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Kraton Corporation Announces First Quarter 2021 Results ③kraton.gcs - web.com / news - releases / news - release - details / kraton - corporation - announces - first - quarter - 2021 - results HOUSTON , April 28 , 2021Kraton Corporation ( NYSE : KRA ) , a leading global sustainable producer of specialty polymers and high - value biobased products derived from pine wood pulping co - products , announces financial results for the quarter ended March 31 , 2021 . FIRST QUARTER 2021 SUMMARY • Consolidated net income of $ 34.6 million , compared to $ 209.0 million in the first quarter of 2020 . . • Consolidated net income decline related to the first quarter 2020 gain on disposition of our Cariflex business . Adjusted EBITDA ( 1 ) of $ 67.7 million , down 13.0 % compared to the first quarter of 2020 . Polymer segment operating income of $ 39.9 million , up 122.4 % compared to the first quarter of 2020 , and Adjusted EBITDA ( 1 ) of $ 37.5 million , down 26.8 % compared to $ 51.2 million in the first quarter of 2020 . Adjusted EBITDA excluding Cariflex ( 1 ) would be down $ 3.4 million compared to the first quarter of 2020 , reflecting higher fixed costs primarily associated with significant turnaround activity at the Berre , France , site . • Chemical segment operating income of $ 13.5 million , up 31.0 % compared to the first quarter of 2020 , and Adjusted EBITDA ( 1 ) of $ 30.3 million , up 13.3 % compared to $ 26.7 million in the first quarter of 2020 . Adjusted EBITDA increase reflects factors including higher core sales volumes associated with improved demand fundamentals and lower fixed costs . • Reduced consolidated debt by $ 7.0 million and increased consolidated net debt ( 1 ) by $ 18.1 million , or increased by $ 38.3 million excluding the effect of foreign currency ( 1 ) , during the first quarter of 2021. These changes primarily reflect seasonal paving and roofing inventory build and higher raw material costs . Revenue Three Months Ended March 31 , 2021 2020 ( In thousands , except percentages and per share amounts ) EA $ 437,271 $ 427,269 Polymer segment operating income EA $ 39,859 $ 17,925 Chemical segment operating income $ 13,514 $ 10,316 Consolidated net income EA $ 34,593 Adjusted EBITDA ( non - GAAP ) ( 1 ) ( 3 ) $ 67,720 GA EA $ 209,020 $ 77,879 Adjusted EBITDA margin ( non - GAAP ) ( 2 ) ( 3 ) 15.5 % Diluted earnings per share $ 1.02 $ 65 6.47 Adjusted diluted earnings per share ( non - GAAP ) ( 1 ) $ 0.53 GA $ 0.27 18.2 % ( 1 ) See non - GAAP reconciliations included in the accompanying financial tables for the reconciliation of each non - GAAP measure to its most directly comparable GAAP measure . ( 2 ) Defined as Adjusted EBITDA as a percentage of revenue . ( 3 ) Includes $ 10.3 million contribution from the Cariflex business prior to its sale in March 2020 . " We are extremely pleased with our results for the first quarter of 2021. During the quarter , both our Polymer and Chemical segments benefited from continued improvement in global demand trends that translated into solid volume growth for our core businesses , " said Kevin Fogarty , Kraton's President and Chief Executive Officer . " Moreover , we were able to deliver strong financial results despite notable increases in raw material and energy prices , which we are addressing through appropriate price actions , and other market factors , including constrained availability of and increased costs for global transportation and logistics channels and Winter Storm Uri , which had an adverse impact on availability of key raw materials limiting sales of specific products . " 1/14