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Investing.com - Solstice Advanced Materials Inc. (NASDAQ:SOLS) on Thursday reported third-quarter revenue of $969 million, beating analyst expectations and showing 7% growth year-over-year, driven by strong performance in its refrigerants business.
Shares rose 1.3% following the announcement.
The specialty chemicals and advanced materials company posted a net loss of $35 million for the quarter, compared to net income of $152 million in the same period last year.
The loss included higher income tax expenses related to the company’s recent spin-off from Honeywell, which was completed on October 30.
Adjusted standalone EBITDA was $235 million with a margin of 24.3%, down from 27.1% in the prior-year period, primarily due to unfavorable product mix in refrigerants and transitory costs related to the spin-off.
"Our performance in the third quarter builds on a foundation of growth and reflects the team’s strong execution throughout the business as we prepared to transition to being an independent entity," said David Sewell, President and Chief Executive Officer.
The company’s Refrigerants & Applied Solutions segment saw 9% sales growth, with refrigerants sales surging 22%, while the Electronic & Specialty Materials segment posted a modest 2% increase.
Solstice reaffirmed its full-year 2025 guidance, expecting net sales between $3.75 billion and $3.85 billion and an adjusted standalone EBITDA margin of approximately 25%.
Following the spin-off, the company reported total long-term debt of $2 billion and cash and cash equivalents of approximately $450 million, resulting in a net leverage ratio of about 1.5x.
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