Overview
- Adjusted earnings were $1.01 per share on revenue of $7.73 billion, beating consensus forecasts of $0.81 and $7.41 billion.
- The company reported a net loss of $890 million driven by $1.2 billion in non-cash asset write-downs.
- Operating cash flow reached $983 million for a 135% cash conversion rate, with EBITDA at $(480) million or $835 million excluding identified items.
- Fourth-quarter guidance calls for lower operating rates and about 40 days of idling at a Wesseling cracker in Germany and a PO/SM unit in Channelview, Texas, with segment rates projected at 80% for North American O&P, 60% for European O&P, and 75% for I&D.
- Management advanced its portfolio reshaping with a signed agreement to sell four European assets and reaffirmed a Cash Improvement Plan targeting $600 million in 2025 and at least $1.1 billion by end-2026.