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.
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