|Over a week ago|
Orion Engineered withdraws FY20 guidance, suspends dividend due to COVID-19 » 07:0503/2303/23/20
In response to the…
In response to the ongoing uncertainty surrounding the duration, magnitude and geographic reach of COVID-19, Orion Engineered announced it is withdrawing its full-year 2020 guidance issued on February 20, 2020. The company also announced several proactive actions to maintain and strengthen its financial flexibility, including increasing its cash position and suspending its dividend. As stated in Orion's earnings presentation dated February 21, 2020, the company's guidance included its estimate of the 1Q20 financial and operational impacts of COVID 19. Given the increasing impact and uncertainty surrounding the duration, magnitude and geographic reach of COVID-19, and the likelihood that COVID-19 will have implications for our business for a prolonged period, the company is withdrawing its full-year 2020 guidance. Orion intends to provide an update as to the estimated financial impacts of COVID-19 during the company's first quarter earnings conference call in May 2020, to the extent that available information permits. As previously disclosed, the company had total liquidity of approximately $355 million as of December 31, 2019 mainly from a revolving credit facility and ancillary credit lines. As a proactive measure, the company partially drew down its revolver, effective March 24, to access cash sufficient to increase its cash position at quarter end to approximately $100 million from $63.7 million at December 31, 2019. The impact on the balance sheet of the increase in cash will be net debt neutral. Orion's previously announced interim dividend in the amount of 20c per Common Share will be paid on March 31 to holders of record as of the close of business on March 10, as planned. However, the Orion Board has suspended further dividend payments in order to enhance the company's financial flexibility to successfully manage through the current pandemic and its aftermath.
|Over a month ago|
Orion Engineered management to meet with Jefferies » 10:3003/0403/04/20
Meeting to be held in Los…
Meeting to be held in Los Angeles on March 4 hosted by Jefferies.
Orion Engineered announces 20c per share interim cash dividend » 16:3302/2802/28/20
Orion Engineered Carbons…
Orion Engineered Carbons S.A. announced that its board declared an interim dividend to be paid in Q1 in the amount of 20c per common share. The interim dividend will be paid on March 31 to holders of record as of the close of business on March 10.
Fly Intel: After Hours Movers » 19:0302/2002/20/20
EHTH, AERI, ZIXI, BAND, DBX, NCMI, TXRH, SFM, GLOB, SSRM, PRA, CATM, SBAC, FND, BXRX, S, TRUE, FSLR, LTHM, ZS, APPN, CNDT, BOOM, PBYI, BLDR, FSLY, BYD, ENV, CUBE, BJRI, ROG, COG, OLED, OEC, NBR, CVA, VICI, ASPN, FIT
UP AFTER EARNINGS:…
UP AFTER EARNINGS: eHealth (EHTH) up 17.7%... Aeri Pharma (AERI) up 15.1%... Zix Corp (ZIXI) up 11.9%... Bandwidth (BAND) up 11.7%... Drobox (DBX) up 10.9%... National CineMedia (NCMI) up 8.0%... Texas Roadhouse (TXRH) up 7.2%... Sprouts Farmers (SFM) up 6.1%... Globant (GLOB) up 5.1%... SSR Mining (SSRM) up 4.4%... Pro Assurance (PRA) up 3.2%... Cardtronics (CATM) up 2.4%... SBA Communications (SBAC) up 1.9%... Floor&Decor (FND) up 1.4%. ALSO HIGHER: Baudax Bio (BXRX) up 21.5% after FDA approval of Anjeso for pain management... Sprint (S) up 5.2% after modifying T-Mobile combination closing as early as Apr. 1st. DOWN AFTER EARNINGS: TrueCar (TRUE) down 23.5%... First Solar (FSLR) down 13.7%... Livent Corp (LTHM) down 13.2%... Zscaler (ZS) down 12.3%... Appian Corp (APPN) down 10.6%... Conduent (CNDT) down 9.7%... DMC Global (BOOM) down 9.7%... Puma Biotechnology (PBYI) down 8.1%... Builders FirstSource (BLDR) down 7.7%... Fastly (FSLY) down 5.7%... Boyd Gaming (BYD) down 5.0%... Envestnet (ENV) down 4.3%... CubeSmart (CUBE) down 4.1%... BJ's Restaurants (BJRI) down 3.9%... Rogers Corp (ROG) down 3.9%... Cabot Oil (COG) down 3.8%... Universal Displays (OLED) down 2.9%... Orion Engineered Carbons (OEC) down 2.6%... Nabors (NBR) down 2.6%... Covanta Holding (CVA) down 2.4%... Vici Properties (VICI) down 1.9%... Aspen Aerogels (ASPN) down 1.6%... Fitbit (FIT) down 1.2%. Movers as of 18:30ET.
Orion Engineered sees FY20 adjusted EBITDA $250M-$280M » 16:4602/2002/20/20
This outlook is based on…
This outlook is based on current GDP expectations and assumes that carbon black feedstock prices, exchange rates and feedstock impacts will be at levels experienced late in the fourth quarter of 2019. Other guidance metrics for 2020 include shares outstanding of 60.6 million before vesting of awards under the Group's Long Term Incentive Program, an underlying tax rate in the range of 29% to 30% on pre-tax income, and capital expenditures in the range of $130 million and $150 million of which non-EPA related spending is expected to comprise approximately 45% to 50%, prior to any reimbursement from Evonik AG, with maintenance capital comprising around 45%, and growth-oriented capital comprising the balance. Depreciation and Amortization for 2020 is estimated to be in the range of $95 to $100 million.
Orion Engineered reports Q4 adjusted EPS 42c, consensus 40c » 16:4602/2002/20/20
Reports Q4 revenue…
Reports Q4 revenue $322.4M, consensus $365.94M. "Orion executed well in the fourth quarter, delivering Adjusted EBITDA within our forecasted guidance range and continuing to implement key initiatives to better position the company in this challenging macro environment. The continuation of weak auto OEM dynamics and evidence of tire customers conservatively approaching year end contributed to the volume declines in the fourth quarter, however, favorable trends in price and product mix helped to offset some of the weakness. Furthermore, our operating performance drove strong cash generation and a substantial reduction in net debt," said Corning Painter, Chief Executive Officer.
|Over a quarter ago|
Orion Engineered Senior Manager buys 2,500 additional shares » 06:0811/2711/27/19
Orion Engineered Senior…
Orion Engineered Senior VP, Global Operations, Carlos Quinones has purchased a total of 2,500 common shares of the company at an average price of $18.44 per share in addition to the 8,000 common shares acquired by him August 26 and 7,439 common shares acquired August 27.
Orion Engineered says director Kerry Galvin buys 1,800 common shares » 06:1011/1811/18/19
Orion Engineered announced that one director of its Board of Directors has purchased Orion stock. Kerry Galvin has purchased 1,800 common shares of the company, acquired at an average price of $19.445 per share.
Cabot downgraded to Neutral on valuation at JPMorgan » 08:1311/0611/06/19
JPMorgan analyst Jeffrey…
JPMorgan analyst Jeffrey Zekauskas downgraded Cabot (CBT) to Neutral from Overweight with a price target of $45, up from $40. The analyst cites valuation for the downgrade as he thinks Cabot is fairly valued at this juncture. Cabot trades at 7.2 times EBITDA and 5.4% free cash flow yield based on Zekauskas' 2020 estimates. He thinks Cabot should trade at a multiple comparable to its carbon black peer, Orion Engineered (OEC), which trades at a 6.7 times EBITDA multiple.
Fly Intel: After Hours Movers » 18:4310/3110/31/19
CRC, LOCO, QRVO, NPTN, ERII, FTNT, X, BRKR, ACLS, MELI, FTAI, CWST, AYX, PFSI, OSPN, JCOM, AT, OEC, SSNC, BGNE, TAL, CASA, ANET, MOBL, PINS, CAR, CDNA, MTZ, PXLW, LYV, APPN, NFC, WU, AVID, KEG
UP AFTER EARNINGS: …
UP AFTER EARNINGS: California Resources (CRC) up 26.1%... El Pollo Loco (LOCO) up 14.2%... Qorvo (QRVO) up 9.8%... NeoPhotonics (NPTN) up 9.4%... Energy Recovery (ERII) up 8.4%.... Fortinet (FTNT) up 7.6%... U.S. Steel (X) up 6.9%... Bruker (BRKR) up 5.6%... Axcelis Technologies (ACLS) up 4.2%... MercadoLibre (MELI) up 3.9%... Fortress Transportation (FTAI) up 3.9%... Casella Waste Systems (CWST) up 3.9%... Alteryx (AYX) up 3.8%... PennyMac Financial (PFSI) up 3.8%... OneSpan (OSPN) up 3.8%... J2 Global (JCOM) up 2.8%... Atlantic Power (AT) up 2.6%... Orion Engineered (OEC) up 1.9%... SS&C Tech (SSNC) up 1.4%... ALSO HIGHER: BeiGene (BGNE) up 23.6% after Amgen disclosed purchase of 20.5% stake for $2.7B... TAL Education (TAL) up 1.8% after Goldman Sachs upgrade to Buy... DOWN AFTER EARNINGS: Casa Systems (CASA) down 25.6%... Arista Networks (ANET) down 24.7%... MobileIron (MOBL) down 20.1%... Pinterest (PINS) down 19.3%... Avis Budget (CAR) down 12.5%... CareDx (CDNA) down 8.8%... MasTec (MTZ) down 7.9%... PixelWorks (PXLW) down 7.5%... Live Nation (LYV) down 5.0%... Appian Corp (APPN) down 4.2%... National Fuel Gas (NFC) down 3.8%...Western Union (WU) down 1.0%. ALSO LOWER: Avid Technology (AVID) down 24.5% after negative Q3 pre-announcement... Key Energy Services (KEG) down 12% after announcing review of strategic alternatives, defaulting on debt payment. Movers as of 18:15ET.