- Sales up 1.1% to $419.5 million in Q4 and up 21.0% to $1,752.0 million for 2018, driven by the full-year contribution of The Parts Alliance UK segment and organic growth;
- Consolidated organic growth(1) of 2.3% in Q4 and 1.5% for 2018 with organic growth(1) in all 3 segments for the 2018 full year;
- EBITDA(1) of $12.8 million for Q4 and $104.9 million for 2018; adjusted EBITDA(1) of $21.4 million for Q4, down 23.4% and of $119.5 million for 2018, up 1.7%;
- EPS of $(0.06) for Q4 and of $0.86 for 2018, adjusted EPS(1) of $0.13 for Q4 and $1.22 for 2018;
- Launched a Performance Improvement and Rightsizing Plan of the FinishMaster US segment operations with expected annualized savings of $10 million by the end of 2019 in response to changing market conditions.
- Continued to generate savings from the 25/20 Plan implemented in late 2017.
- Initiated search for a new President and CEO.
Unless otherwise indicated in this press release, all amounts are expressed in thousands of US dollars, except per share amounts and percentages.
Boucherville (Québec), February 20,2019 – Uni-Select Inc. (TSX:UNS) (“Uni-Select” or “Corporation”) today reported its financial results for the fourth quarter and the year ended December 31, 2018.
Uni-Select is reporting 2018 sales of $1,752.0 million compared to 2017 sales of $1,448.3 million driven by the full-year contribution of The Parts Alliance UK segment and the strength of organic growth in all three business segments. The Corporation reported adjusted 2018 EBITDA of $119.5 million compared to adjusted 2017 EBITDA of $117.5 million, an increase of 1.7%. Fourth quarter adjusted EBITDA was $21.4 million, down 23.4% from $28.0 million in the fourth quarter 2017. Adjusted earnings per share for the 2018 year amounted to $1.22 versus adjusted earnings per share of $1.32 in 2017.
“Uni-Select’s Board of Directors and management are aligned with shareholders in the common goal of enhancing long-term value. Over the past year, we have pursued and delivered on several parallel initiatives aimed at improving operating and financial performance of the Corporation, such as our 25/20 Plan which has provided favourable results. We intend to build on this success,” stated André Courville, Interim President and CEO of Uni-Select. “While 2018 was a year in which we faced challenges, we generated higher sales and adjusted EBITDA, primarily related to The Parts Alliance acquisition and cost savings from our 25/20 Plan. Our adjusted EBITDA margins nevertheless remained under pressure in the US at FinishMaster.”
“In light of changing market conditions, the Board of Directors, in collaboration with management, also initiated an in-depth review of the US operations along with the development of a broad Performance Improvement and Rightsizing Plan, thereby realigning the business model to adapt to a new market reality and positioning the business for long-term success,” said Michelle Cormier, Chair of the Board of Directors.
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