Univar Solutions Reports Solid 2020 Fourth Quarter & Full Year Financial Results; Issues Guidance for 2021.

DOWNERS GROVE, Ill:Univar Solutions Inc. (NYSE: UNVR) ("Univar Solutions" or "the Company"), a global chemical and ingredient distributor and provider of value-added services, announced today its financial results for the fourth quarter and fiscal year ended December 31, 2020.

DOWNERS GROVE, Ill., Feb. 24, 2021 /PRNewswire/ -- Univar Solutions Inc. (NYSE: UNVR) ("Univar Solutions" or "the Company"), a global chemical and ingredient distributor and provider of value-added services, announced today its financial results for the fourth quarter and fiscal year ended December 31, 2020.

Fourth Quarter 2020 Highlights

Net income (loss) of $(33.7) million compared to $(55.1) million in the prior year fourth quarter; Adjusted net income(1) of $45.2 million compared to $50.5 million in the prior year fourth quarter.

Earnings (loss) per diluted share of $(0.20) compared to $(0.33) per diluted share in the prior year fourth quarter. Adjusted earnings per diluted share(1) of $0.27 in the quarter decreased from $0.29 in the prior year fourth quarter.

Adjusted EBITDA(1) of $146.4 million compared to $158.8 million in the prior year fourth quarter. Adjusted EBITDA margin(1) of 7.2 percent compared to 7.4 percent in the prior year fourth quarter.

Net cash provided by operating activities decreased to $145.3 million from $329.7 million in the prior year fourth quarter.

Liquidity as of December 31, 2020 was $855.0 million inclusive of $386.6 million of cash-on-hand and additional availability under committed, asset-based credit facilities.

Full Year 2020 Financial, Operating and Strategic Highlights

Net income (loss) of $52.9 million compared to $(100.2) million in the prior year; Adjusted net income(1) of $211.9 million compared to $231.6 million in the prior year.

Earnings (loss) per diluted share of $0.31, compared to $(0.61) per diluted share in the prior year. Adjusted earnings per diluted share(1) of $1.25 compared to $1.40 in the prior year.

Adjusted EBITDA(1) decreased 9.7 percent to $635.8 million, and Adjusted EBITDA margin(1) expanded 10 basis points to 7.7 percent from the prior year.

Net cash provided by operating activities decreased to $226.9 million from $363.9 million in the prior year.

"I am pleased with the progress the team has made against our strategic objectives, meeting the challenges of remote working, variable supply and demand, as well as macroeconomic uncertainties. Our financial results reflect the hard work of our dedicated team members, the strength of our supplier and customer relationships, and the benefit of our investment in keeping digital at our core. I am pleased we have made good progress against our Streamline 2022 (S22) goals by executing on non-core divestitures, expanding our supplier network, and moving closer to completing our business systems migration and Nexeo integration," said David Jukes, president and chief executive officer.

"Looking to 2021, although the exact timing of the economic recovery is uncertain, our expected full-year Adjusted EBITDA guidance range of $630 million to $650 million reflects underlying performance in our on-going businesses above expected general industrial growth levels in each of our regions to offset the expected softer essential end markets performance. We are committed to realizing strong net free cash flow, while still driving towards our S22 goals of de-leveraging and improving Adjusted EBITDA(1) margins to 9% by the end of 2022. Univar Solutions is very well positioned in our markets to serve our supplier and customer needs and we expect to execute on new opportunities and grow shareholder value."

Company Performance

Univar Solutions' operating performance results are described below and, unless otherwise indicated, are a comparison of fourth quarter 2020 results with fourth quarter 2019 results.

(Unaudited)

Three months ended December 31,

% change excl.

(in millions)

2020

2019

$ change

% change

currency (1)

Segment External Sales (2)

USA

$

1,224.9

$

1,353.9

$

(129.0)

(9.5)

%

(9.5)

%

EMEA

427...

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