MIAMI – Element Solutions reported first quarter sales of $349.2 million for its Electronics segment, an increase of 3% from the first quarter of 2023.

As a whole, the company's net sales of $575 million were flat compared to last year's first quarter.

"Element Solutions executed well this quarter in recovering electronics markets," said president and CEO Benjamin Gliklich. "Our ongoing investment in high-value technologies, particularly in advanced packaging and semiconductor markets, has driven favorable mix, while the carryover of our pricing actions against deflating raw materials prices led margins higher in our industrial business. The overall impact was substantial margin expansion and 17% constant-currency adjusted EBITDA growth. Contribution from ongoing investment in innovation for leading edge electronics applications should continue to drive our value proposition and profitability higher from here over time.

"We are optimistic for a continued recovery in electronics end markets despite a slower economic backdrop in the Americas and Europe. It remains early to make a call on the magnitude of demand acceleration in the second half of 2024; however, pockets of strength in electronics and our margin progress give us confidence to increase our full year 2024 adjusted EBITDA guidance range to $515 million to $530 million, despite an incremental FX headwind of more than $5 million. This translates to full year constant currency adjusted EBITDA growth of 10% to 14%. While the near-term growth outlook is strong, we are even more compelled by the longer-term opportunities we are pursuing. Our traction with advanced electronics innovators and pipeline of solutions to solve emerging customer pain-points have been improving consistently. This is a product of our strategy execution and our exceptional people who have once again delivered this quarter for our customers and shareholders," said Gliklich.

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