Orion Engineered Carbons S.A. ("Orion" or the "Company") (NYSE: OEC), a worldwide supplier of specialty and high-performance carbon black, today announced results for its third quarter of 2016. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161103006829/en/
Orion Engineered Carbons Third Quarter 2016 Financial Highlights (Graphic: Business Wire)"We continue to execute extremely well this year, both operationally and strategically, delivering another quarter of growth in all of our key financial metrics," said Jack Clem, Orion's Chief Executive Officer. "It is especially gratifying in this quarter to report on the strong performance of our specialty business as well as an improving performance in our rubber business. On the operational side, we achieved another strong quarter of volume growth which reached 7.3%, with contributions from both businesses. In addition, in the face of a stabilizing, albeit a still challenging oil price environment, we realized double digit Adjusted EBITDA gains in both the Specialty and Rubber businesses and saw significant improvements in the Adjusted EBITDA margin of each. Although we generated a small loss of €3.8 million for the quarter as a result of accruals taken for the Ambès closure, our total Adjusted EBITDA of €55.4 million, in what is a seasonally slower quarter in some of our regions, was especially rewarding to see. Our specialty business continues to benefit from lower raw material costs, while feedstock surcharges are helping the rubber business to recover. Strategic execution remains on track also with the planned closure of the rubber black plant in France. While we appreciate the contributions this plant has made in the past, the move is a part of our larger plan to improve the competitiveness of our operational network. In support of this, we intend to restructure our Korean production network to consolidate and upgrade capacity in that country into one strengthened facility focusing on high value specialty and rubber products."