Nineteen Million, Twice
Orion's rubber carbon black book earned the same $19 million in two straight quarters while its specialty book nearly doubled. Same plants, same feedstock, same oil. The only thing that changed in January was the contract, and Cabot's numbers say the same thing.
Orion's rubber carbon black business earned $19.0 million in the first quarter of this year, and $19.2 million in the second.
Two hundred thousand dollars apart, across six months. The same business earned $40.8 million and then $48.9 million in the matching quarters of 2025.
Look at the June quarter on its own and nothing explains that.
Net sales were up 3%. Realized pricing was up 5%. Volumes came off 3% and customer mix another 3%, which describes a soft tire market rather than a broken one.
Adjusted EBITDA fell 61%.
Orion's explanation, in the release it filed Wednesday night, runs to six words: "lower contractual pricing agreements for 2026".
"If the same plants running the same feedstock can print 61% down and 96% up in one quarter, what is actually being priced?"
The 96% is the other half of the company.
Specialty carbon black adjusted EBITDA came in at $39.0 million against $19.9 million a year ago, on volumes up 3% and mix up 4%. Same furnaces, same oil, same three months (chart below).
Specialty passed rubber in the first quarter of 2026 and was worth twice as much by the second. That crossover has a date, and the date is when the calendar-2026 supply agreements took effect.
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