Nexeo reported first-quarter net loss of $8.3 million, compared to a net income of $4.3 million in the year-ago quarter mostly due to an $11 million non-cash charge. Sales and operating revenues fell nearly 4% year-on-year (YOY), to $794.8 million driven by lower selling prices. Adjusted Ebitda fell 12.8% YOY, to $343 million, but in line with guidance expectations.
Sales and operating income for the chemicals segment fell 6.9% YOY, to $352.4 million primarily due to lower selling prices, as well as lower sales volumes in North America and Asia. Sales and operating income for the plastics segment decreased 1.4% YOY, to $6 million, also due to lower selling prices. Sales and operating income for the other segment dropped 2% YOY, to $600,000 driven by a shift in service mix toward on-site services.
"We continued to make progress on our strategic objectives, including expansion of our specialty line-card with recent supplier authorizations," said David Bradley, Nexeo president and CEO . "We are well positioned to deliver on our forecasted earnings growth for the year."