Global industrial technology company Milacron has just announced its financial results for the third quarter, which ended 30 September 2018.
In Q3 of 2018, U.S.-based Milacron's sales noted at $308.3 million marked a dip of 2.0% from $314.7 million in the same period a year ago. Excluding the unfavorable effects of currency movements, organic sales decreased 0.3% versus the prior year period, while operating earnings was up 11.4% at $33.2 million compared to the same period last year. Net earnings totaled $14.9 million, equivalent to $0.21 per basic and diluted share in Q3 2018. Adjusted Net Income totaled $30.7 million, equivalent to $0.43 per diluted share in Q3.
“Milacron continued to execute on its long-term growth initiatives and delivered another solid quarter including solid sales," said Milacron Chief Executive Officer, Tom Goeke. "These results are in spite of the continued geopolitical uncertainty the U.S. tariff initiatives have introduced to our global end markets."
The global company's Chief Financial Officer, Bruce Chalmers, added: "We continue to strengthen our balance sheet by making voluntary debt payments on our term loan. Through the third quarter, we have paid down $75 million of debt. "
In line with current market conditions, Milacron forecasts 2% sales growth in 2018, which is inclusive of an anticipated 1% foreign currency tailwind.
The full report is available at here.