Horizon Global shared its third-quarter highlights on Nov. 4. The company reported $24.2 million of cash generated from operating activities, a $90.0 million improvement over the prior year’s comparable period.
It cited a cash and availability of $78.0 million; $17.1 million improvement over the prior year’s comparable period. Net sales totaled at $201.6 million, an increase of $23.7 million, or 13.3 percent, compared to the prior year’s comparable period.
Horizon said that it had an operating profit of $8.6 million; a $21.3 million improvement compared to the prior year’s comparable period. The results also cited a net income from continuing operations of $1.6 million; $39.1 million improvement compared to the prior year’s comparable period. Additionally, Horizon’s adjusted EBITDA of $16.1 million was a $19.1 million improvement compared to the prior year’s comparable period.
“I want to thank each and every member of our global team for the tremendous efforts and leadership demonstrated during the third quarter of 2020 as we continued to navigate our way through an unprecedented macro-economic environment,” stated Terry Gohl, Horizon Global president and CEO. “We made a commitment in March to accelerate the deployment of our operational improvement initiatives to ensure that we would emerge from the crisis as a stronger company. The team rose to the occasion and, as a result, we delivered on our customer commitments in a period of increased demand, leading to significant improvements in profitability and cash flow generation.”
Gohl added that while the business continued to improve “we are beginning to see the fruits of our labor and the third quarter of 2020 marks the first time in three years that we have generated positive net income.”
