Celanese reported a second quarter 2025 EPS run rate target of $2 per share, with Q3 guidance midpoint at $1.25.
Free cash flow guidance remains strong at $700 million to $800 million for 2025, driven primarily by operations despite $650 million to $700 million in interest expense.
Inventory reduction efforts in Engineered Materials caused a sequential $25 million negative earnings impact in Q3, offset by a prior Q2 benefit.
The company experienced volume weakness in China automotive orders, European demand in Engineered Materials, and the Western Hemisphere Acetyl Chain.
Volumes in the Western Hemisphere acetyl demand are at the lowest levels in 20 years, with Engineered Materials volumes down 5-6% year-over-year.
Cabot Corporation reported Q3 fiscal 2025 adjusted earnings per share of $1.90, down 1% year-over-year but in line with Q2 results.
Cash balance stood at $239 million with liquidity of approximately $1.4 billion; net debt-to-EBITDA ratio was 1.3x at quarter end.
Discretionary free cash flow was $114 million for the quarter.
Operating cash flow was strong at $249 million, funding $61 million in capital expenditures and enabling $64 million returned to shareholders via dividends and share repurchases.
Performance Chemicals segment EBIT increased 4% year-over-year, driven by higher gross profit per ton despite 8% lower volumes.
Reinforcement Materials segment EBIT declined 6% year-over-year to $128 million, primarily due to 8% lower volumes driven by tariffs and macroeconomic weakness.
Year-to-date operating tax rate was 28%, with an expected range of 27% to 29% for fiscal 2025.
Capital expenditures were $170 million, dividends $112 million, and federal income tax payments $109 million.
Cash provided by operations was $300 million and free cash flow was $130 million in the quarter.
Packaging segment EBITDA excluding special items was $453 million on $2 billion sales with a 22.6% margin versus $400 million on $1.9 billion sales or 21% margin in 2024.
Paper segment EBITDA excluding special items was $30 million on $146 million sales or 20.8% margin compared to $31 million on $150 million sales or 20.4% margin in 2024.
Quarter end cash balance including marketable securities was $956 million with revolver availability liquidity of approximately $1.3 billion.
Second quarter net income was $242 million or $2.67 per share, excluding special items net income was $224 million or $2.48 per share compared to $199 million or $2.20 per share in Q2 2024.
Second quarter net sales were $2.2 billion in 2025 versus $2.1 billion in 2024.
Total company EBITDA excluding special items was $451 million in 2025 compared to $404 million in 2024.
Adjusted EBITDA totaled $336 million, a slight increase over the first quarter of 2025.
Cash from operations was $396 million; ended quarter with approximately $600 million cash and total debt just under $5.2 billion.
Engineered Wood Products adjusted EBITDA was $57 million, a slight increase compared to the first quarter.
Lumber adjusted EBITDA was $11 million, a $29 million decrease compared to the first quarter.
OSB adjusted EBITDA was $30 million, a $29 million decrease compared to the first quarter.
Real Estate and ENR contributed $106 million to second quarter earnings and $143 million to adjusted EBITDA, $61 million higher than the prior quarter.
Share repurchase activity totaled $100 million in the second quarter, highest quarterly level since late 2022.
Timberlands contributed $88 million to second quarter earnings with adjusted EBITDA of $152 million, a $15 million decrease compared to the first quarter.
Weyerhaeuser reported second quarter GAAP earnings of $87 million or $0.12 per diluted share on net sales of $1.9 billion.
Wood Products contributed $46 million to second quarter earnings and $101 million to adjusted EBITDA.
Dafinchi