Operating cash flow improved by $49 million year over year. Corkrean reiterated that operating cash flow in fiscal 2026 is expected to be weighted to the second half. Leverage stood at 3.1x net debt to adjusted EBITDA , unchanged from fiscal year-end 2025 and down from 3.5x a year earlier.Adjusted SG&A expense rose 4% year over year, but Corkrean noted that excluding acquisitions and foreign exchange, SG&A was down slightly due to expense discipline. Adjusted EPS was $0.57 , up 6% from the prior-year quarte ...

Mailbag: Stock Update Edition | ETF Trends As market conditions worsened, the company updated its 2022 three-pillar strategic plan and added a cash improvement plan. Progress was being made, but it wasn't enough to offset the challenges. Investors were sure that a dividend cut was needed. I recently received two separate emails that asked for updates on specific stocks I have mentioned here in Dividend Digest. First up, let's look at LyondellBasell (LYB). It's one of the world's largest producers of polymer ...

Group 1 - LyondellBasell will participate in the 2026 J.P. Morgan Industrials Conference with CFO Agustin Izquierdo speaking on March 17, 2026, at 3:40 p.m. EDT [1] - A live webcast of the event will be available, with a replay accessible within 24 hours [2] - LyondellBasell is a leader in the global chemical industry, focusing on sustainable living solutions and enabling a circular and low carbon economy [3] Group 2 - The company is one of the world's largest producers of polymers and a leader in polyolefin technologies [3] - LyondellBasell develops and markets high-quality products for various applications, including sustainable transportation, food safety, clean water, and healthcare [3]

Core Viewpoint - LyondellBasell, a leader in the global chemical industry, is participating in the 2026 J.P. Morgan Industrials Conference, highlighting its commitment to industry engagement and investor relations [1]. Group 1: Event Participation - Agustin Izquierdo, executive vice president and chief financial officer of LyondellBasell, will participate in a fireside chat at the conference on March 17, 2026, at 3:40 p.m. EDT [1]. - A live webcast of the event will be available, with a replay accessible within 24 hours after the event [2]. Group 2: Company Overview - LyondellBasell is a major player in the global chemical industry, focusing on sustainable living solutions through advanced technology and investments [3]. - The company is one of the largest producers of polymers and a leader in polyolefin technologies, providing innovative products for various applications, including sustainable transportation and healthcare [3].

Core Viewpoint - LyondellBasell Industries (LYB) is positioned positively in the specialty chemicals sector, with a price target of $73 set by KeyBanc, indicating a potential upside of 25.41% from its current price of $58.21 [1][6]. Investor Activity - ANTIPODES PARTNERS Ltd increased its stake in LYB by 13.9%, now holding 238,718 shares valued at approximately $11.7 million, reflecting confidence in the company's future performance [2][6]. - New York Life Investment Management LLC raised its holdings by 0.5%, owning 38,521 shares valued at $2.2 million, while the State of Michigan Retirement System expanded its holdings by 0.3%, indicating a broader trend of investor interest in LYB [3][6]. Stock Performance - LYB's stock is currently priced at $58.21, with a slight increase of 0.57% today, and has fluctuated between $55.39 and $58.56 recently, showing some volatility [4]. - Over the past year, LYB has experienced a high of $78.41 and a low of $41.58, suggesting potential for growth [4]. - The company has a market capitalization of approximately $18.75 billion, with a trading volume of 6,807,076 shares today, reflecting active investor interest [5].

🚨NEWS: QATARENERGY HALTS DOWNSTREAM PRODUCTION OF LIQUEFIED NATURAL GAS AND ASSOCIATED PRODUCTSQatarEnergy has announced a full stop on downstream production across Qatar, following its earlier decision to halt LNG output.Products going offline include urea, polymers, methanol, and aluminum.The shutdown covers the full breadth of Qatar's petrochemical and industrial export base amid the ongoing tension in the Middle East. ...

Core Viewpoint - Stepan Company (NYSE:SCL) is implementing Project Catalyst, a restructuring initiative aimed at achieving approximately $100 million in pre-tax savings over the next two years, focusing on operational efficiency and long-term growth stability [2][5]. Group 1: Project Catalyst Overview - Project Catalyst aims to simplify operations, reduce costs, and enhance shareholder returns [2]. - The initiative includes consolidating production into more efficient facilities and improving manufacturing and procurement processes [3]. - Leadership is restructuring parts of the organization to better align resources with growth opportunities [3]. Group 2: Plant Closures and Restructuring Charges - Stepan will close its Fieldsboro, New Jersey plant due to weak demand for certain surfactant products and plans to shut down selected assets in Illinois and the U.K., with completion expected by mid-2026 [4]. - The company anticipates restructuring charges between $70 million and $80 million, primarily related to asset write-downs and plant closure expenses, with most costs expected in 2026 [4]. Group 3: Management Insights - CEO Luis Rojo stated that the initiative is designed to enhance efficiency and resilience, helping the company manage inflation and cost pressures while freeing up resources for future growth [5]. - Stepan Company manufactures specialty and intermediate chemicals across three main segments: Surfactants, Polymers, and Specialty Products [5].

Core Viewpoint - Westlake Corporation reported disappointing earnings for Q4 2025, with a significant GAAP EPS loss, but adjusted EPS exceeded market expectations, indicating some resilience despite revenue declines [1][5]. Financial Performance - The company reported a GAAP EPS of -$4.22 for Q4 2025, while the adjusted EPS was -$0.25, surpassing the consensus estimate of -$1.44 [1][5]. - Revenue for the period was $2.53 billion, falling short of the estimated $2.57 billion, and represents a decrease from $2.8 billion in both the previous quarter and the same quarter of the previous year [2][5]. - For the full year 2025, net sales totaled $11.2 billion, down from $12.5 billion in 2024, indicating a consistent decline in sales performance [2]. Valuation Metrics - Westlake's trailing twelve-month (TTM) P/E ratio stands at 69.52, reflecting the market's valuation of its positive full-year earnings of $1.22 per share [3]. - The price-to-sales ratio is 1.04, indicating that investors are willing to pay $1.04 for every dollar of sales [3]. - The enterprise value to sales ratio is 1.32, and the enterprise value to EBITDA ratio is 31.41, reflecting the company's valuation relative to its sales and cash flow generation [3]. Financial Ratios - The TTM earnings yield is approximately 1.44%, highlighting the company's positive full-year earnings situation [4]. - The debt-to-equity ratio is 0.54, indicating a moderate approach to leveraging equity [4][5]. - The current ratio is 1.99, suggesting adequate liquidity and the ability to cover short-term liabilities with current assets [4].

Core Insights - Stepan Company demonstrated strong capital allocation discipline, achieving positive free cash flow in 2025, reducing net debt, and improving its leverage ratio from 2.8x to 2.5x by year-end [1][6]. Financial Performance - The company reported full-year adjusted EBITDA of $199 million, reflecting a 6% year-over-year increase, despite challenges in the macroeconomic environment for the chemical sector [2][14]. - Organic volume growth was 2% for the year, driven by crop productivity and growth in oil field and specialty products, although there was softer demand in global consumer commodity surfactants [2][5]. - For Q4 2025, Stepan posted an adjusted net loss of $0.5 million, or ($0.02) per diluted share, while reported net income was $5 million, a 49% increase from the prior year, primarily due to an asset sale [8][9]. Segment Performance - Surfactants segment saw sales of $402 million but experienced a 3% organic volume decline due to weaker demand in certain markets [5][10]. - Polymers segment grew to $132 million with an 11% volume increase and a 9% rise in adjusted EBITDA, driven by North America and Asia [11][12]. - Specialty Products reported modestly lower sales and EBITDA year-over-year, although medium-chain triglycerides showed double-digit volume growth [13]. Strategic Initiatives - The company introduced Project Catalyst, aiming for approximately $100 million in pre-tax savings over two years, with 60% expected in 2026, through operational efficiencies and footprint consolidation [7][17]. - The initiative includes the closure of the Fieldsboro, NJ site and decommissioning actions at Millsdale and Stalybridge, while ramping up the Pasadena facility to 70-80% utilization in 2026 [18][19]. Shareholder Returns - Stepan increased its dividend for the 58th consecutive year, declaring a quarterly dividend of $0.395 per share, representing a 2.6% increase compared to the previous year [16]. Future Outlook - Management reiterated expectations for adjusted EBITDA growth and positive free cash flow in 2026, with performance anticipated to be stronger in the second half of the year [21].

Strategic Performance and Operational Context - The company delivered 6% adjusted EBITDA growth in 2025 despite unprecedented raw material inflation, tariff impacts, and a challenging chemical sector macro environment [5] - Performance was driven by disciplined pricing and a favorable mix in crop productivity, oilfield, and specialty products, which offset softer demand in global consumer surfactants [5] - The Pasadena alkoxylation facility was successfully commissioned, marking a transition from a heavy investment phase to an operational ramp-up period [5] Financial Performance and Projections - Surfactant margins faced significant second-half pressure due to a lag in passing through elevated oleochemical costs, particularly the spike in coconut oil prices [5] - Polymers growth of 11% was supported by strong volume in North American and Asian rigid polyols, despite competitive pricing pressures from lower raw material pass-throughs [5] - Management prioritized balance sheet health, reducing the net leverage ratio from 2.8x to 2.5x through disciplined working capital management and positive free cash flow generation [5] Project Catalyst and Future Outlook - Project Catalyst aims to deliver $100 million in pretax savings over two years, with $60 million expected in 2026 to offset persistent 3% plus inflation in fixed costs [5] - The Pasadena facility is projected to reach 70% to 80% utilization in 2026, achieving full utilization by 2027 as volume shifts from less efficient sites [5] - Management expects a back-half weighted 2026 performance as oleochemical cost relief and structural savings from footprint optimization materialize in the second half [5] Capital Expenditure and Strategic Changes - Capital expenditure is guided to a lower range of $105 million to $115 million for 2026, reflecting a shift toward sustaining capital and targeted growth projects post-Pasadena [5] - The company announced the closure of the Fieldsboro, New Jersey site and decommissioning of select assets at Millsdale and Stalybridge to address declining commodity surfactant demand [5] - The company is exiting a low-margin, high-capital organics business in the U.K. to improve overall Return on Invested Capital (ROIC) [5] Dividend and Shareholder Commitment - The 58th consecutive annual dividend increase underscores management's commitment to shareholder returns despite the current restructuring phase [6]