GlyEco, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Second Half and Full Year 2018
For the full year, net sales were $12,073,000 compared to $5,591,000 a year ago. Loss from operations was $4,336,000 compared to $3,184,000 a year ago. Net loss was $5,182,000 compared to $2,265,000 a year ago. Adjusted LBITDA was $1,996,000 compared to $1,837,000 a year ago. Loss before provision for income taxes was $5,166,614 compared to $3,284,612 a year ago. Basic and diluted net loss per share was $0.04 compared to $0.02 a year ago.
The company's initial guidance for full year 2018 includes the following: net revenues for 2018 are expected to be between $14.0 million and $16.0 million.
Quarterly adjusted EBITDA is expected to be positive in the second half of 2018.