Business
Advantage Solutions Reports Third Quarter 2020 Financial Results and Updates 2020 Outlook
IRVINE, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” the “Company,” “we” or “our”), the leading provider of
About this update from Advantage Solutions Inc.
[{"type":"text","content":"IRVINE, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) -- Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” the “Company,” “we” or “our”), the leading provider of outsourced sales and marketing services to consumer goods manufacturers and retailers, today reported financial results for its fiscal third quarter ended September 30, 2020.\n “We are excited to begin Advantage’s next chapter as a public company,” said Tanya Domier, Chief Executive Officer of Advantage. “Despite the difficult operating environment brought on by COVID-19, I am pleased with the progress we continue to make in building the business for the long-term. While portions of our business continue to experience temporary headwinds from the pandemic, we’ve never been more important and valuable partners to our clients and customers than we are today. The impact from COVID-19 remained a significant short-term headwind for our business in the third quarter, but we are pleased with improving momentum in the quarter and believe it represents the beginning of a recovery from COVID-19 lows,” Domier commented. “The sequential revenue improvement we saw in the third quarter versus our second quarter was broad-based across both the sales and marketing segments and was primarily driven by the beginning of a recovery in the parts of our business most negatively impacted by COVID-19, as well as by continued strength in the other businesses that have remained critical to clients during the pandemic.” “Importantly, I’d like to thank our associates. I couldn’t be more proud of the team’s passion and performance during this challenging time. Our associates have worked tirelessly in-stores and at-home to serve clients, customers and communities with critical solutions that help brands and retailers meet today’s evolving needs, providing best-in-class execution and service. We are grateful that we’re able to support communities in need during these trying times by making sure food and essential products from our brand and retailer partners are available to consumers in-store and online,” Domier added. Third Quarter 2020 Highlights Revenues were $784.3 million for the third quarter of 2020, representing a decline of $197.3 million, or 20.1%, from the same period in 2019, but sequential growth of $142.8 million, or 22.3%, from the second quarter of 2020.Operating income was $88.6 million...