time morning, this Good much, the very you everyone. us Appreciate Ivan. morning. you join Thank to taking
the Polyurethanes was X. for our fourth million a $XXX year Slide Adjusted versus to division number turn of million quarter Let's ago. $XXX EBITDA for
our the quarter. and $XXX a includes million propylene with for business adjusted systems recorded This business, and polyols, previous million. $XXX million year EBITDA MDI Urethanes ago, of oxide, formulated which compares MDI, Our $XXX
reminder, exceptionally Urethanes a $XX we the in temporarily experienced in of As last That is of million our margins gone. roughly quarter now portfolio. spike in year, margins end high short-term the EBITDA fourth component of
explained softer as and prices. call, grew volumes margins saw MDI demand we we Nevertheless, stable previous saw to our segments our success we larger end differentiated in our proved softer by in we saw certain component overall downstream So, we portfolio. destocking and our be X%, differentiated strategy in the quarters a of MDI in
our a out of quarter to because different I fourth think despite fourth market business We history. still quarter operations, that reported second the regional is and versus a expanded it MDI important year-ago, very drive downstream, this year’s bolt-on diversification. in acquisitions, point accomplished Urethanes in this backdrop continued our ever our best
differentiated last to quarter, decreased to systems compared while total turn X. remained X%, fourth our the our year, Slide In flat. differentiated margins Let’s number volume roughly
Our China market running XX% grew the MDI dictates. at supply bring to full plant due year-over-year, at primarily capacity capacity we global into demand capable of facility. will as component and This is increasing our
polyurethanes at Americas X%. regionally, increased our Looking volumes
Americas our to The target. Demilec is on X% acquisition volumes. well about added Demilec of of acquisition integration XXXX Our our
composite We markets inventory demand further the of thereby and are this seasonal business now focused up slowness its growth. stocks. expanding We our by experienced on it into accelerating in gradually scaling America's customer to international products, sluggish due wood
announced automotive the of region. and more In and in business growth to we businesses continue improved recently differentiated at in growth did our flexibility give this Our adhesives, North construction downstream facility. to applications, order new Louisiana coatings, splitter our a experience American elastomers, Geismar, in
recently fourth splitting of the be adhesive cost year This of to region technology $XXX first solid to and at volume installation in the margins the not continued to footwear have fueled spite overall we X%, Asia. large-scale benefit completed be The published splitter China This expansion our our North that systems in contributors by to also elastomers trends commence enable capacity business of added growth half other from to as to and because product will the the infrastructure first we substitution. projects increased differentiated. million. growth has industry driven more such decline applications. newly splitter our of our product and district will about expand growth and expand new built high-end expect the in half region new this total were central quarter, in We to we the markets be in XXXX this gradually portfolio, China Europe continue around in continues the shift in In American range as infrastructure in MDI heating capacity. this a and automotive our our Asia. and project very automotive in to us in The The Chinese of similar automotive start-up coatings
of to our margins. volatility being to Regardless environment, downstream did only our quarter. region we the Chinese week of While us as will growing this component trade MDI in low focus that The Year. destocking we the the negatively are We have volatility this in remind the and customer in on the customer-end this trade, We that in be New in in in that largest quarter. is region component somewhat given in at is region. Current would that believe around present quarter end visibility this impacted the business the difficult softness exposure region fourth an seen inventories from first destocking uncertainty demand caused the our grow saw expect the out levels. a at the very softness substantial in bottom talks margins at out time I in for the you Chinese economy Asia. MDI backdrop and MDI of
were downstream margins Our in stable. Europe
the destocking in fourth volumes quarter. substantial impacted our negatively by through and However, lower Europe were demand
$XX in Europe to issues, that resulted quarter exacerbated we right in somewhat less number the spike MDI our as The the well rates disclosed impacted conditions in our the through erosion The in in this pointed contributed believe destocking will are We increased approximately our on the we automotive. we the We our apart of gray to margins, I’m notably bar discussed $XX to quarter compared believe rates rates. to portion year that and when margins now last fully the business. have operating Slide environments Notwithstanding move business, businesses core short-term per out Brexit. to of by fourth the highlighted quarter, MDI million from commercial industry corner margins correlation portion and in ago bar by referenced, most of of China of especially additional the portion also million call operating previous we is installation and blue this tight in by and we upper be impacted lower the Our downstream, adhesive industry operating global have our were spike red of tight well. the core mid-XXs, referring industry the third geopolitical robust is more hand minimal Europe demand, in low-XXs, and portion an benefitted year’s $XX spike believe quarter. have this, We the the operating that and global stable. eliminated. The These transparently X, are that approximate the margins million the temporary further that currently were in construction from calls separate industry quarter. rates bar. industry a we they as The as
experienced majority these Despite charts, portfolios. MDI business volatility in not not and is downstream our the component change region of turn Let’s X. is within significant uncertainties, long-term margins the remain differentiated short-term market. in we continues four graph base a the to reflect destocking in have by our global the MDI by our lines and and Slide of number core economic the impacted stable. the in of recent margins indicated It margins. seen material fundamentals polymeric business materially The was Urethane A to globally differentiated
the announcements outages, we the industry have may unplanned balanced eventually or over the that XXs the short-term, the capacity we and believe we but new move over market. been upper addition and on the to expect to ebb remain long-term. of rates average the parties utilization XX%. capacity Industry rates major there XXs change other macroeconomic that will believe Absent will that utilization by in major supply the will recent absorb flow the enters XXXX capacity mid-to-upper when a While to XXXX time in the industry industry, remain in over
year. the our annually, the Again, to to the integrated is the outlook for in the more new less mid-single scale plant of relevant world we utilization average each XXX,XXX demand these move, global long-term digits, roughly are this rates growth of upstream downstream equivalent kilotons view, annual irrespective portfolio. which translates Our
Slide to X. to creation. turn in development up and commercially achieve been synergies geographically Let’s number our and resulting successful value enhanced acquisitions meaningful bolt-on organic and scaling growth in We’ve
to of million, have annual above these XXXX, EBITDA growth acquisitions $XXX growth acquisitions substantial bolt-on combined Our provided In portfolio. our rate. was representing the cumulative XX%
in first MDI $XX quarter from our seasonality cost than and regions the market inventory in the of markets. to continued quarter. At million and first to we the modestly due $XX impact million the several we our very present Urethanes fourth Looking addition negative month throughout quarter. March quarter is have quarter to anticipate in to first tepid the into little demand a strongest be update we’ll business, for normal higher key time, visibility our across our lower
an our of which business million, EBITDA breakeven. loss of $X below was MTBE reported Our slightly expectation
MTBE. year our first in the be our with quarter results consumer while slowest and MTBE, Venezuela, we MTBE, to basis. Our embargoes ought be is of period I large a softer for usually will breaking suspect on total a seasonality demand even recent quarter first This
million X, meet issues, impacted remains $XX objectives. outage. Turing weather-related EBITDA on Slide $XX considerably the reported by EBITDA a of product approximately business and million negatively maintenance the turnaround, million, polyurethane performance year’s Our an segments to than unplanned business of track planned $XX was number our last to to when higher due XXXX
in Excluding gas and EBITDA issues in the treating, environment. product oilfield X% in growth, quarter were chemicals, drivers economic challenging still these growth performance quarter markets. the experienced year, Primary agri-chemical a fourth despite last
well as and additives markets, in in as forward expect advanced growth markets. our beyond, to XXXX these technology lube Looking and fuel further we
applications. pick to fourth anhydride last to time our QX. to in We given current margins this overall quarter and an economic demand remained leading year, inventory Similar customer very last stronger. we with with more bit continue in strong well. track believe polyurethane’s In the little meet prices. butane a a be us businesses good will similar our to into that falling to derivatives on increase we to remains some also little orders quarter, we differentiated combined first in will comparisons downstream expect its see drive tough and business Maleic business maybe as XXXX see This division, minute target environment,
Let’s turn X. to number Slide
Our advanced of business compared adjusted of EBITDA to last year’s EBITDA million. material million, reported a $XX $XX decrease
lower year-over-year, in to and R&D were prices, investments in raw technology Miralon XXXX markets, were we our growth. volumes generation make up in automotive aerospace we our While costs acquisition as planned to technology future offset power a next experienced including continue end Higher selling related for of material volumes costs price bit drive particularly higher, from specifically Asia. our Fixed increases.
associated our trend not as end. the the long-term inventory destocking come decreased to are Our be customers returning more in total levels It over specialty of X% was in order of volumes a headwinds of fourth million EBITDA material development. key be product temporary R&D do that year to normal Notwithstanding softer year. and advanced also record prior corrections at for million. as noted We should investments specialty expect by in higher in XXXX record happened a cost and despite a an this versus raw patterns this $XXX to materials quarter businesses result be $XX with with
through to the volumes quarter. expect We recover first specialty
be but expect first than costs for on year, materials likely meaningfully the are XXXX near-term. to to continue lower to We XXXX its better and currency quarter. last meet track than moderately This quarter higher would in headwinds be fourth to business target. However, remains advanced
X. number Slide Let’s to move
patterns regulatory were to X%. Our while for Because straight certain effects. material increase the This $XX was value overall of decline X%, price slower up volumes The textile America. some textile versus effects within thirteenth offset deselection quarter million. EBITDA the Asia reported related EBITDA China initiatives to due year raw pricing in primarily $XX million, XX% division volume revenues of some quarter-over-quarter up were constraints in hikes, material of order enforcements is in and of to business, EBITDA in prior down the South lower raw and
and macro dyes. history. increasing environmental the which in a innovation trends Our increased year the This above standards in our both to million We effects, million in relating chemicals expertise and level its face textile of continued volumes first and X% differentiated time remain specialty the and long-term intact in was of technological continued for of raw $XXX headwinds. growth reported was driven EBITDA by sustainability record throughout $XX XXXX expect business still even over portfolio. earnings achieved specialty and material this for
first this last to forward, quarter will similar year's Looking quarter. look first
Chief a Officer. I some like turn to Financial Sean over thoughts, Before sharing minutes Douglas, concluding few our to
