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Milacron’s financial results for the full year and fourth quarter 2018.
Milacron’s financial results for the full year and fourth quarter 2018.

Milacron Holdings Corp. recentlyannounced its financial results for the full year and fourth quarter 2018.

“Milacron delivered another solid year of results, meeting our sales and Adjusted EBITDA targets and exceeding our target for free cash flow,” said Milacron President and Chief Executive Officer, Tom Goeke. “We also capped off our multi-year restructuring initiative. Looking ahead to 2019, Milacron's strategy remains unchanged and all of our growth platforms are well-positioned for growth and margin expansion. We are well-prepared for the challenges and opportunities in 2019."

Full year results

For the year ended December 31, 2018, sales were US$1,258.2 million, an increase of 1.9% from US$1,234.2 million in the prior year.

Operating earnings for the year increased 19.6% to US$106.6 million, compared to US$89.1 million in the prior year.

Adjusted EBITDA for the year increased 0.6% to US$228.6 million, compared to US$227.3 million in the prior year.

Fourth quarter results

For the fourth quarter of 2018, sales were US$311.4 million, a decrease of 4.2% from US$324.9 million in the same period a year ago.

Operating earnings for the fourth quarter of 2018 increased 45.2% to US$15.1 million, compared to US$10.4 million in the prior year period.

Adjusted EBITDA for the fourth quarter of 2018 decreased 10.9% to US$53.8 million, compared to US$60.4 million in the prior year period.

Segment results

Sales of Melt Delivery & Control Systems (MDCS) for the fourth quarter of 2018 were US$102.3 million compared to US$103.6 million in the same period a year ago. Excluding US$2.8 million of unfavorable effects of currency movements, sales increased 1.4% compared to the prior year period.

For the full year 2018, sales of MDCS were US$451.7 million compared to US$423.9 million in the same period a year ago. Excluding US$9.5 million of favorable effects of currency movements, sales increased 4.3% compared to the prior year.

Sales of Fluid Technologies (Fluids) for the fourth quarter of 2018 were US$31.1 million compared to US$31.0 million in the same period a year ago. Excluding US$0.8 million of unfavorable effects of currency movements, sales increased 2.9% compared to the prior year period.

For the full year 2018, sales of Fluids were US$129.3 million compared to US$121.2 million in the same period a year ago. Excluding US$2.3 million of favorable effects of currency movements, sales increased 4.8% compared to the prior year.

Sales of Advanced Plastic Processing Technologies (APPT) for the fourth quarter of 2018 were US$178.0 million compared to US$190.3 million in the same period a year ago. Excluding US$4.8 million of unfavorable effects of currency movements, sales decreased 3.9% compared to the prior year period.

For the full year 2018, sales of APPT were US$677.2 million compared to US$689.1 million in the same period a year ago. Excluding US$2.5 million of unfavorable effects of currency movements, sales decreased 1.4% over the prior year.

Outlook of 2019

In line with current market conditions, Milacron forecasted -3% to -4% sales growth in 2019, which is inclusive of an anticipated 1% foreign currency headwind. On a pro forma basis, Milacron forecasted 0% to 1% sales growth in 2019, inclusive of the aforementioned foreign currency headwind.

Adjusted EBITDA margin is forecasted to be between 17.5% and 18.0%. Free cash flow is forecasted to be between US$100 million and US$110 million.

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