Orion Engineered Carbons SA (NYSE:OEC) Q3 2019 Earnings Conference Call - Final Transcript

Nov 01, 2019 • 08:30 am ET


Orion Engineered Carbons SA (NYSE:OEC) Q3 2019 Earnings Conference Call - Final Transcript


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Greetings. Welcome to Orion Engineered Carbons Third Quarter 2019 Earnings Conference Call. [Operator Instructions]

I will now turn the conference over to Diana Downey, Vice President of Investor Relations. Ms. Downey, you may now begin.

Diana Downey

Thank you, operator. Good morning, everyone, and welcome to Orion Engineered Carbons conference call to discuss our third quarter 2019 financial results. I am Diana Downey, Vice President, Investor Relations.

With us today are Corning Painter, Chief Executive Officer; and Charles Herlinger, Chief Financial Officer. We issued our earnings press release after the market closed yesterday and have posted a Slide Presentation to the Investor Relations portion of our website. We will be referencing this presentation during this call.

Before we begin, I remind you that some of the comments made on today's call including our financial guidance are forward-looking statements. These statements are subject to the risks and uncertainties as described in the Company's filings with the SEC. Actual results may differ materially from those described during the call.

In addition, all forward-looking statements are made as of today, November 1st, and the Company does not undertake to update any forward-looking statements based on new circumstances or revised expectations.

Also non-GAAP financial measures discussed during this call are reconciled to the most directly comparable GAAP measures in the table attached to our press release.

I will now turn the call over to Corning Painter.

Corning F. Painter

Thank you, Diana. Good morning, everyone, and thank you for joining us for our third quarter 2019 earnings conference call. I will start today's call by providing general comments on our performance and our positioning in the current macro economic environment and industries backdrop. Our retiring CFO, Charles Herlinger will then provide detail on the financial results and related matters for 2019. Then I'll come back and discuss the segments and share some closing comments. We will then be happy to take your questions.

Before getting started, though, I'd like to thank Charles for his leadership to this Company from the very start. In our recent announcement we talked about Charles' many accomplishments including going public, converting to US dollars and US GAAP. I would like to add my personal thanks for Charles' tremendous support and the rapport we have built during my first year. Thank you, Charles.

I'm very pleased that Lorin Crenshaw, will be taking over as CFO of the Orion Group at the start of next week ahead of Charles's retirement at the end of the year, facilitating a smooth transition. Lorin brings a wealth of public company finance and broad chemical sector experience to Orion. He is a strong leader, a team player and we are looking forward to his joining our management team and working with Charles during the transition period.

Turning to Slide 3; consistent with our forecast at the beginning of the year, we have seen weakness in Asian markets and with the automotive OEMs. Other key markets have weakened as the year played out along with a softer broader economy. We navigated this