Diversey reported fiscal fourth-quarter sales of US$672.4 million, an increase of 0.7 per cent from $667.4 million in sales one year earlier.
The company’s adjusted net income in fourth quarter 2021 was $51.2 million, or $0.16 per share, compared to $15.7 million, or $0.11 per share in the same quarter 2020.
According to Diversey, both its institutional and food and beverage divisions displayed positive momentum, winning new clients while improving margins.
The company’s food and beverage division increased net sales 14 per cent to $185.5 million while the institutional division’s quarterly sales dipped slightly (3.5 per cent) to $486.9 million.
“We delivered another quarter of sequential and year-over-year growth in sales and adjusted EBITDA margin as the market supported our need to take pricing increases given the value placed on our products and services,” said Phil Wieland, Diversey’s CEO.
“This helped us overcome a challenging environment marked by significant raw material and freight cost increases. We are very proud of our team’s ongoing ability to execute, win new customers and deliver for our shareholders. Our building pipeline of new wins drove growth in our food and beverage business,” said Wieland.
“Our base Institutional revenue, excluding infection prevention, grew 17 per cent in the fourth quarter and we are energised by the fact that we anticipate recapturing more than $220 million of recovery as countries and businesses reopen over time.
“We also are excited that our infection prevention business remains more than 20 per cent ahead of pre-COVID 2019 levels. As we head into 2022, significant global macro challenges remain, but we are confident that Diversey is well positioned to deliver annual double-digit adjusted EBITDA percentage growth long-term once the current challenges recede during 2022.”
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