WATERBURY, CT -- Element Solutions' electronics unit recorded net sales of $354 million in the first quarter, up 31% from last year.

Organic net sales increased 18%. Adjusted EBITDA was $93 million, an increase of 39%. On a constant currency basis, adjusted EBITDA increased 33%.

Element Solutions is the parent company of MacDermid Alpha and Kester.

Element Solutions reported overall net sales of $550 million, up 22% from last year and up 11% on an organic basis. Net income was $82 million, versus $8 million in the same period last year. Adjusted EBITDA increased 20% to $138 million on a constant currency basis.

The company increased full-year guidance for adjusted EBITDA to $500 million to $510 million, representing year-on-year growth of approximately 20%, and added second quarter adjusted EBITDA guidance of $125 million to $130 million, an increase of approximately 50% over 2020.

In a statement, president and chief executive Benjamin Gliklich said, "Element Solutions had an outstanding first quarter. Demand remained robust in the broader electronics supply chain and demand across the industrial economy accelerated. This performance reflects the secular trends propelling our business – increasing electronics content and penetration of electric vehicles in the global automotive fleet and increasing content value in higher-end mobile applications – and continued strong execution of our plan to capture outsized value from these trends."

"We expect momentum to continue into the second quarter of 2021. Adjusted EBITDA is expected to be in the range of $125 million to $130 million in Q2 2021, with higher raw material prices and other cost inflation modestly impacting profitability."

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