News from Notch Consulting, Inc.

May 30, 2013

Orion Engineered Carbons reports first quarter results — double-digit growth in Brazil can’t offset lingering weakness in Europe and North America

Filed under: Carbon Black — Notch @ 12:26 am

On May 29, Orion Engineered Carbon released its results for the first quarter 2013 (ended March 31, 2013), reporting revenues of €341.1 million for the quarter, down four percent from €355.4 million in the same quarter of 2012. Operating results (EBIT) totaled €25.05 million in the first quarter of 2013, down 11% from €28.16 million in the same quarter of 2012. For the first quarter of 2013, revenue of €341.1 million consisted of €243.2 million in rubber grades (71% of total sales) and €97.9 million in pigment grades (29% of total sales). All of the sales decline against 1Q 2012 was recorded in the rubber segment as sales of rubber grades fell 5.8% compared to 1Q 2012, while sales of pigment grades in the most recent quarter rose slightly compared to 1Q 2012.

Management cited an unexpectedly slow start to 2013 for Rubber in the US and Europe, partly offset by increased demand in South Africa and South America. Overall demand for Pigment remained stable compared to same quarter of prior year. Lower demand in the US was offset by increased demand mainly in Europe as well as in other regions.

Regional results for the areas served by Orion were as follows (all figures are for 1Q 2013 revenues relative to 1Q 2012):
Europe: -7.7%
North America: -4.7%
South Korea: -5.6%
South Africa: +4.1%
Brazil: +23.2%
Other regions: +6.5%

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