Innospec Inc. (NASDAQ:IOSP) Q1 2020 Earnings Conference Call - Final Transcript

May 06, 2020 • 09:00 am ET

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Innospec Inc. (NASDAQ:IOSP) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Innospec's First Quarter 2020 Earnings Release and Conference Call.

[Operator instructions]

I would now like to hand the conference over to your speaker today, David Jones, General Counsel. Please go ahead.

Executive
David Jones

Thank you, everyone. Welcome to Innospec's first quarter earnings call. Today's call is being recorded. This is David Jones. I'm Innospec's General Counsel and Chief Compliance Officer. Late yesterday, we reported our financial results for quarter. The earnings release and this presentation are posted on the company's website at innospecinc.com. It will be available on the site for at least six months.

During this call, we will be making forward-looking statements which are predictions, projections and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. These statements involve a number of risks, uncertainties and assumptions, including the effects of COVID-pandemic, such as its duration, its long-term economic impact, measures taken by governmental authorities to address it and the manner in which the pandemic may exacerbate other risks and uncertainties, that could cause actual results to differ materially from the anticipated results implied by forward-looking statements. These risks and uncertainties are detailed in Innospec's 10-K, 10-Qs and other filings we have with the SEC.

Please see the SEC's website or Innospec's site for these and other documents. In our discussions today, we've also included non-GAAP financial measures. A reconciliation to the most directly comparable GAAP financial measures is contained in our earnings release, a copy of which is available on the Innospec site. They're included as additional clarifying items to aid investors in further understanding the company's first quarter performance, in addition to the impact these items and events have on the financial results.

Also with us today from Innospec are Patrick Williams, President and Chief Executive Officer; and Ian Cleminson, Executive Vice President and Chief Financial Officer.

And with that, I'll turn it over to you, Patrick.

Executive
Patrick Williams

Thank you, David, and welcome everyone to Innospec's first quarter 2020 conference call. We are very pleased with our first quarter performance. But I'd like to start by reviewing the current situation. I'm saddened to report the passing Joachim Roeser, who was a non-Executive Director of Innospec for 12 years.

Joachim succumbed to COVID-19 on April 26. He was a valued colleague, a great friend, and he will be greatly missed. When we consider the twin issues of the COVID-19 pandemic and the collapse of crude oil facing in our industries, I'm acutely conscious that you need to hear how we are responding to these challenges and how we see the near-term prospects. Our first priority will always be the safety and health of our employees, their families and our customers.

My thoughts are with those employees who are sick and with the families who are helping them get through these difficult times. As well as aligning ourselves with our national and local government advice, we have enhanced our