Shares of Ecovyst Inc. (ECVT), a specialty catalysts and services provider, are falling more than 14% Thursday morning after the company cut its full-year revenue outlook to reflect lower expected volumes of virgin sulfuric acid and polyethylene catalysts.
Ecovyst now sees revenue in the range of $685 million – $715 million for the full year, lower than $730 million – $760 million guided earlier.
Analysts on average polled by Thomson-Reuters expect the company to report revenue of $762.19 million for the year.
Net income was $26.1 million or $0.22 per share for the second quarter, higher than $19.2 million or $0.14 per share in the same quarter a year ago.
Excluding one-time items, earnings were $34.6 million or $0.29 per share. The consensus estimate was for $0.27 per share.
Quarterly sales declined to $184.1 million from $225.2 million last year. Analysts were expecting revenue of $197.04 million.
ECVT is at $10.31 currently. It has traded in the range of $8.20 – $12.35 in the last 1 year.
Source: Read Full Article
-
Cryptos Muted Amidst Anxiety Over FTX Ramifications
-
Cryptos Plunge As Legal Action, Tax Pain And Bank Woes Add To Rate Hike Fears
-
World Markets Digest The Fed’s Hawkish Stance
-
$300 Million In Silk Road Bitcoins On The Move After CPI Data
-
Bitcoin Stays Flat At $29.5K After Federal Reserve Hikes Interest Rate To 22-Year Highs