“We are very pleased with our performance in the first quarter reflecting a 160 basis point improvement in our adjusted EBITDA margin to 17.2%. First quarter adjusted EBITDA of $260 million was ahead of our expectations driven by strong execution on pricing, performance, growth initiatives, and synergies,” said president and CEO Michael Doss.
Net sales increased 2% to $1,505.9 million in the first quarter of 2019, compared to $1,477.4 million in the prior year period. The $28.5 million increase was driven by $32.2 million of higher pricing and $16.7 million of improved volume/mix related to acquisitions. These benefits were partially offset by $20.4 million of unfavorable foreign exchange.
Attached is supplemental data highlighting Net Tons Sold for the first quarter of 2019 and for each quarter of 2018.
EBITDA for the first quarter of 2019 was $253.5 million, or $65.9 million higher than the first quarter of 2018. Total debt (long-term, short-term and current portion) increased $221 million during the first quarter of 2019 to $3,188.7 million compared to the fourth quarter of 2018. Total net debt (total debt, net of cash and cash equivalents) increased $229.2 million during the first quarter of 2019 to $3,126.4 million compared to the fourth quarter of 2018. The company’s first quarter 2019 pro forma net leverage ratio was 3.13 times adjusted EBITDA compared to 2.98 times at the end of 2018.