Perimeter Solutions(PRM)
Search documents
Perimeter Solutions(PRM) - 2025 Q1 - Quarterly Results
2025-05-08 11:45
Exhibit 99.1 Perimeter Solutions Reports First Quarter 2025 Financial Results May 8, 2025 First quarter Net Income of $56.7M and Adjusted Net Income of $4.1M Strong execution and early season fire activity drove first quarter Adjusted EBITDA of $18.1M First quarter Earnings Per Diluted Share of $0.36 and Adjusted Earnings Per Diluted Share of $0.03 First IMS add-on product line acquisitions completed Clayton, Missouri, May 8, 2025 – Perimeter Solutions, Inc. (NYSE: PRM) ("Perimeter" or the "Company"), a lea ...
Perimeter Solutions(PRM) - 2025 Q1 - Earnings Call Presentation
2025-05-08 11:39
Financial Performance - Q1 2025 - Fire Safety revenue increased by 48% year-over-year, from $25155 thousand to $37163 thousand[15] - Fire Safety adjusted EBITDA saw a significant increase of 4285%, from -$241 thousand to $10085 thousand[15] - Specialty Products revenue increased by 3% year-over-year, from $33889 thousand to $34867 thousand[15] - Specialty Products adjusted EBITDA decreased by 35%, from $12377 thousand to $7998 thousand[15] - Consolidated revenue increased by 22%, from $59044 thousand to $72030 thousand[15] - Consolidated adjusted EBITDA increased by 49%, from $12136 thousand to $18083 thousand, with adjusted EBITDA margin increasing from 21% to 25%[15] Capital Structure and Allocation - Net debt to LTM adjusted EBITDA is 17x[22, 31] - The company had $2001 million in cash as of Q1 2025[22] - $82 million was spent on share buybacks in Q1 2025[18] - $100 million was allocated to M&A in Q1 2025[17]
Perimeter Solutions Reports First Quarter 2025 Financial Results
Newsfile· 2025-05-08 10:00
Core Insights - Perimeter Solutions reported a strong financial performance for the first quarter of 2025, with a net income of $56.7 million compared to a net loss of $82.6 million in the same quarter of the previous year [1][5][26] - The company achieved an adjusted EBITDA of $18.1 million, reflecting a 49% increase from $12.1 million in the prior year quarter, driven by strong execution and early season fire activity [1][5][21] - Net sales increased by 22% to $72.0 million, with the Fire Safety segment experiencing a significant 48% growth [5][11] Financial Performance - First quarter net income was $56.7 million, or $0.36 per diluted share, compared to a net loss of $82.6 million, or $0.57 loss per diluted share in the prior year [5][26] - Adjusted earnings per diluted share were $0.03, an improvement from an adjusted loss per share of $0.01 in the previous year [5][27] - The Fire Safety segment's net sales rose to $37.2 million, while Specialty Products net sales increased to $34.9 million [5][11] Capital Allocation - On March 28, 2025, Perimeter acquired certain product lines for $10.0 million, which will be integrated into its IMS business within the Specialty Products segment [3] - The company repurchased 0.9 million shares of common stock at an average price of $9.19 per share during the quarter [6] Segment Performance - Fire Safety adjusted EBITDA increased to $10.1 million, compared to a loss of $0.2 million in the prior year quarter [5][21] - Specialty Products adjusted EBITDA decreased by 35% to $8.0 million from $12.4 million in the previous year [5][21] Cash Flow and Balance Sheet - Cash and cash equivalents at the end of the quarter were $200.1 million, up from $198.5 million at the end of the previous quarter [19][18] - The total assets of the company were reported at $2.4 billion, with total liabilities at $1.2 billion [18][17]
Perimeter Announces Date for First Quarter 2025 Earnings Call
Newsfile· 2025-04-30 21:00
Core Points - Perimeter Solutions will release its financial results for Q1 2025 on May 8, 2025, before market opens [1] - A conference call to discuss these results will be held on the same day at 8:30 AM ET, led by CEO Haitham Khouri, CFO Kyle Sable, and Head of Investor Relations Seth Barker [2] Company Overview - Perimeter Solutions is a leading global provider in the Fire Safety and Specialty Products industries, headquartered in St. Louis, Missouri [3] - The company operates in two segments: Fire Safety, which includes fire retardants and firefighting foams, and Specialty Products, which focuses on non-fire safety markets, including phosphorus pentasulfide-based lubricant additives [3] - The Specialty Products segment also encompasses IMS, a manufacturer of electronic components for various end markets, emphasizing aftermarket repair and replacement [3]
PRM Introduces SOLBERG SPARTAN Foam Technology at FDIC 2025
ZACKS· 2025-04-15 14:15
Product Launch - Perimeter Solutions, Inc. (PRM) launched SOLBERG SPARTAN, a 1% fluorine-free Class A/B foam concentrate, at FDIC 2025, designed for total fire suppression across 99% of fire types [1] - The product offers fast knockdowns, reduces flashover risk, and provides superior heat protection, enhancing firefighter safety by minimizing exposure time [2] Performance and Efficiency - SOLBERG SPARTAN cools fires in less than half the time compared to water, which takes nearly four minutes to cool from 1,000°F to 212°F [3] - The technology reduces water demand by 40%, allowing firefighting crews to operate more efficiently and alleviating strain on critical resources [3] Stock Performance - PRM's stock has increased by 41.4% over the past year, contrasting with a 5.6% decline in the industry [5]
Perimeter Solutions Gives Firefighters A Tactical Advantage in Fire Suppression With SOLBERG SPARTAN Class A/B Foam
Globenewswire· 2025-04-10 13:00
Perimeter Solutions SOLBERG SPARTAN™ Perimeter Solutions announced SOLBERG SPARTAN™ 1% Fluorine-Free Class A/B Foam Concentrate at FDIC International today. This foam technology was designed to give firefighters a tactical advantage to achieve total fire suppression on structure, wildland, vehicle, gasoline, and dumpster fires. Perimeter Solutions SOLBERG SPARTAN™ Perimeter Solutions' SOLBERG SPARTAN™ is compatible with conventional firefighting equipment. With similar viscosity to Class A foam, it i ...
Perimeter Solutions, SA (PRM) Surges 10.0%: Is This an Indication of Further Gains?
ZACKS· 2025-03-27 08:30
Company Overview - Perimeter Solutions, SA (PRM) shares increased by 10% to close at $10.02, following a significant trading volume compared to typical sessions [1] - The stock had previously experienced a 10.5% decline over the past four weeks [1] - UBS analysts upgraded PRM from "Neutral" to "Buy" with a price target of $14 [1] Earnings Expectations - PRM is projected to report a quarterly loss of $0.09 per share, reflecting a year-over-year improvement of 52.6% [2] - Expected revenues for the upcoming quarter are $63.38 million, which is a 7.4% increase from the same quarter last year [2] - The consensus EPS estimate for PRM has remained unchanged over the last 30 days, indicating a lack of earnings estimate revisions [3] Industry Context - Perimeter Solutions, SA operates within the Zacks Chemical - Specialty industry [3] - PPG Industries, another company in the same industry, saw a slight increase of 0.2% to $111.93, but has returned -2.3% over the past month [3] - PPG's consensus EPS estimate has decreased by 0.2% to $1.62, representing a 12.9% decline from the previous year [4]
Perimeter Solutions Launches Industrial Foam School
Newsfilter· 2025-03-25 13:00
Core Insights - Perimeter Solutions is launching the Industrial Foam School, a two-day training program aimed at industrial firefighters, hazmat teams, and municipal firefighters to enhance their skills in using advanced fluorine-free firefighting foams [1][2]. Training Program Details - The first session of the Industrial Foam School will be held on May 28-29, 2025, at the Delaware State Fire Academy in Dover, DE, with additional sessions planned for October 2025 in Ontario, Canada, and Jacksonville, Florida [1][2][3]. - The training will cover application techniques and incident preplanning using fluorine-free firefighting foam, with hands-on training using real foam where permitted [2][3]. Attendance and Costs - The cost for attending the Industrial Foam School is set at $599 per participant, with a maximum capacity of 30 attendees per session [3]. - The company plans to add more sessions across the U.S. and Canada in 2025 and 2026 [3]. Company Overview - Perimeter Solutions, headquartered in St. Louis, Missouri, is a global provider of firefighting products and lubricant additives, known for brands like PHOS-CHEK® and FIRE-TROL® [5]. - The company emphasizes the importance of its products in critical life-saving situations, branding them as "Trusted Solutions that Save" [5].
Perimeter Solutions(PRM) - 2024 Q4 - Earnings Call Transcript
2025-02-20 19:47
Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA approximately doubled from $141 million in 2021 to $280 million in 2024, representing a three-year adjusted EBITDA CAGR of 26% [13] - Consolidated adjusted EBITDA margin expanded approximately 1,100 basis points over the three-year period, or approximately 360 basis points per year [14] - Consolidated sales increased 45% to $86.2 million in Q4 and expanded 74% to $561 million for the full year [32] Business Line Data and Key Metrics Changes - Fire Safety segment Q4 revenue increased 72% to $60.7 million, with full year revenue growing 93% to $436.3 million [29] - Fire Safety Q4 adjusted EBITDA rose 289% to $27.2 million, contributing to a full year figure of $240.1 million, an increase of 215% [30] - Specialty Products segment Q4 sales increased 6% to $25.5 million, driving full year sales growth of 29% to $124.7 million [31] Market Data and Key Metrics Changes - 2024 U.S. acres burned (excluding Alaska) were 8.2 million, with a significant portion attributed to the Smokehouse Creek fire, indicating a deviation from the normalized fire season [35] - The normalized U.S. fire season is estimated to fall in the range of 6 million to 7 million acres burned, based on historical averages [34] Company Strategy and Development Direction - The company aims to provide quality products and exceptional service while delivering private equity-like returns with public market liquidity [8] - Focus on capital allocation and management of capital structure to maximize equity value creation [9] - The acquisition of Intelligent Manufacturing Solutions (IMS) for approximately $33 million aligns with the company's strategy to drive post-acquisition value through operational improvements [24] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational improvements and the sustainability of the 2024 results, anticipating continued normalized demand in the future [37] - The recent wildfires in Southern California are expected to catalyze increased focus and resources towards wildfire preparedness and response, benefiting the company's operations [70] Other Important Information - The company generated free cash flow of $172.9 million in 2024, validating its operational strategy and creating financing capacity for M&A [46] - The company has a strong liquidity position with cash and cash equivalents of approximately $198.5 million and an undrawn $100 million revolving credit facility [48] Q&A Session Summary Question: Insights on the PCB market and its fit in Perimeter's strategy - Management highlighted the strategic fit of PCBs with their operational value driver strategy, emphasizing the potential for significant value creation through acquisitions and licensing [52][54] Question: Drivers of increased CapEx spending - The increase in CapEx is primarily driven by investments in the fire safety platform, aimed at fulfilling customer missions and improving products and services [57] Question: Implications of California wildfires on business - While the immediate financial impact of the LA fires was modest, management anticipates long-term benefits from increased focus on wildfire response and preparedness [67][70] Question: Impact of new administration policies on supply chain and business - Management believes there will be negligible impact from tariffs or new governmental policies on the supply chain, maintaining a resilient system with multiple redundancies [76] Question: Target leverage ratio and M&A strategy - The company aims to increase its leverage ratio to around 3.5 times, with M&A being a key driver for achieving this target [90]
Perimeter Solutions(PRM) - 2024 Q4 - Annual Report
2025-02-20 17:27
Financial Performance - Net sales increased by $238.9 million for the year ended December 31, 2024, reaching $560.97 million, a 74% increase compared to 2023[235]. - Gross profit for the year ended December 31, 2024, was $317.09 million, reflecting a 147% increase from $128.30 million in 2023[235]. - The company reported a net loss of $5.91 million for the year ended December 31, 2024, compared to a net income of $67.49 million in 2023[235]. - Operating loss for 2024 was $(3.767) million, a decline from an operating income of $94.450 million in 2023[337]. - Total operating expenses surged to $320.85 million, an increase of 848% compared to $33.85 million in the previous year[235]. Segment Performance - Fire Safety segment net sales rose by $210.7 million, driven by a $198.4 million increase in fire retardant sales and a $12.3 million increase in fire suppressant sales[235]. - Net sales for the Fire Safety segment increased to $436.3 million in 2024 from $225.6 million in 2023, while Segment Adjusted EBITDA rose by $163.9 million to $240.1 million[244]. - The Specialty Products segment saw a $28.2 million increase in net sales, with $22.1 million from the Americas and $6.1 million from Europe[235]. - Specialty Products segment net sales increased to $124.7 million in 2024 from $96.6 million in 2023, with Segment Adjusted EBITDA rising by $19.6 million to $40.2 million[245]. Cash Flow and Liquidity - Cash provided by operating activities for the year ended December 31, 2024, was $188.4 million, a significant increase from $0.2 million in 2023[268]. - Cash and cash equivalents increased significantly to $198,456,000 in 2024 from $47,276,000 in 2023, marking a growth of over 319%[334]. - The company had $198.5 million in cash and cash equivalents as of December 31, 2024, with no significant default risk identified[403]. - Cash used in investing activities was $42.9 million for 2024, which included a business purchase for $32.8 million[270]. Acquisitions and Investments - The company completed an acquisition of IMS DE Holdings, LLC for a total purchase price of $32.8 million, recording intangible assets valued at $6.0 million for customer relationships and $7.1 million for technology[314]. - The Company plans to continue investing in the expansion of its fire safety business through acquisitions to grow its global customer base[231]. Debt and Financing - The Revolving Credit Facility provides for a senior secured revolving credit facility of up to $100.0 million, maturing on November 9, 2026, with no outstanding borrowings as of December 31, 2024[251][253]. - The Company assumed $675.0 million principal amount of 5.00% senior secured notes due October 30, 2029, with interest payable semi-annually[254]. - For the year ended December 31, 2024, the company reported net cash provided by financing activities of $8,349,000, a significant improvement compared to a net cash used of $(64,453,000) in 2023[343]. Tax and Foreign Currency - Income tax benefit increased by $35.1 million for the year ended December 31, 2024, primarily due to the Redomiciliation Transaction[243]. - The Company reported a foreign currency loss of $2.4 million for the year ended December 31, 2024, compared to a foreign currency gain of $1.7 million in 2023[242]. - The company is exposed to foreign currency exchange risks, particularly with the Euro, Canadian dollar, Norwegian krone, and Australian dollar[295]. Shareholder Equity and Stock - The Company repurchased 2,988,291 shares in 2024, with an approximate dollar value of shares that may yet be repurchased under the Share Repurchase Plan at $97.2 million as of December 31, 2024[259]. - The Company issued 10 million 6.50% Redeemable Preferred Shares valued at $100.0 million, with a preferred annual cumulative dividend of 6.50%[297]. - The EverArc Founder Entity is entitled to receive a Fixed Annual Advisory Amount of 2,357,061 shares of Common Stock, representing 1.5% of the total shares outstanding, until December 31, 2027[289]. Assets and Liabilities - The company reported total assets of $2,416,394,000 as of December 31, 2024, an increase from $2,315,422,000 in 2023, representing a growth of approximately 4.4%[334]. - Total liabilities increased to $1,259,124,000 in 2024 from $1,163,127,000 in 2023, reflecting a rise of approximately 8.2%[334]. - The company's accumulated deficit stood at $586,723,000 as of December 31, 2024, compared to $580,818,000 in 2023, showing a slight increase in losses[334]. Goodwill and Intangible Assets - There was no impairment of goodwill during the years ended December 31, 2024, 2023, or 2022, reflecting stable asset valuations[366]. - Goodwill balance as of December 31, 2024, is $1,034,543, a decrease from $1,036,279 as of December 31, 2023, primarily due to foreign currency translation adjustments[415]. - Total definite lived intangible assets as of December 31, 2024, amount to $898,417, compared to $945,007 as of December 31, 2023, reflecting a decrease in net book value[416]. Regulatory and Compliance - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the audit opinion[318]. - The Company accounts for income taxes under the asset-and-liability method, recognizing deferred tax assets and liabilities for future tax consequences[379]. - The Company adopted ASU No. 2023-07, requiring enhanced disclosures about significant segment expenses, effective for fiscal years beginning after December 15, 2023[412].