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Diversey Diversey Reports First Quarter 2021 Results May 14 , 2021 FIRST QUARTER HIGHLIGHTS • Q1 top line grew 2 % vs 2019 pre - COVID - 19 baseline and -3.6 % vs 2020 despite more restrictive COVID - 19 lockdowns than expected ● • Net loss of $ 95.7 million in Q1 driven by significant IPO related costs ● Adjusted net income of $ 27.2 million versus $ 22.5 million in Q1 2020 , representing 20.9 % growth TM Adjusted EBITDA of $ 92.7 million represents a 60 basis point adjusted EBITDA margin improvement versus Q1 2020 and a 630 basis point improvement versus Q1 2019 . Unaudited ( millions ) Net sales Income ( loss ) before taxes Net income ( loss ) Adjusted net income ( loss ) ( 1 ) $ 2021 Unaudited ( millions ) Net sales 631.5 ( 98.1 ) ( 95.7 ) 27.2 Adjusted EBITDA % Margin 92.7 14.7 % $ $ First Quarter Ended March 31 % Change 2020 Adjusted EBITDA ( ¹ ) % Margin ( 1 ) ( 1 ) See the " Non - GAAP Financial Information and Segment Adjusted EBITDA " section herein for explanations of these financial measures . FORT MILL , S.C. , May 14 , 2021 ( GLOBE NEWSWIRE ) --In its first public earnings release since becoming a publicly traded company , Diversey Holdings , Ltd. ( " Diversey " ) announced that its 2021 first quarter results were in - line with its expectations despite heavy lockdowns in most parts of the world . 2021 654.9 15.1 3.9 22.5 467.9 71.1 15.2 % 92.2 14.1 % $ ( 3.6 ) % $ NM NM 20.9 % 0.5 % 60 bps CEO comment Phil Wieland , Diversey's Chief Executive Officer said , " We are excited to share our first earnings update as a public company and report strong first quarter results . Our net promoter scores are at record levels and we're continuing to win new business . Our focus remains on the fundamentals of delivering great product and service for our customers , managing costs and passing through price as appropriate . We are seeing the fruits of our strategic initiatives and believe we are well positioned to take advantage of significant tailwinds as markets reopen . " First Quarter 2021 Consolidated Results 2020 Net sales grew 2 % as reported , compared to pre - COVID Q1 2019. Net sales were down 4 % compared to pre - lockdown Q1 2020 reflective of strict global lockdowns that have been extended and more restrictive than expected . 493.4 81.0 16.4 % 2019 Loss before income taxes of $ 98 million in the first quarter of 2021 included amortization and Special Items ( as defined below ) of $ 123 million , the majority of which related to the IPO and compared to income before taxes of $ 15 million in Q1 2020. Adjusted net income in Q1 2021 was $ 27 million compared to $ 23 million in Q1 2020 . First Quarter Ended March 31 % Change ( 5.2 ) % ( 12.2 ) % 617.9 ( 45.5 ) ( 44.5 ) ( 10.1 ) Adjusted EBITDA for the first quarter of 2021 was $ 93 million , representing continued growth compared to the prior year despite lower net sales , and a 78 % improvement compared to Q1 2019. Adjusted EBITDA margin expanded 630 basis points compared to 2019 and 60 basis points compared to 2020 , due to growth in infection prevention , pricing and cost control . Segment Review Institutional 52.1 ( 120 ) bps 8.4 % $ % Change 2.2 % ( 115.6 ) % ( 115.1 ) % NM 77.9 % 2019 460.1 45.1 630 bps 9.8 % % Change 1.7 % 57.6 % 540 bps