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Mar 31, 2024
Ecovyst Q1 2024 Earnings Report
Ecovyst delivered solid results and year-over-year growth.
Key Takeaways
Ecovyst reported sales of $160.5 million with a net income of $1.2 million. Adjusted EBITDA increased by 6% to $45.5 million, driven by higher sales volume in Ecoservices. Strong cash generation allowed for a reduction in net debt leverage ratio to 2.9x.
Sales reached $160.5 million, reflecting higher sales volume in virgin sulfuric acid and regeneration services, offset by lower sales of advanced silicas and lower average selling prices in Ecoservices.
Net income was $1.2 million, with diluted net income per share of $0.01.
Adjusted EBITDA increased 6% to $45.5 million, with an Adjusted EBITDA margin of 24.7%.
Net debt leverage ratio decreased to 2.9x due to strong cash generation.
Revenue by Segment
Forward Guidance
Ecovyst provided full year 2024 guidance, including sales between $715 million and $755 million, Adjusted EBITDA between $255 million and $275 million, and Free Cash Flow between $85 million and $105 million.
Positive Outlook
- Sales of $715 million to $755 million
- Sales of $145 million to $165 million for proportionate 50% share of Zeolyst Joint Venture, which is excluded from GAAP Sales
- Adjusted EBITDA of $255 million to $275 million
- Free Cash Flow of $85 million to $105 million
- Capital expenditures of $70 million to $80 million
Challenges Ahead
- Interest expense of $45 million to $55 million
- Ecovyst Depreciation & Amortization $85 million to $95 million
- Zeolyst J.V. Depreciation & Amortization $12 million to $14 million
- Effective tax rate in the mid 20% range
Historical Earnings Impact
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Avg. Return Before/After Earnings
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