Morgan, I think it's more than just a muted response. I think it's a a response that most people would think is uh much much smaller than than many would have forecast given the uh the weekend's actions. So, I think you have to sort of step back and and ask yourself a little bit about what are the scenarios the market is pricing.There's the obvious scenario that I think has been discussed here and is being discussed by many that is an escalation and risks and we're going to go down this sort of very difficu ...

6 June 2025 | 4:47PM EDT US Weekly Kickstart Dissecting the equity market's pricing of economic growth David J. Kostin +1(212)902-6781 | david.kostin@gs.com Goldman Sachs & Co. LLC Ben Snider +1(212)357-1744 | ben.snider@gs.com Goldman Sachs & Co. LLC Ryan Hammond +1(212)902-5625 | ryan.hammond@gs.com Goldman Sachs & Co. LLC Jenny Ma +1(212)357-5775 | jenny.ma@gs.com Goldman Sachs & Co. LLC Daniel Chavez +1(212)357-7657 | daniel.chavez@gs.com Goldman Sachs & Co. LLC Kartik Jayachandran +1(212)855-7744 | kar ...

贸易争端缓和后，全球债市定价逻辑切换，债券长端收益率快速上行，债市回调压力加大。业内人士建 议，当前投资者应适度控制久期，择机调整资产配置，短债基金和短期理财产品或成稳健选择；持有美 元理财产品的投资者，则需警惕汇率波动与资本利得双重损失。 ...

Financial Data and Key Metrics Changes - Sales for the first quarter of 2025 were $378 million, representing a 12% increase year-over-year, with sales volume up approximately 7% driven by improved operational performance and higher granular ammonium sulfate sales [9][10] - Adjusted EBITDA was $52 million with an adjusted EBITDA margin of 13.7%, while adjusted earnings per share increased to $0.93, up $1.49 from the prior year [10][11] - Free cash flow was negative $23 million, an improvement of $49 million compared to the prior year, with cash flow from operations increasing by $48 million [11][12] Business Line Data and Key Metrics Changes - In the Plant Nutrients segment, nitrogen fertilizer pricing increased amid higher energy costs, with ammonium sulfate prices up 34% year-over-year [16][17] - The nylon business experienced a slow start but saw orders and pricing pick up, supported by lower benzene costs [20][21] - Chemical Intermediates faced declining acetone prices due to higher input costs, but demand is expected to improve as downstream turnarounds complete [23][24] Market Data and Key Metrics Changes - The North American corn planting season is expected to reach 95 million acres, supporting strong demand for ammonium sulfate [18][19] - Domestic nylon demand remained stable, but global oversupply conditions continue to pressure pricing [22][23] - The chemical intermediates market is mixed, with demand across ag chemicals, electronics, and European paints and coatings remaining varied [24] Company Strategy and Development Direction - The company is focused on operational excellence and maintaining high utilization rates to capture competitive cost advantages [6][7] - Continued investment in growth and enterprise initiatives is aimed at sustainably improving through-cycle profitability [7][14] - The company is well-positioned as a U.S.-based manufacturer aligned with domestic supply chains and energy markets [8][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current dynamic environment and emphasized the importance of cash flow management [28] - The company is monitoring potential impacts on demand across end markets and is focused on delivering on controllable factors [28] - There is optimism regarding the growth prospects in the Plant Nutrients business, particularly with the anticipated increase in corn acreage [19][20] Other Important Information - The company received approximately $39 million in insurance proceeds related to the 2019 PES cumene supplier shutdown, with a final settlement of $26 million in Q1 2025 [7][10] - The company is maintaining a healthy balance sheet and ample liquidity to support reinvestment and growth [13][14] Q&A Session Summary Question: Tactical moves in response to uncertainty - Management indicated that they are focused on delivering for customers and managing inventory levels without significantly increasing them [35][36] Question: Concerns about sulfur supply - Management stated that supply-demand conditions for sulfur are balanced, and they have a broad vendor mix to ensure supply [39] Question: Outlook for ammonium sulfate post-spring demand - Management confirmed that they are focused on maximizing granular sales during the current season and will evaluate fundamentals as the season progresses [41][42] Question: Adjusting marketing emphasis for nylon amid demand weakness - Management clarified that they are focused on serving domestic demand and optimizing their product mix to navigate the current oversupply environment [44][45] Question: Patent infringement proceedings regarding EZ Block additives - Management provided an overview of the patent protection for their EZ Block product and the ongoing legal proceedings [49][50] Question: Market share opportunities due to tariffs on nylon - Management noted that while tariffs could impact costs, they are monitoring the situation closely and focusing on execution for the remainder of the year [58][60] Question: Ammonium sulfate volume expectations - Management anticipates a record volume for the fertilizer year, driven by robust planting and application rates [63][64] Question: CapEx and acquisition opportunities - Management indicated that they are looking to align CapEx with organic opportunities while evaluating potential inorganic opportunities as well [66]