Orion Engineered Carbons SA (NYSE:OEC) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 08:30 am ET

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Orion Engineered Carbons SA (NYSE:OEC) Q2 2020 Earnings Conference Call - Final Transcript

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Operator
Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Orion Engineered Carbons Second Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Wendy Wilson, Head of Investor Relations and Corporate Communications. Thank you. You may begin.

Executive
Wendy Wilson

Thank you, operator. Good morning, everyone, and welcome to Orion Engineered Carbons conference call to discuss our second quarter 2020 financial results. I'm Wendy Wilson, Head of Investor Relations and Corporate Communications.

With us today are Corning Painter, Chief Executive Officer; and Lorin Crenshaw, 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 the call.

Before we begin, I'd like to remind you that some of the comments made on today's call 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 this call. In addition, all forward-looking statements are made as of today, August 5th 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 most directly comparable GAAP measures in the table attached to our press release.

I will now turn the call over to Corning Painter.

Executive
Corning F. Painter

Thank you, Wendy, and good morning, everyone, and welcome to our second quarter earnings conference call. I don't want to let this moment pass without thanking our people for their dedication and flexibility during turbulent times. They have worked diligently and with great agility to ensure that both safety and production priorities were met. Thank you. I'd also like to congratulate the people who upgraded the air emission controls at our Orange, Texas plant. This project was executed on time despite the pandemic and associated physical distancing requirements necessary to work safely. The impact of this project is a reduction in the site's NOx emissions by 2,300 metric tons per year. The dedication of our people and the magnitude of this investment demonstrate our commitment to sustainability and to being a good community citizen.

On today's call, Lorin and I will cover the second quarter results, as always, but also to vote time to two additional topics; our operational response to COVID-19 so far, and select leading indicators of recovery in our business. As always, we'll be happy to take your questions at the conclusion of our comments.

Turning to slide three. Second quarter demand for Carbon Black was dramatically impacted by the pandemic. Throughout the crisis, we focused on protecting Orion's employees and production capability, ensuring supply chain stability, enhancing our financial standing and supporting our customers' needs as they ramp-up their