Horizon Global has reported net sales during the fourth quarter of $175.9 million, an improvement of $33.6 million, or 23.6 percent, compared to the same quarter a year ago.
Although it reports a net loss from the quarter of $5.8 million, that was a $26.2 million improvement over the year-ago quarter.
For the full year, Horizon reported net sales of $661.2 million, a decrease of 4 percent from the previous year.
The company’s net loss for the year from continuing operations of $37.5 million, but that was a $72.5 million improvement compared to prior year.
“2020 was a transformational year for Horizon Global as reflected by significant year-over-year improvements in profitability and cash flow generation,” said Terry Gohl, Horizon Global’s president and CEO. “We entered 2020 with great momentum and high expectations for the turnaround of the company. While we immediately faced unprecedented macro-economic challenges due to the global pandemic, the team maintained its focus and ultimately delivered significant value to our shareholders as well as all of our key stakeholders. To offset commercial headwinds in early 2020, we accelerated the execution of our operational improvement initiatives, including the operational transformation of Mexico manufacturing and Americas distribution, streamlining our Americas product portfolio and rationalizing our Europe-Africa distribution footprint. This resulted in improved productivity and throughput, which enabled us to deliver on customer commitments and further solidified Horizon Global as the supplier of choice during the second half of the year.”
