Orion Engineered Carbons(OEC) - 2023 Q2 - Earnings Call Presentation

Financial Performance - Adjusted EBITDA for 2Q 2023 reached $87.3 million, representing a 4.7% year-over-year increase[17] - Adjusted diluted EPS was $0.53 for 2Q 2023, compared to $0.58 in the prior year period[17] - Revenue for 2Q 2023 declined by 15.2% year-over-year to $458.8 million, primarily due to lower volumes and oil price pass-throughs[17] - Six-month YTD Adjusted EBITDA grew by 13.1% to a record $188.4 million[19][62] Operational Drivers - Total sales volume decreased by 9.6% year-over-year to 227.3 thousand metric tons (kmt) in 2Q 2023, driven by destocking and deferred demand[17][14] - Gross profit per ton improved by 8.1% year-over-year to $515.2, supported by contractual price increases in the rubber business[17][31] - Adjusted EBITDA margin expanded by 360 basis points to 19.0% in 2Q 2023[17] Capital and Liquidity - Net debt was reduced by $76 million year-to-date to $782.7 million, with a net leverage ratio of 2.34 times[83][114] - The company repurchased $54 million in shares, representing 4% of outstanding stock[83] - Full-year 2023 Adjusted EBITDA guidance is projected between $320 million and $350 million[102][121]