- Net Revenue increased 11% and EBITDA increased 26% vs. prior year quarter -
- 2017 full year financial guidance reaffirmed -
- Conference call at 8:30 a.m. ET on May 4, 2017 -
EAST RUTHERFORD, N.J., May 04, 2017 (GLOBE NEWSWIRE) -- Cambrex Corporation (NYSE:CBM), a leading manufacturer of small molecule innovator and generic Active Pharmaceutical Ingredients (APIs), reports results for the first quarter 2017.
Highlights
- Net Revenue increased 11% to $105.0 million compared to $94.7 million in the same quarter last year. Excluding the impact of foreign exchange, net revenue increased 13%.
- GAAP Diluted EPS from continuing operations increased 40% to $0.63 from $0.45 in the same quarter last year. Adjusted Diluted EPS increased 36% to $0.68 compared to $0.50 in the same quarter last year.
- EBITDA increased 26% to $34.4 million compared to the same quarter last year. (see table at the end of this press release).
- Net cash was $99.2 million at the end of the quarter, an increase of $25.0 million during the quarter.
- The Company continues to expect full year 2017 Net Revenue, excluding the impact of foreign currency, to increase between 7% and 11% compared to 2016. Adjusted EBITDA is still expected to be between $168 and $174 million, a 9% to 13% increase over 2016. (see Financial Expectations – Continuing Operations section below for related explanations and additional financial guidance).
“We had a positive start to 2017 with increased demand in the generics and controlled substances categories and we continued to execute well, delivering strong margins in the quarter. Demand remains robust across all categories and we continue to have a high level of visibility into the full year, which gives us confidence in our guidance,” commented Steven M. Klosk, President and Chief Executive Officer of Cambrex.
“Overall industry trends remain positive and we are adding resources and capacity to ensure we continue to be well positioned to meet demand. During the quarter, we won two new late stage projects and we continue to see strong demand in the innovator market.”
