Consolidated Adjusted EBITDA and Full-Year Guidance Reaffirmed
Delivered consolidated adjusted EBITDA of $56.5 million in Q1 2026 and management reaffirmed full-year consolidated adjusted EBITDA guidance of $230 million to $250 million, expressing confidence in achieving that range.
Industrial Services Strong YoY Improvement (Phoenix Contribution)
Industrial Services adjusted EBITDA rose to $26.2 million in Q1 2026 from $13.7 million in Q1 2025, an increase of approximately 91% (up $12.5 million), driven primarily by the addition of Phoenix and improved terminal volumes; full-year Industrial Services guidance reaffirmed at $90 million to $100 million.
Robust Operating Cash Flow and Ample Liquidity
Generated strong operating cash flow of $72.7 million in Q1 2026 and ended the quarter with $104.4 million in cash and $158 million revolver availability, totaling $262 million in liquidity; used $26 million for debt paydown during the quarter.
Dividend Continuity and Capital Allocation Priorities
Announced quarterly dividend of $0.12 per share payable June 2, 2026 (27th consecutive quarter), paid $10.7 million in dividends during Q1 and signaled continued use of free cash flow for debt reduction and shareholder returns with target gross leverage below 3x by end of 2026.
Terminal Throughput Improvement and Sold-Out Position
Total terminal handling volumes improved to 5.6 million tons in Q1 2026 (steel customer volumes also 5.6 million tons) with sequential improvement versus Q4 2025; company stated it is running at full capacity and is sold out for the full year.
Operational Recovery Plans and Middletown Restart
Management reported ongoing integration of Phoenix, expected resumption of power production at Middletown late in Q2 2026, and confidence that lost Q1 production will be made up over the balance of the year.
Safety and Environmental Performance
Management emphasized continued strong safety and environmental performance, noting excellent safety results in 2025 carried into 2026, highlighting operational discipline and reliability.