Orion S.A. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance compared to the same periods in 2023. For the third quarter, net sales totaled $463.4 million, a slight decrease of $2.8 million (0.6%) from $466.2 million in Q3 2023. Gross profit also declined to $107.5 million, down from $110.2 million, reflecting a 2.5% decrease primarily due to higher fixed costs. The company experienced a significant loss from operations of $(15.3) million, a stark contrast to the $45.7 million profit reported in the prior year, marking a 133.5% decrease.

For the nine-month period, net sales increased to $1,443.3 million, up $17.6 million (1.2%) from $1,425.7 million in 2023, driven by a recovery in the Specialty Carbon Black segment. However, gross profit for the nine months fell to $339.5 million, down 6.7% from $363.7 million, attributed to higher fixed costs and unfavorable raw material cost pass-throughs. The income from operations for the nine months also decreased significantly to $79.1 million from $178.1 million, a 55.6% decline.

Net income for Q3 2024 was $(20.2) million, a decrease of $46.4 million compared to a profit of $26.2 million in Q3 2023. For the nine months, net income dropped to $27.0 million from $98.6 million, a 72.6% decrease. The earnings per share (basic and diluted) for Q3 2024 were $(0.35), down from $0.45 in Q3 2023.

The company reported a loss due to misappropriation of assets amounting to $59.2 million in Q3 2024, which included unrecovered fraudulent wire transfers and associated investigation costs. This incident significantly impacted the financial results, although business operations remained unaffected.

Total assets as of September 30, 2024, increased to $1,996.3 million from $1,833.4 million at the end of 2023. Current liabilities rose to $577.9 million, up from $440.3 million, while total stockholders' equity slightly decreased to $476.3 million from $478.5 million.

Orion S.A. also reported a net cash provided by operating activities of $30.8 million for the nine months ended September 30, 2024, a significant decline from $273.7 million in the same period of 2023. The company’s liquidity position remained stable, with total liquidity of $209.4 million as of September 30, 2024.