0001193125-26-324226
SEC filing营收增长但利润率承压，全年指引维持，调整后EPS增速下调。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $497M | $463M | +7.3% |
| Gross Profit | $170M | $132M | +28.8% |
| Gross Margin | 34.2% | 28.5% | +570bps |
| Operating Income | $43M | -$708M | +$751M |
| Operating Margin | 8.7% | -153.0% | +1617bps |
| Net Income | $16M | -$742M | +$758M |
| Diluted EPS | $0.35 | -$16.21 | +$16.56 |
| Adjusted EBITDA | $109M | $113M | -$4M |
| Operating Cash Flow | $295M | $94M | +$201M |
| Free Cash Flow | $244M | $30M | +$214M |
本季度营收增长主要由销量驱动（+$28M），价格/组合（+$3M）和汇率（+$3M）亦有贡献。毛利率大幅提升570bps至34.2%，主要得益于成本下降（包括加速折旧减少）和有利的价格/组合。
尽管毛利率改善，Adjusted EBITDA同比下降$4M，主要受不利的生产成本和更高的SG&A费用拖累。SG&A费用下降$7M，但其中包含$8M的税收抵免收益，剔除后实际费用上升。盈利质量方面，经营现金流大幅改善至$295M，主要受益于营运资本变动，但需注意其中包含$103M的税收退款。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Life Sciences | $180M | +11.1% | $45M / $60M | 25.0% | 量增、价格/组合改善 |
| Personal Care | $155M | +5.4% | $29M / $44M | 18.7% | 量增、汇率利好 |
| Specialty Additives | $136M | +3.8% | $3M / $18M | 2.2% | 价格/组合、量增，但成本上升 |
| Intermediates | $37M | +12.1% | $3M / $4M | 8.1% | 量增，但成本上升 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $440M | +$225M |
| Total Debt | $1,374M | -$10M |
| Inventory | $490M | -$78M |
| Operating Cash Flow | $295M | +$201M |
| Capex | $51M | -$13M |
| Free Cash Flow | $244M | +$214M |
资本配置：本季度无股票回购，剩余授权$520M。季度股息提高1%至$0.42/股。债务减少$10M，杠杆率2.3倍，利息覆盖率6.9倍，均符合契约要求。
前瞻指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Sales | $1,835-$1,870M | reported |
| FY26 | Adjusted EBITDA | $385-$400M | reported |
| FY26 | Adjusted EPS Growth | low-to-mid single digit | reported |
| FY26 | Ongoing FCF Conversion | >50% of Adjusted EBITDA | reported |
关注点：石棉诉讼准备金增加$48M，环境修复准备金增加$5M，均为一次性项目。信用评级被下调至BB/Ba2，但展望稳定。关税和地缘政治风险持续存在。