Horizon Global Corporation (NYSE: HZN) reported preliminary net sales of approximately $198.0 million for Q1 2021, marking a 22% increase from Q1 2020. The company has also amended its revolving credit facility, boosting the maximum borrowing capacity from $75.0 million to $85.0 million, enhancing liquidity and financial flexibility. Horizon attributes its growth to strong sales performance and operational improvements, expecting substantial profitability advancements in 2021.
Horizon Global Corporation (NYSE: HZN) announced significant financial improvements for Q4 and full year 2020. Net sales for Horizon Americas rose 34.3% to $96.8 million, driven largely by aftermarket sales. Horizon Europe-Africa saw a 12.6% increase in net sales to $79.1 million. Adjusted EBITDA for Horizon Americas improved to $10.9 million from a loss of $5.6 million, while Europe-Africa's adjusted EBITDA rose to $2.5 million. Cash and availability increased to $83.4 million. The company remains focused on enhancing operational efficiency and driving profitability in 2021.
Horizon Global (NYSE: HZN) will host a conference call on March 11, 2021, at 8:30 a.m. ET to discuss its fourth quarter and full-year 2020 results. The call will feature President and CEO Terry Gohl and CFO Dennis Richardville. Participants are encouraged to register in advance. The results and supplemental materials will be available on the company’s website before the market opens on the same day. A replay will be accessible post-call through the company’s website or via phone until March 25, 2021.
Horizon Global (NYSE: HZN) has secured a six-year financing agreement with Atlantic Park, enhancing its capital structure and providing financial flexibility. The deal includes the complete repayment of the existing term loan, set to mature on April 1, 2022, and the establishment of a $125 million delayed draw term loan to cover convertible senior notes due on July 1, 2022. The agreement features lower interest rates and flexible covenants, aiming to support long-term growth. Horizon Global aims to optimize its operations while collaborating with Atlantic Park for further growth opportunities.
Horizon Global Corporation (NYSE: HZN) reported third-quarter 2020 results, showcasing a significant turnaround with positive net income for the first time in three years. Key financial highlights include:
- Net sales rose by $22.9 million (23.8%) to $119.1 million in Horizon Americas.
- Gross profit increased by $15.7 million due to enhanced sales and operational efficiencies.
- Adjusted EBITDA surged to $15.5 million from $0.6 million year-over-year.
- Cash and availability improved to $78 million, reflecting a $17.1 million increase.
Horizon Global (NYSE: HZN) will host a conference call on November 5, 2020, at 8:30 a.m. ET to discuss third-quarter 2020 results. Participants can register by calling (866) 652-5200 or (412) 317-6060 for international. Materials, including a PDF presentation, will be available before the market opens on the company’s website. The call will be webcast live and replays will be accessible via the website or by phone. Horizon Global is a leading designer and manufacturer of towing and trailering products in North America and Europe, operating under well-known brands like Draw-Tite and Reese.