Orion Engineered cuts FY23 EPS view to $2.00-$2.25, consensus $2.36

Prior guidance was $2.30-$2.60. The company states: “Despite some softness in our end markets, we remain confident that we can deliver another record year. We are now setting our 2023 Adjusted EBITDA guidance range to be $320 million to $350 million, up seven percent at the midpoint, compared with our record 2022 results. We also project full year 2023 Adjusted EPS of $2.00 to $2.25, up nine percent at the midpoint. Free cash flow should be approximately $100 million this year. Importantly, we continue to be on track to realize our 2025 goal of a mid-cycle Adjusted EBITDA earnings capacity of $500 million.”