 billion, up $43.0 million, or 1.7%, from the second quarter of 2012 due to the impact of 2012 acquisitions and volume growth in the U.S. Print and Related Services segment.

Operating income in the second quarter of 2013 was $173.2 million, compared to operating income in the second quarter of 2012 of $163.9 million.

“We are pleased with our results, as the revenue trend continued to improve during the second quarter. The year-over-year change in organic revenue is the best we’ve experienced in the last seven quarters, and represents a 40 basis-point improvement from the first-quarter change,” said Thomas J. Quinlan III, R.R. Donnelley’s president and CEO. “In addition, we continued to invest in the business, at the same time, improving free cash flow by over $90 million from the same quarter last year. We remain on track to deliver our full-year guidance.”

Quad/Graphics, Inc. reported results for its second quarter ending June 30, 2013. The reported results include Vertis from the day of acquisition on Jan. 16, 2013.

Net sales for the second quarter 2013 increased to $1.1 billion versus $934 million for the same period in 2012 due to the Vertis acquisition. Second quarter 2013 adjusted EBITDA was $111 million as compared to $112 million for the same period in 2012. Recurring free cash flow was $86 million versus $60 million for the same period in 2012.

For the first six months of 2013, net sales were $2.2 billion versus $1.9 billion for the same period in 2012, representing a 16% increase due to the Vertis acquisition. Year-to-date adjusted EBITDA was $225 million versus $238 million in 2012. Recurring free cash flow was $206 million for the first six months of 2013 compared to $167 million for the same period in 2012, continuing a track record of solid cash flow generation.

“Our second quarter results were consistent with our expectations and we remain on track to achieve our 2013 objectives,” said Joel Quadracci, Quad/Graphics chairman, president and CEO. “We continue to be pleased with the Vertis acquisition and remain focused on integrating operations and driving future cost-savings, and improving efficiency and productivity in our platform.”


 


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