Sells Asia-Pacific Business Segment; De-levers
by Over $180 Million and Bolsters Liquidity
- Net sales decreased $16.2 million, or 8.3%, to $177.9 million
from prior-year comparable period, primarily attributable to lower
net sales in Horizon Americas
- Operating loss of $12.8 million, or 7.2% of net sales;
improvement of $17.1 million over prior-year comparable period,
primarily due to a $26.6 million goodwill impairment charge
recorded in third quarter 2018
- Net loss from continuing operations of $37.5 million; down $0.4
million from prior-year comparable period
- Adjusted EBITDA(2) decreased $12.9 million to $(3.1) million
from prior-year comparable period due to lower net sales and
reduced gross margin in Horizon Americas
Horizon Global Corporation (NYSE: HZN), one of the world’s
leading manufacturers of branded towing and trailering equipment,
today reported financial results for the third quarter of 2019.
“I am encouraged by the strength of our brands, the ongoing
support of our customers, and the opportunity to return this proud
company to the leadership position it deserves,” commented Terry
Gohl, newly appointed President and Chief Executive Officer of
Horizon Global. “Over the past six weeks, since being tapped to
lead Horizon Global, I have toured our primary manufacturing
operations in Mexico and Europe. I have met with our teams in each
of these geographies and assessed our operating position and
associated challenges. Based on this early assessment, we
identified actions that we believe will accelerate improvements in
quality and time-to-market, and which we expect to result in
improved margins and cash flow in the coming quarters.”
Gohl continued, “We faced significant headwinds in our Americas
operations during the third quarter, with operational and execution
issues negatively impacting our ability to fill orders in the
aftermarket, retail and industrial channels, resulting in lost
sales, while the impact of tariffs and higher manufacturing costs
impacted profitability, all while our Europe-Africa operations
reported slightly higher sales and increased margins over the
prior-year comparable period, with the increase in margin primarily
due to a favorable commercial settlement of a potential product
liability claim. There is no doubt that everyone around the globe
is disappointed with our results, and there is an equal amount of
passion to make certain we improve them.”
Gohl added, “With the sale of our Asia-Pacific business segment
(“APAC”) and the resulting debt paydown, covenant relief,
additional liquidity and annual debt service savings, we are able
to focus our time, attention, energy and newly acquired talent on
improving the operating profiles of both our Americas and
Europe-Africa operations. Without the tireless efforts of the teams
on both sides of the pond, we would not have this unique
opportunity. On behalf of Horizon Global’s remaining 4,000
employees, I want to personally thank everyone involved.”
2019 Third Quarter Segment
Results
Horizon Americas. Net sales decreased $19.3 million, or
16.7%, to $96.2 million. Net sales in the aftermarket, retail and
industrial channels were $18.1 million lower than the prior-year
comparable period, while e-commerce net sales were down $1.7
million. These decreases were partially offset by OE net sales,
which increased $1.0 million. Gross profit decreased $10.5 million,
primarily due to the decrease in net sales and unfavorable material
input costs as a result of the impact of tariffs and higher freight
costs, unfavorable manufacturing costs and higher scrap costs.
Horizon Americas generated an operating loss of $2.2 million,
representing a decrease of $9.5 million from the prior-year
comparable period. Commensurately, Adjusted EBITDA(2) decreased to
$0.6 million for the quarter, as compared to $14.2 million during
the prior-year comparable period.
Horizon Europe-Africa. Net sales increased $3.1 million,
or 4.0%, to $81.6 million due primarily to increased net sales in
the Automotive OEM and OES channels. Europe-Africa net sales
continued to be impacted by unfavorable foreign currency
translation, while net sales on a constant currency(1) basis
increased $7.0 million, or 8.9%. Gross profit increased $4.3
million, primarily due to a favorable expense recovery related to
the settlement of a potential product liability claim. Operating
profit for the quarter was $1.7 million, which represented a $33.1
million improvement over the prior-year comparable period. Results
for the third quarter of 2018 included a goodwill impairment charge
of $26.6 million. Adjusted EBITDA(2) was $0.7 million for the
quarter, an increase of $0.8 million over the prior-year comparable
period.
Discontinued Operations. On September 19, 2019, the
Company completed the sale of APAC for $209.6 million in net cash
proceeds after payment of debt and transaction costs associated
with operations and the transaction. The Company classified APAC
assets and liabilities as held-for-sale as of December 31, 2018,
and classified APAC’s operating results and the gain on sale as
discontinued operations.
Balance Sheet and Liquidity. Gross debt decreased $149.3
million to $239.2 million from the prior-year comparable period.
Total liquidity, which includes borrowing availability under the
ABL and cash on-hand, was $60.9 million, down $6.8 million as
compared to the prior-year comparable period.
Summary
Gohl continued, “While our team has significant work ahead of
us, we are confident in our ability to address what we see and
whatever else might come forward. In a very short period of time,
we have defined key areas where we can accelerate improvement,
including those impacting customer service and satisfaction. We see
significant opportunities for both revenue growth and cost
improvement. We have deployed both internal and external resources
to address the most critical and significant items faster and are
recognizing targeted early results. The organization is being
reshaped to better serve the market. Since joining, I have hired a
Chief Operating Officer and a global purchasing lead and will
continue hiring top talent throughout the organization at all
levels until we are at full strength.”
In closing, Gohl stated, “Our focus and commitment is to provide
innovative products with superior engineering to our customers on
time, every time. We look forward to regaining our customers’
confidence and are optimistic they will again recognize Horizon
Global and our market leading brands as their supplier of
choice.”
Conference Call Details
Horizon Global will host a conference call regarding third
quarter 2019 earnings on Tuesday, November 12, 2019 at 8:30 a.m.
Eastern Time. Participants in the call are asked to register five
to ten minutes prior to the scheduled start time by dialing (866)
252-5200 and from outside the U.S. at (412) 317-6060. Please use
the conference identification number 10136454.
The conference call will be webcast simultaneously and in its
entirety through the Horizon Global website. An earnings
presentation will also be available on the Horizon Global website
at the time of the conference call. Shareholders, media
representatives and others may participate in the webcast by
registering through the investor relations section on the Company’s
website.
A replay of the call will be available on Horizon Global’s
website or by phone by dialing (877) 344-7529 and from outside the
U.S. at (412) 317-0088. Please use the conference identification
number 10136454. The telephone replay will be available
approximately two hours after the end of the call and continue
through November 26, 2019.
About Horizon Global
Horizon Global is the #1 designer, manufacturer and distributor
of a wide variety of high-quality, custom-engineered towing,
trailering, cargo management and other related accessory products
in North America and Europe. The Company serves OEMs, retailers,
dealer networks and the end consumer as the category leader in the
automotive, leisure and agricultural market segments. Horizon
provides its customers with outstanding products and services that
reflect the Company's commitment to market leadership, innovation
and operational excellence. The Company’s mission is to utilize
forward-thinking technology to develop and deliver best-in-class
products for our customers, engage with our employees and realize
value creation for our shareholders.
Horizon Global is home to some of the world’s most recognized
brands in the towing and trailering industry, including: BULLDOG,
Draw-Tite, Fulton, Reese, Tekonsha, and Westfalia. Horizon Global
has approximately 4000 employees in 37 facilities across 15
countries.
For more information, please visit www.horizonglobal.com.
Forward-Looking
Statements
This release contains “forward-looking statements” as defined in
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements contained herein speak only as of the
date they are made and give our current expectations or forecasts
of future events. These forward-looking statements can be
identified by the use of forward-looking words, such as “may,”
“could,” “should,” “estimate,” “project,” “forecast,” “intend,”
“expect,” “anticipate,” “believe,” “target,” “plan” or other
comparable words, or by discussions of strategy that may involve
risks and uncertainties. These forward-looking statements are
subject to numerous assumptions, risks and uncertainties which
could materially affect our business, financial condition or future
results including, but not limited to, risks and uncertainties with
respect to: the Company’s leverage; liabilities and restrictions
imposed by the Company’s debt instruments; market demand;
competitive factors; supply constraints; material and energy costs;
technology factors; litigation; government and regulatory actions
including the impact of any tariffs, quotas or surcharges; the
Company’s accounting policies; future trends; general economic and
currency conditions; various conditions specific to the Company’s
business and industry; the success of the Company’s action plan,
including the actual amount of savings and timing thereof; the
success of our business improvement initiatives in Europe-Africa,
including the amount of savings and timing thereof; the Company’s
exposure to product liability claims from customers and end users,
and the costs associated therewith; the Company’s ability to meet
its covenants in the agreements governing its debt; the Company’s
ability to maintain compliance with the New York Stock Exchange’s
continued listing standards; and other risks that are discussed in
the Company’s most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q or Current Reports on Form 8-K. The risks
described herein are not the only risks facing our Company.
Additional risks and uncertainties not currently known to us or
that we currently deemed to be immaterial also may materially
adversely affect our business, financial position and results of
operations or cash flows. We caution readers not to place undue
reliance on such statements, which speak only as of the date
hereof. We do not undertake any obligation to review or confirm
analysts’ expectations or estimates or to release publicly any
revisions to any forward-looking statement to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
(1)
We evaluate growth in our operations on
both an as reported basis and a constant currency basis. The
constant currency presentation, which is a non-GAAP measure,
excludes the impact of fluctuations in foreign currency exchange
rates. We believe providing constant currency information provides
valuable supplemental information regarding our growth, consistent
with how we evaluate our performance. Constant currency revenue
results are calculated by translating current period revenue in
local currency using the prior period’s currency conversion rate.
This non-GAAP measure has limitations as an analytical tool and
should not be considered in isolation or as a substitute for an
analysis of our results as reported under GAAP. Our use of this
term may vary from the use of similarly-titled measures by other
issuers due to the potential inconsistencies in the method of
calculation and differences due to items subject to interpretation.
See Appendix I for reconciliation.
(2)
Please refer to “Company and Business
Segment Financial Information” which details certain costs,
expense, other charges, that are included in the determination of
net income attributable to Horizon Global under GAAP, but that
management would not consider important in evaluating the quality
of the Company’s operating results. The Company’s management
utilizes Adjusted EBITDA as the key measure of company and segment
performance and for planning and forecasting purposes, as
management believes this measure is most reflective of the
operational profitability or loss of the Company and its operating
segments and provides management and investors with information to
evaluate the operating performance of its business and is
representative of its performance used to measure certain of its
financial covenants. Adjusted EBITDA should not be considered a
substitute for results prepared in accordance with U.S. GAAP and
should not be considered an alternative to net income attributable
to Horizon Global, which is the most directly comparable financial
measure to Adjusted EBITDA that is prepared in accordance with U.S.
GAAP.
Horizon Global
Corporation
Condensed Consolidated Balance
Sheets
(dollars in thousands)
September 30, 2019
December 31, 2018
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
16,360
$
27,650
Receivables, net of allowance for doubtful
accounts of approximately $5.0 million and $4.8 million at
September 30, 2019 and December 31, 2018, respectively
93,480
95,170
Inventories
141,150
152,200
Prepaid expenses and other current
assets
9,480
8,270
Current assets held-for-sale
—
36,080
Total current assets
260,470
319,370
Property and equipment, net
78,670
86,500
Operating lease right-of-use assets
56,170
—
Goodwill
4,200
4,500
Other intangibles, net
60,350
69,400
Deferred income taxes
440
660
Non-current assets held-for-sale
—
34,790
Other assets
5,700
6,130
Total assets
$
466,000
$
521,350
Liabilities and Shareholders'
Equity
Current liabilities:
Short-term borrowings and current
maturities, long-term debt
$
24,270
$
13,860
Accounts payable
79,440
102,350
Short-term operating lease liabilities
9,850
—
Current liabilities held-for-sale
—
28,080
Accrued liabilities
53,020
58,520
Total current liabilities
166,580
202,810
Gross long-term debt
214,930
382,220
Unamortized debt issuance costs and
discount
(34,200
)
(31,570
)
Long-term debt
180,730
350,650
Deferred income taxes
8,280
12,620
Long-term operating lease liabilities
50,890
—
Non-current liabilities held-for-sale
—
1,740
Other long-term liabilities
20,770
19,750
Total liabilities
427,250
587,570
Total Horizon Global shareholders' equity
(deficit)
42,090
(63,720
)
Noncontrolling interest
(3,340
)
(2,500
)
Total shareholders' equity (deficit)
38,750
(66,220
)
Total liabilities and shareholders'
equity
$
466,000
$
521,350
Horizon Global
Corporation
Condensed Consolidated
Statements of Operations
(Unaudited - dollars in
thousands, except share and per share data)
Three months ended September
30,
Nine months ended September
30,
2019
2018
2019
2018
Net sales
$
177,850
$
194,030
$
548,170
$
576,250
Cost of sales
(149,560
)
(159,500
)
(460,010
)
(472,120
)
Gross profit
28,290
34,530
88,160
104,130
Selling, general and administrative
expenses
(41,100
)
(37,680
)
(113,140
)
(134,210
)
Impairment of goodwill and intangible
assets
—
(26,640
)
—
(125,770
)
Net gain (loss) on dispositions of
property and equipment
50
(110
)
1,500
(520
)
Operating loss
(12,760
)
(29,900
)
(23,480
)
(156,370
)
Other expense, net
(1,640
)
(1,040
)
(6,610
)
(7,410
)
Interest expense
(24,120
)
(7,590
)
(50,270
)
(19,580
)
Loss from continuing operations before
income tax
(38,520
)
(38,530
)
(80,360
)
(183,360
)
Income tax benefit
1,020
1,420
2,330
15,770
Net loss from continuing operations
(37,500
)
(37,110
)
(78,030
)
(167,590
)
Income from discontinued operations, net
of tax
182,750
4,110
189,520
9,670
Net income (loss)
145,250
(33,000
)
111,490
(157,920
)
Less: Net loss attributable to
noncontrolling interest
(260
)
(240
)
(840
)
(720
)
Net income (loss) attributable to Horizon
Global
$
145,510
$
(32,760
)
$
112,330
$
(157,200
)
Net income (loss) per share
attributable to Horizon Global:
Basic:
Continuing operations
$
(1.47
)
$
(1.47
)
$
(3.05
)
$
(6.67
)
Discontinued operations
$
7.21
$
0.16
$
7.50
$
0.39
Total
$
5.74
$
(1.31
)
$
4.45
$
(6.28
)
Diluted:
Continuing operations
$
(1.47
)
$
(1.47
)
$
(3.05
)
$
(6.67
)
Discontinued operations
$
7.21
$
0.16
$
7.50
$
0.39
Total
$
5.74
$
(1.31
)
$
4.45
$
(6.28
)
Weighted average common shares
outstanding:
Basic
25,329,492
25,101,847
25,267,310
25,028,072
Diluted
25,329,492
25,101,847
25,267,310
25,028,072
Horizon Global
Corporation
Condensed Consolidated
Statements of Cash Flows
(unaudited - dollars in
thousands)
Nine months ended September
30,
2019
2018
Cash Flows from Operating
Activities:
Net income (loss)
$
111,490
$
(157,920
)
Less: Net income from discontinued
operations
189,520
9,670
Net loss from continuing operations
(78,030
)
(167,590
)
Adjustments to reconcile net loss from
continued operations to net cash used for operating activities:
Net (gain) loss on dispositions of
property and equipment
(1,500
)
520
Depreciation
11,980
9,410
Amortization of intangible assets
4,800
5,640
Write off of operating lease assets
4,250
—
Impairment of goodwill and intangible
assets
—
125,770
Amortization of original issuance discount
and debt issuance costs
18,570
6,050
Deferred income taxes
(3,390
)
(3,370
)
Non-cash compensation expense
1,790
1,430
Paid-in-kind interest
7,620
—
Increase in receivables
(4,680
)
(31,950
)
Decrease in inventories
1,920
5,630
(Increase) decrease in prepaid expenses
and other assets
(2,770
)
1,150
Decrease in accounts payable and accrued
liabilities
(15,560
)
(27,450
)
Other, net
(10,800
)
220
Net cash used for operating activities for
continuing operations
(65,800
)
(74,540
)
Cash Flows from Investing
Activities:
Capital expenditures
(8,460
)
(9,660
)
Net proceeds from sale of business
214,570
—
Net proceeds from disposition of property
and equipment
1,470
(280
)
Net cash provided by (used for) investing
activities for continuing operations
207,580
(9,940
)
Cash Flows from Financing
Activities:
Proceeds from borrowings on credit
facilities
13,780
12,550
Repayments of borrowings on credit
facilities
(6,520
)
(14,390
)
Proceeds from Second Lien Term Loan, net
of issuance costs
35,520
45,430
Repayments of borrowings on First Lien
Term Loan, inclusive of transaction costs
(173,430
)
(6,490
)
Proceeds from ABL Revolving Debt, net of
issuance costs
68,790
72,430
Repayments of borrowings on ABL Revolving
Debt
(112,510
)
(34,830
)
Proceeds from issuance of Series A
Preferred Stock
5,340
—
Proceeds from issuance of Warrants
5,380
—
Other, net
(10
)
(300
)
Net cash (used for) provided by financing
activities for continuing operations
(163,660
)
74,400
Discontinued Operations:
Net cash provided by discontinued
operating activities
11,430
8,500
Net cash used for discontinued investing
activities
(1,120
)
(720
)
Net cash provided by (used for)
discontinued financing activities
—
—
Net cash provided by discontinued
operations
10,310
7,780
Effect of exchange rate changes on
cash
280
40
Cash and Cash Equivalents:
Decrease for the period
(11,290
)
(2,260
)
At beginning of period
27,650
29,570
At end of period
$
16,360
$
27,310
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
19,730
$
13,430
Cash paid for taxes
$
480
$
2,170
Horizon Global Corporation Company
and Business Segment Financial Information (Unaudited -
dollars in thousands)
The Company’s management utilizes Adjusted EBITDA as the key
measure of company and segment performance and for planning and
forecasting purposes, as management believes this measure is most
reflective of the operational profitability or loss of the Company
and its operating segments and provides management and investors
with information to evaluate the operating performance of its
business and is representative of its performance used to measure
certain of its financial covenants. Adjusted EBITDA should not be
considered a substitute for results prepared in accordance with
U.S. GAAP and should not be considered an alternative to net income
attributable to Horizon Global, which is the most directly
comparable financial measure to Adjusted EBITDA that is prepared in
accordance with U.S. GAAP. Adjusted EBITDA, as determined and
measured by Horizon Global, should also not be compared to
similarly titled measures reported by other companies. The Company
also uses operating income (loss) to measure stand-alone segment
performance.
Adjusted EBITDA is defined as net income attributable to Horizon
Global before interest expense, income taxes, depreciation and
amortization, and before certain items, as applicable such as
severance, restructuring, relocation and related business
disruption costs, impairment of goodwill and other intangibles,
non-cash stock compensation, certain product liability recall and
litigation claims, acquisition and integration costs, gains
(losses) on business divestitures and other assets, board
transition support and non-cash unrealized remeasurement costs.
The following table summarizes Adjusted EBITDA for our operating
segments for the three and nine months ended September 30, 2019
(“3Q19”) and 2018 (“3Q18”):
Three months ended September
30, 2019
Three months ended September
30, 2018
Variance
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Consolidated
(dollars in thousands)
(dollars in thousands)
Net income attributable to Horizon
Global
$
145,510
$
(32,760
)
$
178,270
Net loss attributable to noncontrolling
interest
(260
)
(240
)
(20
)
Net income
145,250
(33,000
)
178,250
Interest expense
24,120
7,590
16,530
Income tax benefit
(1,020
)
(1,420
)
400
Depreciation and amortization
6,250
5,090
1,160
EBITDA
(940
)
1,380
174,160
174,600
8,030
(31,560
)
1,790
(21,740
)
196,340
Net loss attributable to noncontrolling
interest
—
260
—
260
—
230
—
230
30
Income from discontinued operations, net
of tax
—
—
(182,750
)
(182,750
)
—
—
(4,110
)
(4,110
)
(178,640
)
Severance
—
—
1,620
1,620
660
—
—
660
960
Restructuring, relocation and related
business disruption costs
(200
)
—
4,250
4,050
4,220
1,370
—
5,590
(1,540
)
Impairment of goodwill and other
intangibles
—
—
—
—
—
26,640
—
26,640
(26,640
)
Non-cash stock compensation
—
—
850
850
—
—
230
230
620
Acquisition and integration costs
—
—
—
—
—
70
1,130
1,200
(1,200
)
(Gain) loss on business divestitures and
other assets
320
—
(1,320
)
(1,000
)
650
—
—
650
(1,650
)
Product liability and litigation
claims
820
(4,270
)
—
(3,450
)
—
—
—
—
(3,450
)
Debt issuance costs
—
—
530
530
—
—
—
—
530
Unrealized remeasurement costs
240
650
300
1,190
110
530
(110
)
530
660
Other (income) expense, net
310
2,720
(1,980
)
1,050
570
2,650
(3,290
)
(70
)
1,120
Adjusted EBITDA
$
550
$
740
$
(4,340
)
$
(3,050
)
$
14,240
$
(70
)
$
(4,360
)
$
9,810
$
(12,860
)
Nine months ended September
30, 2019
Nine months ended September
30, 2018
Variance
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Consolidated
(dollars in thousands)
(dollars in thousands)
Net income attributable to Horizon
Global
$
112,330
$
(157,200
)
$
269,530
Net loss attributable to noncontrolling
interest
(840
)
(720
)
(120
)
Net income
111,490
(157,920
)
269,410
Interest expense
50,270
19,580
30,690
Income tax benefit
(2,330
)
(15,770
)
13,440
Depreciation and amortization
16,790
15,070
1,720
EBITDA
10,100
(3,770
)
169,890
176,220
7,260
(132,630
)
(13,670
)
(139,040
)
315,260
Net loss attributable to noncontrolling
interest
—
840
—
840
—
720
—
720
120
Income from discontinued operations, net
of tax
—
—
(189,520
)
(189,520
)
—
—
(9,670
)
(9,670
)
(179,850
)
Severance
(200
)
10
1,620
1,430
5,010
1,560
2,750
9,320
(7,890
)
Restructuring, relocation and related
business disruption costs
1,110
(1,410
)
4,250
3,950
11,830
2,820
—
14,650
(10,700
)
Impairment of goodwill and other
intangibles
—
—
—
—
—
125,770
—
125,770
(125,770
)
Non-cash stock compensation
—
—
1,820
1,820
—
—
1,440
1,440
380
Acquisition and integration costs
—
—
—
—
—
1,390
16,130
17,520
(17,520
)
(Gain) loss on business divestitures and
other assets
1,280
3,630
—
4,910
1,490
—
—
1,490
3,420
Board transition support
—
—
1,450
1,450
—
—
—
—
1,450
Product liability and litigation
claims
820
50
—
870
—
—
—
—
870
Debt issuance costs
—
—
2,660
2,660
—
—
—
—
2,660
Unrealized remeasurement costs
160
1,210
440
1,810
110
750
200
1,060
750
Other (income) expense, net
730
8,140
(7,120
)
1,750
2,160
8,310
(10,710
)
(240
)
1,990
Adjusted EBITDA
$
14,000
$
8,700
$
(14,510
)
$
8,190
$
27,860
$
8,690
$
(13,530
)
$
23,020
$
(14,830
)
Appendix I
Horizon Global Corporation
Reconciliation of Reported Revenue Growth to Constant
Currency Basis (Unaudited)
We evaluate growth in our operations on both an as reported and
a constant currency basis. The constant currency presentation,
which is a non-GAAP measure, excludes the impact of fluctuations in
foreign currency exchange rates. We believe providing constant
currency information provides valuable supplemental information
regarding our growth, consistent with how we evaluate our
performance. Constant currency revenue results are calculated by
translating current year revenue in local currency using the prior
year's currency conversion rate. This non-GAAP measure has
limitations as an analytical tool and should not be considered in
isolation or as a substitute for an analysis of our results as
reported under GAAP. Our use of this term may vary from the use of
similarly-titled measures by other issuers due to the potential
inconsistencies in the method of calculation and differences due to
items subject to interpretation.
Three months ended September
30, 2019
Nine months ended September
30, 2019
Horizon Americas
Horizon
Europe-Africa
Consolidated
Horizon Americas
Horizon Europe-Africa
Consolidated
Revenue growth as reported
(16.7
)%
4.0
%
(8.3
)%
(6.0
)%
(3.5
)%
(4.9
)%
Less: currency impact
—
%
(4.9
)%
(2.0
)%
(0.2
)%
(6.4
)%
(3.0
)%
Revenue growth at constant currency
(16.7
)%
8.9
%
(6.3
)%
(5.8
)%
2.9
%
(1.9
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191112005560/en/
Jeff Tryka, CFA Investor Relations, Lambert & Co. (616)
295-2509 jtryka@horizonglobal.com
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