HOUSTON—Orion Engineered Carbons has reported record earnings in the quarter ending March 31, as demand continues to grow for its rubber carbon blacks both in Europe and globally.
The carbon black maker posted adjusted earnings (EBITDA) of $83 million, up 17.3 percent compared to the first quarter last year.
Total sales were up 34.5 percent at $484.5 million, while volumes fell 0.4 percent to 253,000 metric tons, due mainly to lower specialty demand.
The rubber black business, which supplies carbon black additives to the tire and rubber industries, reported a strong performance with adjusted earnings up 30.4 percent at $40 million.
Segment sales increased 42 percent to $307 million as volume rose 2.7 percent to 187,000 metric tons, Orion announced May 5.
Higher sales, the company said, was primarily driven by pricing, impact of higher volume and impact of favorable product mix.
Despite higher fixed costs, earnings grew for the quarter, helped by higher margins, higher volume and favorable product mix.