SPRING, Texas—As far as first quarters go, Orion Engineered Carbons had a good one.
The maker of rubber and specialty carbon blacks, saw sales rise by $16.2 million year-over-year, recording $500.7 million for the quarter. Net income, likewise, was up $9.8 million over the year-ago period, coming in at $42.3 million.
Gross profit for the quarter grew by 15.7 percent year over year, coming in at $136.4 million.
"The increase was primarily driven by improved contractual rubber carbon black price and favorable specialty carbon black mix and timing benefits," Orion said in its financial statement. "Those were partially offset by lower volume in both segments. Higher margins per ton resulted from price increases in rubber carbon black to recover environmental and reliability related capital expenditures and an improved mix in specialty carbon black."