Pidilite Industries reports consolidated comparable net sales growth of 20%; domestic volume growth at 13%
By Matt Scuffham
Adjusted for one-time items, the news and information provider reported earnings per share of 11 cents, down from 27 cents a year ago, but above Wall Street's average estimate of 3 cents, according to IBES data from Refinitiv.
Revenue rose 3 percent, excluding the effect of fluctuating exchange rates, to $1.29 billion. Analysts had expected revenue of $1.32 billion, on average.
The company reiterated its forecast, originally given in May, for low single-digit revenue growth in 2018. It said it now expects adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of $1.3 billion for the year. It previously said it expected $1.2 billion to $1.3 billion. The year ago figure was $1.6 billion.
For the third quarter, the company's adjusted EBITDA fell 21 percent, excluding the effect of exchange rates, to $302 million, due to higher income tax expense from the company's continuing operations, offsetting higher earnings from its discontinued operations.
Thomson Reuters last month completed the sale of a 55-percent stake in its Financial & Risk unit to private equity firm Blackstone Group LP in a deal that valued the unit, now a standalone business called Refinitiv, at about $20 billion.
The company's Legal business reported revenue of $883 million in the third quarter, up 4 percent excluding currency effects, and its Tax & Accounting unit reported sales of $341 million, up 3 percent on the same basis.
(Reporting by Matt Scuffham in Toronto; Editing by Bill Rigby)
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