Perimeter Solutions, a provider of mission-critical firefighting products and services, as well as specialty products used in several end markets, today reported financial results for the three and nine months ended September 30, 2022.
Year-to-Date 2022 Results
- Net sales increased 1% to $319.2 million during the year-to-date period, as compared to $316.5 million in the prior-year period.
- Fire Safety sales decreased 13% to $207.0 million, as compared to $237.3 million in the prior year.
- Specialty Products sales increased 42% to $112.2 million, as compared to $79.2 million in the prior year.
- Net income during the year-to-date period was $123.7 million, or $0.70 per diluted share, an increase of $94.1 million from $29.6 million, or $0.56 per diluted share, for the same period of 2021.
- Adjusted EBITDA decreased 8% to $123.3 million during the year-to-date period, as compared to $134.6 million in the prior-year period.
- Fire Safety Adjusted EBITDA decreased 30% to $81.2 million, as compared to $116.7 million in the prior year.
- Specialty Products Adjusted EBITDA increased 135% to $42.0 million, as compared to $17.9 million in the prior year.
Third Quarter 2022 Results
- Net sales decreased 18% to $160.5 million in the third quarter, as compared to $195.4 million in the prior-year quarter.
- Fire Safety sales decreased 29% to $122.0 million, as compared to $172.4 million in the prior year.
- Specialty Products sales increased 68% to $38.5 million, as compared to $23.0 million in the prior year.
- Net income during the third quarter was $78.7 million, or $0.45 per diluted share, an increase of $26.7 million from $52.0 million, or $0.98 per diluted share, for the same period of 2021.
- Adjusted EBITDA decreased 25% to $75.6 million in the third quarter, as compared to $100.4 million in the prior-year quarter.
- Fire Safety Adjusted EBITDA decreased 38% to $60.4 million, as compared to $97.9 million in the prior year.
- Specialty Products Adjusted EBITDA increased 512% to $15.3 million, as compared to $2.5 million in the prior year.
*On November 3, 2022, the Company’s board of directors approved the repurchase of up to $100.0 million of the Company’s ordinary shares during the next 24 months.
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