Orion S.A. Up 0.29% To $20.66 After Earnings Beat

Orion SA (OEC) reported better than expected earnings this afternoon for Q3 2023.

The consensus among analysts for Orion S.A. was for an earnings per share (EPS) of $0.46. The firm was able to surpass those projections, reporting an EPS of $0.49, a positive surprise of $0.03 (7%). Profits fell 14% year-over-year after reporting an EPS of $0.57 in its year-ago quarter. The negative growth rate signals that the Basic Materials company isn't performing well amid current economic conditions.

Revenues were downbeat at $466.2 million. That represents a 14.16% decrease in revenues from the year-ago report and is 7.29% lower than consensus estimates set at $502.8 million.

The stock is up 0.29% to $20.66 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 60. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Orion Engineered Carbons SA is a producer of carbon black. The company's operating segments are Specialty Carbon Black and Rubber Carbon Black. It generates maximum revenue from the Rubber Carbon Black segment. Rubber Carbon Black segment is used in the reinforcement of rubber in tires and mechanical rubber goods. The Specialty Carbon Black segment is used as pigments and performance additives in coatings, polymers, printing, and special applications. Geographically, it derives a majority of revenue from Germany.