The company said sales for Q2 2024 fell to $2.889 billion from $2.929 billion a year earlier, down 1% on a reported basis. Gross profit was $1.068 billion (37.0% of sales), up 14% from $933 million (31.9%) a year earlier.

10-QQuarterly reportFiled Aug 6, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

The company said sales for Q2 2024 fell to $2.889 billion from $2.929 billion a year earlier, down 1% on a reported basis. Gross profit was $1.068 billion (37.0% of sales), up 14% from $933 million (31.9%) a year earlier.
The company said (gains) losses on business disposals for Q2 2024 were $(368) million, driven mainly by the gain on the disposal of the Cosmetic Ingredients business. In the same quarter, goodwill impairment was $64 million and the loss on assets classified as held for sale was $282 million.
The company said it announced the sale process for its Pharma Solutions business and entered into a sale agreement on March 19, 2024. It said it completed the divestiture of its Cosmetic Ingredients business on April 2, 2024.
The company said that as of June 30, 2024, it had no outstanding borrowings under its $2.000 billion Revolving Credit Facility and that $1.696 billion was available. It said its net debt to credit adjusted EBITDA ratio was 3.98 to 1.0, and that it was in compliance with its financial covenant.

Key figures

Quarter ended June 30, 2024

Revenue: $2.9B
Operating income: $191M
Net income: $170M
EPS: $0.66
Gross profit: $1.1B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 2024 Sales and Gross Profit

The company said sales for Q2 2024 fell to $2.889 billion from $2.929 billion a year earlier, down 1% on a reported basis. Gross profit was $1.068 billion (37.0% of sales), up 14% from $933 million (31.9%) a year earlier.

Source · Based on the MD&A text of the filing

Q2 Business Disposal Gains and Other Non-Operating Items

The company said (gains) losses on business disposals for Q2 2024 were $(368) million, driven mainly by the gain on the disposal of the Cosmetic Ingredients business. In the same quarter, goodwill impairment was $64 million and the loss on assets classified as held for sale was $282 million.

Source · Based on the MD&A text of the filing

Pharma Solutions Sale Agreement and Cosmetic Ingredients Divestiture

The company said it announced the sale process for its Pharma Solutions business and entered into a sale agreement on March 19, 2024. It said it completed the divestiture of its Cosmetic Ingredients business on April 2, 2024.

Source · Based on the MD&A text of the filing

Liquidity and Covenant Compliance as of June 30, 2024

The company said that as of June 30, 2024, it had no outstanding borrowings under its $2.000 billion Revolving Credit Facility and that $1.696 billion was available. It said its net debt to credit adjusted EBITDA ratio was 3.98 to 1.0, and that it was in compliance with its financial covenant.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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