Orion Engineered Carbons (NYSE: OEC) reported Q1 EPS of $0.44, $0.08 better than the analyst estimate of $0.36. Revenue for the quarter came in at $336 million versus the consensus estimate of $337.84 million.

Outlook:

Mr. Painter continued, “Looking ahead, while it is impossible to know the ultimate dimensions of the economic impact of COVID-19, it’s important to remember that our markets are ultimately strong, perhaps even stronger now. We believe driving, in the controlled environment of a car, is going to be a very popular mode of transportation. New car sales may be slow at first, but replacement tires drive 60% of our rubber carbon black demand.

“We enter this downturn with a high performing global team that is committed to our future success. We have developed one of the strongest, most technologically diverse Carbon Black franchises in the world, a sound balance sheet, attractive debt maturity profile and substantial liquidity to withstand this economic downturn. We are confident in our ability and wherewithal to deliver through this downturn on behalf of our customers, our employees, the communities where we operate and the shareholders whom we serve,” concluded Mr. Painter.

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