Ecovyst Q3 2026: Calabrian Lifts Revenue 51%, Guidance Raised

Ecovyst's third quarter of 2026 marked the first full period of owning Calabrian, the sulfur dioxide business it acquired on June 30, 2026. Revenue came in at $308.6 million, beating expectations and rising 50.6% year over year, helped by sulfur cost pass-throughs tied to the new unit. Adjusted diluted EPS of $0.23 also beat expectations.

Adjusted EBITDA reached $61.2 million, up from $57.5 million a year ago and above the top of management's own guidance range. CEO Kurt J. Bitting credited the momentum directly: "Ecovyst delivered another strong quarter, with third quarter 2026 Adjusted EBITDA of $61 million, up over 6% compared to the year-ago quarter, and above the high end of our guidance range." GAAP net income from continuing operations came in at $18.2 million, more than double the year-ago figure.

The Calabrian integration is proceeding on schedule, and management said synergy capture remains on track. Bitting noted that the quarter's results "were consistent with our investment thesis" and that a planned turnaround originally scheduled for the fourth quarter has been pushed into early 2027, which also contributed to the upward guidance revision.

Encouraged by the trajectory, management raised full-year 2026 Adjusted EBITDA guidance to a range of $208 million to $212 million, up from the prior range of $195 million to $207 million. Full-year sales, Adjusted Free Cash Flow and Adjusted diluted income per share guidance were all revised upward as well.

The demand backdrop supporting those projections includes high refinery utilization, strong alkylate demand, and growing copper mining activity. High operating rates at Canadian gold mines are expected to keep Calabrian's sulfur dioxide volumes healthy through the fourth quarter. Risks the company flagged include unplanned refinery outages, potential customer destocking if sulfur prices fall sharply, and margin compression from the sulfur cost pass-through mechanism, which inflates reported revenue without a proportional effect on profit.