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Diversey Diversey Reports Third Quarter 2021 Results November 5 , 2021 TM FORT MILL , S.C. , Nov. 05 , 2021 ( GLOBE NEWSWIRE ) -- Diversey Holdings , Ltd. ( " Diversey " ) ( NASDAQ : DSEY ) announced Q3 results with continued quarter - over - quarter top line growth and margin expansion . THIRD QUARTER HIGHLIGHTS • Reported Q3 net sales declined 2.4 % vs 2020 as continued strength in Food & Beverage and encouraging base Institutional recovery was offset by infection prevention normalization off the increased level in Q3 2020 , although infection prevention remains significantly above 2019 levels . • Reported Q3 net sales nearly back to pre - COVID level with a decline of 0.4 % vs 2019 baseline . • Net loss of $ 42.1 million in Q3 versus $ 13.0 million net income in 2020 and $ 7.1 million net loss in pre - COVID 2019 • Q3 Adjusted net income of $ 30.2 million versus $ 37.8 million 2020 and $ 37.8 million in pre - COVID 2019 • Adjusted EBITDA of $ 106.6 million and margin of 16.0 % represents an expansion of 30 basis points versus both Q3 2020 and Q3 2019 as pricing and continued focus on cost management offset higher inflation . Unaudited ( millions ) Net sales Income ( loss ) before taxes Net income ( loss ) Adjusted net income ( 1 ) $ 2021 664.9 $ ( 22.9 ) $ ( 42.1 ) 30.2 Third Quarter Ended September 30 2020 % Change 2019 106.6 16.0 % 681.1 20.1 13.0 37.8 ( 2.4 ) % $ NM NM ( 20.1 ) % 106.8 15.7 % 667.6 ( 8.3 ) ( 7.1 ) 37.8 Adjusted EBITDA ( 1 ) % Margin ( 1 ) ( 1 ) See the " Non - GAAP Financial Information and Segment Adjusted EBITDA " section herein for explanations of these financial measures . " We are pleased to report another good quarter , continuing to execute well , win new customers and expand adjusted EBITDA margins . I am proud of our teams for the way they are responding to the current global challenges . Our supply chain teams are managing freight issues , our procurement teams are managing a difficult and fast - changing raw material landscape and our R & D teams are working tirelessly to reformulate products in order to deliver exceptional product and service for customers , " said Phil Wieland , Diversey's Chief Executive Officer . " Our Food and Beverage growth continues to be excellent and the base Institutional results have been very strong with plenty of further runway as markets continue to open up . Our infection prevention has come down from the strong growth we experienced in 2020 , but remains significantly ahead of pre - COVID 2019 levels . Although difficult to judge exact trends given the complexity of the overall environment , we are encouraged by increased hygiene standards and market receptivity to our differentiated solutions portfolio and compelling value proposition . In summary , we believe we will drive growth in Q4 and acceleration in 2022 , and we are increasingly well positioned for long - term growth . " Third Quarter 2021 Consolidated Results ( 0.2 ) % 30 bps % Change 104.6 15.7 % ( 0.4 ) % ( 175.9 ) % ( 493.0 ) % ( 20.1 ) % 1.9 % 30 bps Reported net sales declined 2.4 % vs prior year or 3.2 % when adjusting for currency . Both the Institutional and F & B segments are showing good momentum . The F & B segment continues to win new customers and grow revenue while improving margins . The recovery of base Institutional revenue is progressing well and the segment continues to win new customers , with significant recovery still ahead as reopenings progress around the world . Institutional infection prevention has seen normalization from the strong growth experienced in 2020 , but is still significantly above pre - pandemic levels . Consolidated reported net sales were within 0.4 % of pre - COVID 2019 baseline . Loss before income taxes of $ 22.9 million in the third quarter of 2021 included Special Items ( as defined below ) of $ 57.0 million and compared to income before taxes of $ 20.1 million in Q3 2020 including Special Items of $ 7.0 million . Adjusted net income in Q3 2021 was $ 30.2 million compared to $ 37.8 million in Q3 2020 and $ 37.8 million in Q3 2019 . Adjusted EBITDA for Q3 2021 was $ 106.6 million , representing a 0.2 % decline compared to Q3 2020 and growth of 1.9 % versus pre - COVID 2019 . Adjusted EBITDA margin expanded 30 basis points compared to both Q3 2020 and Q3 2019 in a challenging environment . Adjusted EBITDA margin of 16.0 % in Q3 2021 continues the margin expansion from 15.6 % in Q2 2021 and 14.7 % in Q1 2021 , representing strong sequential margin improvement in each quarter of 2021 .