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Superior Plus Corp. Announces Strong 2017 Annual and Fourth Quarter Results

Nachrichtenquelle: Marketwired
15.02.2018, 00:07  |  449   |   |   

TORONTO, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Superior Plus Corp. (“Superior”) (TSX:SPB) announced today the financial and operating results for the fourth quarter of 2017. All financial figures are expressed in Canadian dollars.

Strong momentum from acquisitions, colder weather and improved chlor-alkali markets results in 2017 Adjusted Operating Cash Flow per share at the top of the 2017 Financial Outlook

“Superior delivered record fourth quarter Adjusted EBITDA of $109.1 million in 2017 driven by the contribution from the Canwest Propane acquisition, colder weather and continued strength in the chlor-alkali market. We made significant progress in 2017 towards achieving our Evolution 2020 goal of increasing 2016 EBITDA from operations in the range of $50 million to $150 million by the end of 2020. EBITDA from operations of $306.8 million in 2017 was a $30.3 million increase from 2016 and doesn’t include the impact of a full-year contribution from Canwest Propane including synergies and the tuck-in acquisitions completed in our Energy Distribution and Specialty Chemicals businesses,” said Luc Desjardins, Superior’s President and Chief Executive Officer.”

Highlights

  • Adjusted Operating Cash Flow (“AOCF”) per share before transaction and other costs during the fourth quarter was $0.69, 28% higher than the prior year quarter due to an increase in Adjusted EBITDA, offset in part by increased interest expense. AOCF per share before transaction and other costs during 2017 was $1.75, 31% higher than 2016 and at the top of the financial outlook range. Net cash flows from operating activities were $192.5 million in 2017, a $4.0 million or 2% increase over the prior year.
  • Superior had net earnings from continuing operations of $45.3 million in the fourth quarter compared to a net loss of $22.8 million in the prior year quarter primarily due to lower taxes and higher gross profit from Energy Distribution and Specialty Chemicals. Superior had a net loss from continuing operations of $27.9 million in 2017 compared to net earnings of $114.2 in 2016 primarily due to a decrease in unrealized gains on derivative financial instruments and increased deferred income tax expense in 2017 related to settling the dispute with the CRA with respect to the company’s corporate conversion transaction.
  • Superior achieved record fourth quarter Adjusted EBITDA of $109.1 million, a $23.6 million or 28% increase over the prior year quarter primarily due to higher Energy Distribution EBITDA from operations. Superior’s 2017 Adjusted EBITDA increased $67.3 million or 29% due to higher Specialty Chemicals and Energy Distribution EBITDA from operations, income associated with Canwest and lower realized losses on foreign currency hedging contracts.
  • Issued an additional $150 million principal amount of 5.25% Senior Unsecured Notes due February 27, 2024. The 5.25% Senior Unsecured Notes were issued at $1.015 per principal amount.
  • Redeemed the $97 million aggregate principal amount outstanding of Superior’s 6.00% convertible unsecured subordinated debentures due June 30, 2019.
  • Subsequent to quarter end, Superior issued $220 million principal amount of 5.125% Senior Unsecured Notes due August 27, 2025.  The 5.125% Senior Unsecured Notes were issued at par.
  • Energy Distribution EBITDA from operations for the fourth quarter was $81.3 million, an increase of $21.5 million or 36% compared to the prior year quarter primarily due to the contribution from Canwest and higher sales volumes related to colder weather and the impact of organic customer growth initiatives. Energy Distribution EBITDA from operations during 2017 was $180.4 million, an increase of $13.0 million or 8% primarily due to the contribution from Canwest and higher Canadian propane distribution sales volumes, partially offset by lower average unit margins in Canadian propane distribution and lower U.S. refined fuels (USRF) sales volumes.
  • Specialty Chemicals EBITDA from operations for the fourth quarter was $35.5 million, an increase of $1.3 million or 4% compared to the prior year quarter primarily due to higher caustic soda and hydrochloric acid sales prices and higher hydrochloric acid and caustic potash sales volumes. Specialty Chemicals EBITDA from operations during 2017 was $126.4 million, an increase of $17.3 million or 16% primarily due to higher chlor-alkali sales volumes and higher caustic soda and hydrochloric acid average sales prices, partially offset by lower caustic potash prices.

Financial Overview

  Three Months Ended Twelve Months Ended
  December 31 December 31
(millions of dollars, except per share amounts)   2017   2016   2017   2016
Revenue (1)   768.9   583.1   2,385.0   2,023.7
Gross Profit (1)   238.1   193.6   735.4   656.4
Net earnings (loss)   45.3   (22.8)   (27.9)   114.2
Net earnings (loss) per share, basic (4) $0.32 $(0.16) $(0.20) $0.80
Net earnings (loss) per share, diluted (4) $0.32 $(0.19) $(0.20) $0.78
EBITDA from operations (1)(2)   116.8   94.0   306.8   276.5
Adjusted EBITDA (1)(2)   109.1   85.5   297.6   230.3
Net cash flows from operating activities   38.9   27.6   192.5   188.5
Net cash flows from operating activities per share – basic (4) $0.27 $0.19 $1.35 $1.33
Net cash flows from operating activities per share – diluted (4) $0.27 $0.19 $1.35 $1.33
AOCF before transaction and other costs (2)(3)(4)   98.7   77.3   250.5   189.8
AOCF before transaction and other costs per share – basic (2)(3)(4) $0.69 $0.54 $1.75 $1.34
AOCF before transaction and other costs per share –diluted (2)(3)(4) $0.69 $0.54 $1.75 $1.34
AOCF (2)   94.0   68.4   217.4   139.6
AOCF per share– basic and diluted (2)(4) $0.66 $0.48 $1.52 $0.98
Cash dividends declared   25.7   25.5   102.8   102.2
Cash dividends declared per share $0.18 $0.18 $0.72 $0.72
  1. Revenue, gross profit, EBITDA from operations, Adjusted EBITDA, AOCF and AOCF per share for 2016 have been restated to exclude the results of Construction Products Distribution (“CPD”). Refer to “Basis of Presentation” in the Annual Management Discussion and Analysis (“MD&A”) for further details.
  2. EBITDA from operations, Adjusted EBITDA and AOCF are non-GAAP measures. Refer to “Non-GAAP Financial Measures” for further details and the MD&A for reconciliations.
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