- Diversey Holdings Ltd (NASDAQ:DSEY) reported second-quarter FY21 sales growth of 3.9% year-on-year but declined 4.4% versus pre-COVID 2019 baseline, to $650.10 million, missing the analyst consensus of $666.13 million.
- Net sales from the Institutional segment rose 0.3% Y/Y, and Food & Beverage increased 15%.
- Gross profit grew 2% Y/Y to $265.6 million, with the margin contracting 70 basis points to 40.9%.
- The operating margin was 3.5%, and operating income for the quarter declined 52.3% to $23 million.
- The company held $70.7 million in cash and equivalents as of June 30, 2021.
- Adjusted EBITDA fell 4.3% Y/Y to $101.3 million, and the adjusted EBITDA margin declined 130 basis points to 15.6%.
- Adjusted EPS of $0.16 beat the analyst consensus of $0.11.
- “We are pleased to report another good quarter, bringing our first-half results in line with our IPO plan despite a difficult operating environment,” said CEO Phil Wieland.
- Diversey Holdings targets quarter-on-quarter growth to come in Q4 than initially planned for Q3.
- Price Action: DSEY shares are trading higher by 0.62% at $16.27 on the last check Friday.
Needham Reiterates Buy on PAR Technology, Maintains $43 Price Target
Needham analyst Mayank Tandon reiterates PAR Technology (NYSE:PAR) with a Buy and maintains $43 price target.
