Ecovyst Lifts 2026 Adjusted EBITDA Outlook To $208 Million-$212 Million As Quarterly Sales Jump 51%
The sulfuric acid producer also moved a turnaround into early 2027 and plans to buy back up to $20 million of stock this half.
Ecovyst, which recycles spent sulfuric acid for North American refiners, raised its 2026 forecast for adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) to $208 million to $212 million, from $195 million to $207 million. The company said third-quarter sales from continuing operations rose 51% to $308.6 million, helped by volume, pricing and its first full quarter owning Calabrian.
Sales up on price, volume and Calabrian
Sales climbed $103.7 million from $204.9 million a year earlier. The company credited higher volume and pricing as well as the Calabrian sulfur dioxide business it bought on June 30, 2026. Average selling prices rose mainly because about $67 million of higher sulfur costs were passed through to customers, plus favorable contract pricing for regenerated acid.
Regenerated sulfuric acid volumes rose on strong demand and less customer downtime. Net income from continuing operations was $18.4 million, or $0.17 per diluted share, against $0.2 million a year earlier.
Adjusted EBITDA rose 6% to $61.2 million from $57.5 million, above the high end of the company's guidance range. Higher manufacturing, inflation and transportation costs offset part of the gain. CEO Kurt J. Bitting said Calabrian's performance was "consistent with our investment thesis" and that the company remains on track to capture synergies.
A higher bar for the full year
Sales guidance moves to $1,050 million to $1,070 million from $1,020 million to $1,060 million. The Adjusted EBITDA range includes $5 million to $6 million from Calabrian in the fourth quarter. Bitting tied the raise to nine-month momentum and to a turnaround shifting from the fourth quarter into early 2027.
Adjusted free cash flow guidance rises to $50 million to $60 million from $45 million to $55 million. Adjusted net income is guided to $70 million to $85 million, or $0.63 to $0.77 per share.
Management said it expects high refinery utilization through year-end but stays cautious about unplanned customer outages. A sharp drop in sulfur prices could also prompt short-term customer destocking.
Leverage up after the Calabrian deal
Ecovyst sold its Advanced Materials & Catalysts business on December 31, 2025, so that unit now appears as discontinued operations. A $100 million increase in its term loan helped fund Calabrian and lifted the net debt leverage ratio to 2.1x from 1.2x at the end of 2025. Gross debt was $497.1 million.
Liquidity at September 30 totaled $167.0 million: $71.2 million of cash plus $95.8 million available under its asset-based lending facility.
The company bought back $2.7 million of stock in the third quarter, 263,719 shares at an average $10.25. It intends to repurchase up to $20 million in total in the second half of 2026, and $143.8 million remained under its buyback authorization.
Management discussed the results on an 11:00 a.m. Eastern call on Thursday.
Sources
- 8-K Filing — Ecovyst Inc. (ECVT) — SEC EDGAR
- Exhibit ex991-ecvt3q26earningsrele.htm — Ecovyst Inc. 8-K exhibit — SEC EDGAR
- Ecovyst beats Q3 street views, raises 2026 outlook (ECVT:NYSE) — seekingalpha.com
