The Chemours Company (NYSE:CC) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 08:30 am ET


The Chemours Company (NYSE:CC) Q3 2019 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to The Chemours Company Third Quarter Earnings Call. [Operator Instructions]

I would now like to turn the conference over to your speaker today, Jonathan Lock, Vice President Corporate Development and Investor Relations. Thank you. Please go ahead sir.

Jonathan Lock

Good morning. Happy Tuesday everybody. Welcome to The Chemours Company's third quarter 2019 earnings conference call. I'm joined today by Mark Vergnano, President and Chief Executive Officer; Mark Newman Senior Vice President and Chief Operating Officer; and Sameer Ralhan, Senior Vice President and Chief Financial Officer. Before we start, I'd like to remind you that the comments made on this call, as well as the supplemental information provided in our presentation and on our website contain forward-looking statements that involve risks and uncertainties including those described in the documents Chemours has filed with the SEC.

These forward-looking statements are not guarantees of future performance and are based on certain assumptions and expectations of future events that may not be realized. Actual results may differ and Chemours undertakes no duty to update any forward-looking statements as a result of future developments or new information. During the course of this call, management will refer to certain non-GAAP financial measures that we believe are useful to investors evaluating the company's performance. A reconciliation of non-GAAP terms and adjustments are included in our release and at the end of this presentation.

I will now turn the call over to our CEO, Mark Vergnano, who will review the highlights from the quarter. Mark?

Mark P. Vergnano

Thanks, Jonathan. Good morning everyone and thank you for joining us today. Starting on chart 3, as you all saw in our press release from a few weeks ago, Ed Sparks has been appointed President of our Fluoroproduct segment reporting to Mark Newman. Ed started his career with DuPont 25 years ago at our new Johnsonville site. He has held positions of increasing global responsibility at DuPont and Chemours including sales operations, technology, as well as corporate strategy and capital planning. Most recently Ed served as President of Chemical Solutions and he will retain responsibility for that business in this newly expanded role. We are very lucky to have such a talented leader ready to step up and lead our fluoroproducts business. We see tremendous opportunity for improvement across the segment and I believe Ed has the right mix of operating and commercial experience to drive the need to change. I look forward to Ed and Mark working together to take our business performance to the next level over the coming years. Again, Ed my sincerest congratulations.

Moving to our third quarter results and highlights from the quarter on the next chart. Results in the quarter reflect a weaker macro and continued sluggishness across many of our core markets. Asia has been notably weak with the ongoing US-China dispute clearly affecting confidence across the entire region. While the global environment has proven challenging, we have been focusing on execution and managing the elements of the