Jonathan Puckett, a veteran of the chemical industry who most recently served as vice‑president and CFO of Celanese’s Acetyl Chain segment, has been named chief financial officer of Orion Engineered Carbons, effective December 1, 2025. Puckett brings more than three decades of financial leadership, including senior roles at Affiliated Computer Services, PwC, and KPMG, and is expected to steer the company’s cost‑rationalization and debt‑reduction agenda.
Orion’s Q3 2025 results fell short of analyst expectations. Earnings per share were $0.29 versus a consensus estimate of $0.36, a miss of $0.07 or 19.4%. Revenue totaled $450.9 million, down 3% year‑over‑year and $1.54 million below the $452.44 million estimate. Adjusted EBITDA dropped from $80.1 million in Q3 2024 to roughly $58 million in Q3 2025, and a $81 million goodwill impairment charge pushed the company into a $67.1 million net loss.
The earnings miss reflects a confluence of headwinds. Demand for tire‑grade carbon black has weakened as U.S. and European tire production slows, while high imports and excess inventory suppress pricing. The company’s mix shifted toward lower‑margin markets, and cost inflation eroded gross profit, which in turn compressed adjusted EBITDA. The goodwill impairment indicates a reassessment of the value of recent acquisitions amid these market pressures.
Management has revised its outlook to reflect the tougher environment. Full‑year 2025 adjusted EBITDA guidance was lowered to $220‑$235 million, down from the prior $240‑$260 million range, and free‑cash‑flow guidance was cut to $25‑$40 million from $40‑$70 million. These adjustments signal caution about near‑term demand while underscoring a continued focus on cost discipline and debt reduction.
CEO Corning Painter welcomed Puckett, noting that his “broad functional skill set, deep financial expertise and proven success in helping businesses execute on both financial and strategic goals make him an excellent fit for our company, particularly as we navigate our next phase of growth and profitability.” Painter also emphasized that the company’s top priority remains generating free cash flow to pay down debt and that “self‑help actions” will be key to achieving that goal.
Investor sentiment has been mixed. The earnings miss and goodwill impairment have raised concerns about Orion’s near‑term profitability, but the company’s strategic shift toward cost rationalization and the appointment of a seasoned CFO are viewed by some as positive steps toward financial resilience. The market’s reaction reflects a balance between caution over current results and optimism about the company’s long‑term trajectory.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.