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      Ecovyst Inc. (ECVT) Stock Plunged 9.59% After-Hours, Here’s Why - Stocks Telegraph

      By Iqra Jamal

      Published on

      November 17, 2021

      7:41 AM UTC

      Ecovyst Inc. (ECVT) Stock Plunged 9.59% After-Hours, Here’s Why - Stocks Telegraph

      Ecovyst Inc. (ECVT) stock plummeted 9.59% in the after-hours trading session at the price of $11.50 following the announcement of a secondary offering of common stock shares by selling stockholders.  

      ECVT is a leading integrated and innovative corporation that provides specialty catalysts and services to customers globally. Its inorganic products and services assist in improving the sustainability of the ecosystem. 

      ECVT Announced Offering of Common Stock Shares 

      On 16th November 2021, ECVT published that its stockholders proposed to offer 12,500,000 shares of its common stock for sale. The common stock shares are offered under the company’s registration statement filed with the Securities and Exchange Commission. The selling stockholders have also offered the underwriters an option to buy an additional 1,875,000 shares at the public offering price. All the net proceeds from this public offering will receive by the selling stockholders.  

      ECVT Third Quarter 2021 Financial Results 

      On 9th November 2021, ECVT announced its financial results for the third quarter ended 30th September 2021 and presented a future outlook. 

      Financial Highlights  

      ECVT reported net sales of $167.4 million for the third quarter of 2021. A gain of 28.1% from the same period of 2020. For the third quarter of 2021, net income totaled $4.7 million, or $0.03 per diluted share. The company reported an adjusted net income of approximately $25.5 million for the third quarter ended 30th September 2021. Adjusted EBITDA was $69.4 million, or adjusted EPS of $0.19, for the third quarter of 2021.   

      For the three months ended on 30th September 2021, consolidated cash from operations was approximately $84.9 million. Adjusted free cash flow totaled $57.9 million during the third quarter of 2021. On 30th September 2021, ECVT reported gross debt of roughly $897.8 million. Cash and cash equivalents totaled $104.8 million on 30th September 2021. 

      2021 Financial Outlook 

      For full-year 2021, ECVT expects sales to range from $590 million to $600 million, higher roughly $565 million to $575 million year-over-year. Adjusted EBITDA has anticipated to range from $220 million to $225 million for full-year 2021, increased from $215 million to $225 million.

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