Diversey Holdings Ltd. (DSEY) reported Q1 EPS of $0.01, $0.03 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $660 million versus the consensus estimate of $632.93 million.
Outlook:
While Diversey is encouraged with first quarter results and positive momentum, the Company continues to operate in an unprecedented environment. Accordingly, Diversey believes it is appropriate to reaffirm its expectation of high single digit percentage revenue growth and adjusted EBITDA outlook of $380 to $420 million for 2022. If the positive trends seen in the first quarter continue, and the inflationary environment begins to abate, an update to the outlook could be provided as the year progresses.
While it is not management's intention to provide quarterly guidance going forward, the current expectation is that approximately 37% of full-year adjusted EBITDA will be earned in the first half of 2022, with the remaining approximately 63% in the back half of the year. This seasonality reflects the historical performance of the business along with the continued progression of various cost initiatives, coupled with price increases and surcharges that are expected to continue to build throughout the year.