OM Group Q4 pro forma EBITDA $22 millionStaff writer ▼ | March 3, 2015
OM Group announced financial results for the fourth quarter and year ended December 31, 2014. For the quarter and full year, the company reported adjusted pro forma EBITDA of $22 million and $113 million, respectively.
Industrial company $113 million in pro forma EBITDA for 2014
The company also reported a loss from continuing operations for the quarter of $6.24 per diluted share, or income of $0.10 per diluted share on an adjusted pro forma basis, and a loss of $5.54 per diluted share for the full year, or income of $0.92 per diluted share on an adjusted pro forma basis.
The company delivered strong operating cash flows of $42 million in the fourth quarter and $85 million in the full year.
Net sales for the fourth quarter of 2014 were $245 million. Excluding sales in the divested Advanced Materials business and the translation effect of a lower EUR/USD rate in 2014, net sales decreased 3%, primarily due to weaker business conditions in Europe and increased competition in the permanent magnets product line in the Company's Magnetic Technologies business.
Sales were slightly lower in Battery Technologies due primarily to loss of a medical customer contract during 2014, and sales in Specialty Chemicals were essentially unchanged compared to a year ago.
Adjusted pro forma EBITDA of $22 million in the current year period was lower than the prior year period of $27 million, which included $4 million of insurance proceeds in Specialty Chemicals that did not repeat.
2014 profit was adversely affected by a weaker Euro and lower sales volumes in Magnetic Technologies, partially offset by favorable mix in Battery Technologies and lower corporate expenses. ■