Innophos Holdings Inc (NASDAQ:IPHS) Q1 2019 Earnings Conference Call Transcript
Apr 30, 2019 • 09:00 am ET
optimization program that commenced last year. Average working capital is also estimated to remain in line with 2018. We continue to expect the effective tax rate in the 28% to 32% range.
With that, I'll turn the call back over to Kim Ann.
Kim Ann Mink
Thanks, Mark. And before we open the call up for questions, please turn to Slide 14 as I highlight a few key points. Now, although we expect to face some headwinds in 2019, including incremental softness in select markets, our overall base business remains stable and we're confident that we have the critical capabilities and strategic programs in place to deliver EBITDA margin growth this year. Now, we continue to advance the transition to our multi-faceted value chain initiative and as a result, we are on track to meaningfully reduce our cost basis as we move through 2019.
Through our Commercial Excellence work, we've established deep customer relationships and a strong commercial foundation that positions us to continue to proactively leverage our value-selling approach. And we also continue to have excellent momentum developing high-value new products through the SPARC program, which we expect to accelerate as we move through the year. And finally, we remain committed to pursuing inorganic growth initiatives through M&A to further shift our position over time to a value-adding, higher-margin ingredient solutions provider. And we do look forward to keeping you updated as we execute on our plan in 2019 and continue on our journey to deliver our longer-term Vision 2022 goals.
So, with that now, we'll open the call for questions.