MALVERN, PA — PQ Group Holdings Inc. (NYSE: PQG), a leading integrated and innovative global provider of specialty catalysts, materials, chemicals and services, announced today that it is updating its Sales and Adjusted EBITDA outlook for the second quarter 2020.
PQ is now projecting second quarter 2020 Sales to be in the range of $350 to $360 million, down from its original guidance of $360 to $375 million, on continued weaker demand in Europe. PQ is raising its guidance for Adjusted EBITDA to $107 to $112 million from its original guidance of $95 to $105 million, on better than expected demand for regeneration services, favorable mix in Catalysts and lower costs across the portfolio. Additionally, second quarter 2020 Adjusted EBITDA margin is anticipated to be approximately 27%.
“As stay-at-home restrictions are being lifted across North America, we are seeing gasoline demand recovering, leading to a faster improvement in our Refining Services sales,” said Belgacem Chariag, PQ Chairman, President and Chief Executive Officer. “At the same time, the effective and timely actions to improve our cost structure are driving our margins higher.”
PQ plans to provide a detailed review of results during the second quarter 2020 earnings call.
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