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Investing.com -- Shares of OCI fell 3.2% after the company reported second half earnings. Adjusted EBITDA came in at a loss of $39 million compared to the expected loss of $70 million.
In the context of its continuing operations, OCI’s sales rose to $466 million, marking a 14% increase over the consensus estimate of $407 million.
The company’s Clean Ammonia segment has seen significant capital expenditure, with $954 million already spent and total construction costs anticipated to reach $1.55 billion. Despite this investment, OCI provided no new information on the timing of its remaining asset disposals, including the divestment to Methanex (NASDAQ:MEOH), which is expected to close in the second quarter.
Additionally, there was no update on potential sales of European Nitrogen assets or further shareholder returns.
Operationally, OCI’s Nitrogen Europe Sales were reported at $466 million, a 21% increase compared to Jefferies’ estimate and 3% higher than the consensus. The division’s adjusted EBITDA was $7 million, suggesting some areas of the business are performing better than others.
Jefferies commented on the market outlook provided by OCI, noting the positive pricing at the start of the year. However, they tempered expectations by stating, "We expect a muted share price reaction."
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