Strong First Quarter Performance
Adjusted EBITDA for the first quarter was $39 million, above the high end of guidance range of $24 million to $34 million, driven by strong results from the Zeolyst joint venture.
Zeolyst Joint Venture Exceeds Expectations
Sales for the Zeolyst joint venture were up 60%, with higher sales of hydrocracking and specialty catalysts exceeding expectations.
Share Repurchase Authorization
Current share repurchase authorization has $230 million remaining, with plans to allocate up to $30 million in the second quarter for opportunistic repurchases.
Cornerstone Sulfuric Acid Acquisition
The acquisition of Cornerstone Sulfuric Acid assets is expected to enhance Ecoservice's Gulf Coast network and add significant capacity.