Steel Partners Holdings Reports Fourth Quarter Results
Steel Partners Holdings L.P. (NYSE: SPLP), a diversified global holding company, today announced operating results for the fourth quarter and year ended December 31, 2020.
Q4 2020 |
|
Q4 2019 |
|
($ in thousands) |
|
FY 2020 |
|
FY 2019 |
|
|
|
|
Revenue |
|
|
|
|
94,231 |
|
10,259 |
|
Net income from continuing operations |
|
83,477 |
|
79,471 |
108,388 |
|
(28,564) |
|
Net income (loss) attributable to common unitholders |
|
72,675 |
|
(1,597) |
67,084 |
|
46,614 |
|
Adjusted EBITDA* |
|
213,739 |
|
195,349 |
|
|
|
|
Adjusted EBITDA margin* |
|
|
|
|
7,645 |
|
13,293 |
|
Purchases of property, plant and equipment |
|
23,226 |
|
39,816 |
13,843 |
|
36,491 |
|
Adjusted free cash flow* |
|
149,648 |
|
117,028 |
* See reconciliations to the nearest GAAP measure included in the financial tables. See "Note Regarding Use of Non-GAAP Financial Measurements" below for the definition of these non-GAAP measures.
"Despite the many headwinds in 2020, we dedicated ourselves to safely providing quality, on-time products and services to our customers, and our results reflect this hard work and perseverance," said Executive Chairman Warren Lichtenstein. "We were able to respond to the pandemic and economic volatility by reducing costs, improving our operational performance, and increasing our financial flexibility, which led to increased EBITDA and cash flow despite reduced revenue in 2020. I am proud of our entire team, and we will continue to execute our strategy to deliver value for our unitholders, customers, and employees."
Results of Operations
Comparisons of the Three Months and Years Ended December 31, 2020 and 2019
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
Revenue |
$ |
338,719 |
|
|
$ |
346,691 |
|
|
$ |
1,310,636 |
|
|
$ |
1,455,048 |
|
Cost of goods sold |
222,158 |
|
|
225,373 |
|
|
859,863 |
|
|
952,071 |
|
||||
Selling, general and administrative expenses |
75,317 |
|
|
78,322 |
|
|
290,784 |
|
|
334,566 |
|
||||
Goodwill impairment charges |
1,100 |
|
|
— |
|
|
1,100 |
|
|
15,924 |
|
||||
Asset impairment charges |
(11 |
) |
|
— |
|
|
606 |
|
|
849 |
|
||||
Interest expense |
6,176 |
|
|
8,737 |
|
|
29,514 |
|
|
38,835 |
|
||||
Realized and unrealized (gains) losses on securities, net |
(51,158 |
) |
|
21,405 |
|
|
(25,643 |
) |
|
(47,315 |
) |
||||
All other (income) expenses, net |
(6,595 |
) |
|
13,915 |
|
|
29,013 |
|
|
58,041 |
|
||||
Total costs and expenses |
246,987 |
|
|
347,752 |
|
|
1,185,237 |
|
|
1,352,971 |
|
||||
Income (loss) before income taxes and equity method investments |
91,732 |
|
|
(1,061 |
) |
|
125,399 |
|
|
102,077 |
|
||||
Income tax provision (benefit) |
20,135 |
|
|
(19,771 |
) |
|
38,136 |
|
|
14,563 |
|
||||
(Income) loss of associated companies, net of taxes |
(22,634 |
) |
|
8,451 |
|
|
3,786 |
|
|
8,043 |
|
||||
Net income from continuing operations |
94,231 |
|
|
10,259 |
|
|
83,477 |
|
|
79,471 |
|
||||
Income (loss) from discontinued operations, net of taxes |
14,191 |
|
|
(38,949 |
) |
|
Steel Partners Hldgs L P
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Conglomerates
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United States
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