Orion Engineered Carbons(US:OEC)2023-11-04 11:39Financial Performance - Q3 2023 - Adjusted EBITDA was $77 million[3], a decrease of 4% year-over-year (YoY)[23] - Adjusted diluted EPS was $049[3], compared to $057 in 3Q22[23] - Revenue decreased by 142% YoY to $4662 million[23] due to lower oil price pass-through[26] - Volume increased slightly by 08% YoY to 2452 kmt[23], with growth in China offset by declines in EMEA and the Americas[6] Financial Performance - Year-to-Date (YTD) - Adjusted EBITDA increased by 75% YoY to $266 million[16, 48] - Adjusted diluted EPS increased to $176[16] from $170[112] - Revenue decreased by 91% YoY to $14257 million[112] - Volume decreased by 56% YoY to 7060 kmt[112] Business Segment Performance - Rubber Business: Adjusted EBITDA decreased by 161% YoY to $261 million[27], with volume up 145%[27] - Specialty Business: Adjusted EBITDA increased by 36% YoY to $512 million[84], with volume down 3%[84] Cash Flow and Capital Allocation - The company expects discretionary cash flow of $170-$190 million and free cash flow of $90-$125 million for the full year 2023[57] - The company has reduced net debt by $102 million YTD to $756 million[100] - The company has repurchased nearly 5% of outstanding stock for approximately $63 million[100] Forward Guidance and Assumptions - The company anticipates adjusted EPS of $200-$210 per share for FY23[53] - Capital expenditures are projected to be $175 million - $200 million[53] - The company estimates cash debt service of approximately $50 million[53]