Total Revenue

–8.5% (from $2,611M to $2,389M)

Revenue fell by $222M primarily due to lower volumes (–5%), lower pricing (–3%), and unfavorable currency impacts amid weak global demand, reflecting broader challenges compared to the previous period. " "

Net Earnings

100% decline (from $124M to –$17M)

Net earnings reversed dramatically into a loss by approximately $141M as a result of reduced sales across segments, margin compression, and adverse economic pressures, building on prior period strengths that were not sustained. " "

Gross Profit

–14% (from $554M to $476M)

Gross profit dropped by $78M due to lower net sales and pricing pressures that outweighed partial cost reductions, highlighting the challenge in maintaining margins when sales volumes decline. " "

Geographic Revenue (North America)

+89% (from $388M to $735M)

North America revenue nearly doubled as improved demand and better pricing strategies drove a robust recovery in this region compared to the lower baseline in Q1 2024. " "

Geographic Revenue (Europe & Africa)

+83% (from $423M to $773M)

Europe & Africa posted strong gains as revenue rose by $350M, driven by market demand recovery and pricing adjustments that marked a significant rebound relative to the previous period's performance. " "

Geographic Revenue (Asia-Pacific)

+109% (from $394M to $823M)

Asia-Pacific revenue surged by $429M, reflecting a strong market turnaround likely due to easing supply constraints and a rebound in regional demand, compared to a modest performance in Q1 2024. " "

Geographic Revenue (South America)

+107% (from $28M to $58M)

South America revenue more than doubled, showing a rebound from a low base in Q1 2024 driven by improved local market conditions and demand recovery. " "

Operating Cash Flow

–63% (from $101M to $37M)

Operating cash flow decreased by $64M, largely because lower net earnings and tightened working capital dynamics reduced cash generation compared to the previous period. " "

Total Assets

–11% (from $26,033M to $23,197M)

Total assets fell by approximately $2.8B, due to asset reductions including lower cash balances and working capital adjustments that reflect the company’s streamlining efforts and market pressures relative to Q1 2024. " "

Total Shareholders’ Equity

–25% (from $7,531M to $5,615M)

Equity declined significantly by $1.92B (25%), driven by the net loss impacting retained earnings, dividend payouts, and overall changes in the balance sheet that compounded past period performance challenges. " "

Free Cash Flow

FY 2025

Expected to be higher than 2024 "

$700 million to $800 million " "

no change

Adjusted EBITDA

FY 2025

no prior guidance

$1.8 billion "

no prior guidance

EPS

FY 2025

no prior guidance

$2 per share run rate " "

no prior guidance

Capital Expenditures

FY 2025

$300 million to $350 million "

no current guidance

no current guidance

EPS

Q1 2025

$0.25 to $0.50 "

no current guidance

no current guidance

EPS

Q2 2025

$1.25 to $1.50 "

no current guidance

no current guidance

EBITDA

Q1 2025

$400 million or slightly below "

no current guidance

no current guidance

Engineered Materials Platform

Q2–Q4 2024: Discussed extensively with a focus on moderate growth via integration and pipeline (Q2 " " " " ), long‐term portfolio strength and innovation drivers (Q3 " " " ), and efforts to reduce complexity, manage inventory and margin compression (Q4 " " " ).

Q1 2025: Emphasized as the “leading engineered materials franchise” with 19 polymer families; highlighted volume pickup from Q1 to Q2, ongoing pricing actions, and targeted cost reductions despite challenges (especially in Nylon 66). " " " "

Consistent focus on the diversified portfolio with evolving emphasis from integration and pipeline development to active measures addressing margin challenges and cost alignment. The long‐term earnings potential is reaffirmed, even as management intensifies efforts to stabilize challenged segments such as Nylon 66. " " "

Cost Reduction, Cash Generation & Debt Management

Q2–Q4 2024: Detailed discussions on execution of cost actions (e.g. $40–$150M synergies Q2 " , SG&A cuts and production adjustments Q3 " " , and dividend reduction plus reduced capital spending in Q4 " " " ). Emphasis was on unlocking cash and reducing leverage through multiple measures.

Q1 2025: Continued aggressive cost reduction measures across the corporation with strong focus on cash generation targets (projected free cash flow of $700–$800M) and strategic actions for deleveraging via cost reductions, divestitures, and resource realignment. " " " " "

Steady and evolving intensity in managing costs and debt. While earlier periods stressed broad initiatives, Q1 2025 continues the theme with even more targeted actions, underscoring the importance of free cash flow and progressive deleveraging to support long‐term financial stability. " "

Growth Opportunities in the EV Market and in China

Q2–Q4 2024: Initially highlighted innovative applications (e.g. use of nylon for EVs Q2 " ) and strong traction in EV-related segments coupled with wins in China (Q3 " ) and detailed potential in high-temperature nylon and rapid commercialization timelines in China (Q4 " " ).

Q1 2025: Focus on increasing automotive content in China, with local OEMs targeted as winners; stated 20% EV volume growth in China last year and plans to replicate this momentum. "

Consistent bullish outlook with an increasingly concentrated focus on the Chinese market and EV-related applications. The narrative has shifted from broader innovation initiatives toward specific market-driven growth, reflecting an opportunity that could significantly impact the company’s future. " "

Demand Uncertainty in Key End Markets

Q2 2024: Moderate automotive volume growth was expected based on a healthy project pipeline though durable goods were only indirectly referenced. " " " Q3 2024 saw significant uncertainty with steep declines in European auto registrations and challenges in industrial markets. " " " Q4 2024 discussions acknowledged structural weakness in Europe and inventory overhang issues. " "

Q1 2025: Automotive volumes were down by 5% (better relative to a 10% global decline) with the end of European destocking providing some relief; however, uncertainty remains, particularly for durable goods and in the second half of the year. " "

Mixed and cautious sentiment: Earlier periods highlighted pronounced volatility and uncertainty—especially in Europe. Q1 2025 shows modest stabilization in certain regions (e.g. Western Hemisphere), but overall, demand remains uncertain, keeping the market outlook fragile despite some positive signs. " "

Margin Compression & Pricing Pressures (incl. Nylon 66 challenges)

Q2 2024: Noted significant margin compression driven by raw material cost pressures and pricing challenges—particularly in standard-grade nylon—with actions such as shutting down standard-grade polymerization to mitigate these effects. " " " " Q3 2024 discussions reiterated pressure on margins in standard-grade products while differentiating premium segments, and Q4 2024 further detailed challenges in Nylon 66 and the need to reverse unsustainable pricing trends. " "

Q1 2025: Explicitly highlighted that Nylon 66 remains the “biggest driver of earnings decline,” with continued capacity reductions and modest price increases to address margin compression; emphasis on mix-related pricing improvements though challenges persist. " " " " "

Persistent challenge: Margin compression and pricing pressures have been consistently flagged. The focus is shifting toward aggressive mitigation measures in Q1 2025, yet the underlying issues (especially in Nylon 66) remain a major concern, requiring ongoing strategic action. " " "

Acquisition Synergies & Integration

Q2 2024: Integration of commercial teams and initial synergy achievements were reported (e.g. $40M in the first half, expected to total $150M for the year) with benefits beginning to emerge from longer pipeline durations. " " " Q3 2024 mentioned pipeline acceleration, goodwill testing, and focus on expanding non-automotive applications. " " " Q4 2024 highlighted achieving $250M synergies, footprint optimization, and leveraging growth platforms (e.g. high-temperature nylon for EVs). " "

Q1 2025: The Q1 2025 discussion does not provide specific new details on the integration or synergy realization from the M&M acquisition. The focus is more on operational challenges and cost measures rather than integration updates.

Reduced emphasis in Q1 2025: While previous periods featured detailed discussions on integration and synergy capture, Q1 2025 sees less focus on this topic—possibly indicating that integration efforts have stabilized, and management is now shifting its attention toward immediate operational and margin challenges. " "

Overcapacity & Competitive Pressures in Asia

Q2 2024: New Chinese assets increased supply, causing overcapacity and pressure on downstream products; emphasized constraints in acetic acid and EVA utilization due to low demand and competitive pricing. " " Q3 2024 noted strategic adjustments (e.g. Singapore facility as swing capacity) amid rising new capacity in Asia. " " Q4 2024 discussed detailed competitive pressures including operating below the cost curve in acetyl and challenges with arbitrage due to logistics. " " " "

Q1 2025: Discussed overcapacity particularly impacting Nylon 66 due to Chinese capacity growth, and referenced pressures in the acetyl chain segment in Asia, leading to capacity reductions and strategic realignment for margin improvement. " " " "

Ongoing challenge with evolving responses: Overcapacity continues to be a concern driven by new capacity in Asia. There is a consistent effort to mitigate its impact via capacity reductions and strategic market targeting, especially as it relates to competitive pressures affecting margins. " "

Advanced Acetic Acid Production Technology

Q3 2024: CEO Lori Ryerkerk highlighted the company’s advantaged technology in acetic acid production, noting that the U.S. Gulf Coast plant is the lowest cost and lowest carbon facility worldwide. " Q2 and Q4 2024 did not discuss this topic.

Q1 2025: There is no discussion or mention of Advanced Acetic Acid Production Technology in the Q1 2025 earnings call.

Reduced emphasis: Previously mentioned as a technological strength in Q3 2024, it is not discussed in Q1 2025, suggesting that it is no longer a focal point in the current period’s narrative. "

Dividend Reduction Strategy for Deleveraging

Q3 2024: A temporary dividend reduction starting Q1 2025 was announced as a key deleveraging measure, aiming to reduce the net debt-to-EBITDA ratio to 3x and addressing lower expected cash flows. " " " " Q4 2024 reinforced this strategy as part of broader cash and debt management initiatives. " " Q2 2024 did not address this topic.

Q1 2025: There is no specific discussion on the dividend reduction strategy in Q1 2025, despite being a significant theme in prior calls.

Diminished focus: Once a major component of deleveraging discussions in Q3 and Q4 2024, the dividend reduction strategy is not mentioned in Q1 2025, which could indicate the measure has been executed or shifted out of the current-period narrative. " "

Supplier Outages & Raw Material Constraints

Q2 2024: Detailed coverage was provided where force majeure continued in the Western Hemisphere; outages (including at Clear Lake) and raw material constraints led to cost impacts of $35M in Q2 and expected additional costs in Q3; the company had to purchase materials at higher costs, affecting production and flexibility. " " " " " Q3 and Q4 did not mention this topic.

Q1 2025: There is no mention of supplier outages or raw material constraints in the Q1 2025 earnings call.

Issue resolved or de-emphasized: Previously a significant concern in Q2 2024, supplier outages have not been mentioned in recent discussions, suggesting that their impact has either been mitigated or no longer remains a high-priority issue. " "

Regional Market Weakness in Europe

Q2 2024: Europe was described as being in near-recessionary conditions with weakening auto demand and reduced exports; challenges in construction and coatings were also noted. " " " Q3 2024 reported alarming declines in auto registrations (40% drop) and significant destocking, while Q4 2024 discussed structural weaknesses and overexposure to the European market. " " "

Q1 2025: Noted improvements with the end of European destocking in March and modest stabilization in automotive volumes in the Western Hemisphere; however, challenges remain due to lingering overcapacity and prior inventory issues. "

Gradual stabilization amid persistent weakness: While the European market has been a consistent area of concern, Q1 2025 indicates early signs of recovery (e.g., destocking resolution) in some segments, although the long-term weakness continues to pose risks. " "