Mar 15, 2016

AgroFresh reports sales for 2015

AgroFresh Solutions, Inc. announced financial results for the full year ended Dec. 31, 2015. AgroFresh became a stand-alone company upon the closing of a transaction with Dow Chemical Company on July 31, 2015.

Reported sales for full year 2015 were $164 million, a decline of 3 percent year-over-year on a constant currency basis. This compares to an estimated 8-10 percent year-over-year decline in the size of the global apple crop, which is the primary crop that AgroFresh serves.

The decrease in sales was primarily attributable to a smaller apple crop in the northern hemisphere in 2015 following a record crop in 2014, AgroFresh reported. Increased penetration of the company’s SmartFresh into apples, other fruits, and new geographies helped to offset much of the impact of the smaller northern hemisphere apple crop, the company said.

Adjusted EBITDA was $90 million for full year 2015, at the midpoint of the company’s guidance, AgroFresh said. On a constant currency basis, Adjusted EBITDA for fiscal year 2015 declined 9 percent year-over-year, according to the company. Adjusted EBITDA margins remained strong in fiscal year 2015 at 55 percent, AgroFresh said.

For fourth quarter results and more information, visit the AgroFresh website.