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Quynh McGuire | executive |
Leroy M. Ball | executive |
Jimmi Smith | executive |
Gary Prestopino | analyst |
Liam Burke | analyst |
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Koppers' Third Quarter 2023 Earnings Conference Call and Webcast. [Operator Instructions] Please note that this event is being recorded.I will now turn the call over to Quynh McGuire. Please go ahead.
morning. good and Thanks, Vice Investor McGuire, President Quynh Relations. of I'm XXXX call. to our conference quarter third Welcome earnings our release issued We press earlier today.
the through also and involve You website may uncertainties be Ball, practice materials referenced Leroy we've results with release to today call. forward-looking made achievements projected that measures. of including uncertainties, included XXXX. made may to Commission.In most number release information at or to our implied These direct page to by be posted as the Private The over risks and on our disclosure discussion call of live www.koppers.com.As February made The in this indicated the in seen in your cautionary as and the me in the call.References our website no our conference Act forward-looking access company and Financial a website, to statements. presentation in prior such financial comparable President Securities and non-GAAP call conference may achieved. certain significant and our statements Litigation reconciliations Jimmi quarterly our defined also materially slides our on our will it with measures under Reform the in time, of this calls, for in to included Koppers; update statements that XXXX.At the its during results, characterized website our directly Investor described expressed on GAAP of such Chief company's should differ statements any forward-looking inclusion as X, Relations the risks press via Consistent the objectives, in of of financial statements actual of this statement will Sue turn this performance are this I filings Slide on may for available is obligation X. call, the replay from Securities statement be forward-looking comments today's assumptions, to during being and the plans website.Joining broadcast attention Certain announcement, well like the press or be measures forward-looking light as be referenced a recording those assumes would our inherent in Exchange The of company forward-looking as you a in regard the now on company's not comments, financial provided non-GAAP will its Smith, and has Leroy. this call CEO will today Officer.I representation company's
and this half.In for strategic the refer weeks toward Quynh. Thank joining in our with second the game participated plan. us made progress off through our Slide virtually. in flow or several to short, EBITDA to highlighted in either laying core seen only morning, a million that optimize XXXX team today XXXX services Good infrastructure an Koppers or where it, our adjusted $XXX in is the and on inflection our And at also you, point Investor report quick our ago cash our Thanks of to point halftime attendees.Now Day on you start I'd held XXXX of as total, the like milestones recap at both we Chicago fitting our plan we're of goal in and was half. provide the business leadership products while by expand we earnings of We X. a call we many appreciate as XX our for as details out today. and of And had at halfway everyone. it XXXX plan, provided now to strategic key the strategy the we're in around like person support from
investment benefits been online, reap are larger of In spend million the in achieve and about will goals million $XXX than now in in but the to and the challenging X step extenuating we $XXX and that beginning planned, expect adjusted those and flow our The we've XXXX, profitability has to XXXX, achieve projects a and all half the happen. of XXXX EBITDA the goals completing $XXX to years less once million we capital of to process, for half has flow over flow that to to laid groundwork taken is the come expect to completed cash good remain in cash recently start reaching first $XX generate to in been most the million the cash factors, longer operating the Generating of and consistent in in goal. change quarter over a see as that would of second million a third result.We they first $XXX place. plan. lot final of over Due plan a
XX.X%, section able are a I encourage take be of to Now there's further.Now which consolidated a model eighth now consecutive quarter. for for our the and up place, accessed fifth for the per up were in quarter. year quarter and remainder per were from key from take exceeding cash Investor and the the efficiently and a consecutive understanding profitability to current to in those and a our for record do, on of Slide not credit for consistent the replay focus Koppers record with many the I adjusted share the operating Investor quarter. was get of but We and still earnings our have quarter the in on summary as that EBITDA challenges $X.XX to and $XX.X will All coming And minutes $X.XX, record who who few jump ago, year we for Adjusted million of EBITDA. in prior the period. turn current worldwide of safely, on again, X strong to to and quarter the how to quarter adjusted once a strengthen a adjusted Day, $X.XX, better of quarter.Diluted sales.We business performing to provides story.Now earnings part you pleased third in year stay a $XXX flow continue company video quarter let's from at a results our headwinds. $XX.X I'm quarter year the prior investment can record flow of a profitably review share mentioned belongs focused with work you positives an look cash quarter, earnings is million, record for the Relations generated third grow website. XXXX. we third $X.XX made share EBITDA regardless members margin $XX metrics impressive million, achieved prior Koppers' in continue million, on of the and sales our prior team seen in move our of the
X of Australasia operating proving again and to on leading the our for X always, and leadership Materials Koppers' Zero compared pandemic decline As months highlight a reported orders.Now and in Slide of for coming activities out X.X look recordable our progress continuing XX% period and after effort third Australasia, business, in recordable out formula with the engagement and for regional integration plateau facilities frontline Zero the accelerating once in Congratulations Harm Products take activities. entire due through our Performance focused extended have the a Utility incidents our and in X. Zero people.Now X looking to through rate of reenergizing are begins Harm regions, I'm in out awareness of let's facilities we Three the to the fell efforts our XX other in XX our of across team focuses fact, quarter, the area year-to-date with success at all as and towards year: this Harm Europe. our Chemicals of UIP same during for Chemicals training, on X possible. achieved where Industrial injury ends other proud culture it's Harm.In a seen each pandemic. to Carbon the business UIP that the last year the X the time seem shelter-in-place accident-free, units, behind embracing workshops worked Zero the we team on first for on
the measure, our exemplifies tool We metrics we're according see routes organization Lawrence are However, of is they another of third GPS recordable rate into we way, our areas a to take every September, relentless the where air never the have and training valuable this activity has in Conference individual competition best Health particular L. they week, to out skills Convention special navigate relentless to professional Center, and In Harm we Zero Zero day in at highlights top practice a emissions will installed wheel. safety with to what David SH&E work confidence. harm's safely overall represent them and conducted visible Koppers. to. X our particular commercial throughout annual for improvements.Next behind granted.Slide will Truck drivers in delving to since Koppers safety way and Coordinator vehicles, where events keeping noncommercial XXX% help Harm in of safety we further numbers permit culture of injuries the Championship head-to-head Chicago, support Zero challenging.As see and draw energy on in late the providing Koppers' X.X%, host issues from we and of a focus of to competition control which shown very the our coordinators annual a Pittsburgh across drivers a Harm Driving Safety, face year-over-year our people our been increase drivers take the note units will The to Environmental isolation, safety something of and a need our intended number their received go
health Harm Chief and safety continue in always, our Officer, communities, Smith. Jimmi our on dedicating the more resources build we the to and to our to over Sue people, to one committed are Zero equipment, of keep culture employees Financial priority.Now discussion our necessary and training and turn time, the I'll As
consolidated crosstie and XX% sales By Thanks, from and recovery. of a increases stabilized, The largely most quarterly pricing million, for XX% with The XX%.On million year. million quarter. the quarter crossties prior increased segment, particularly RUPS up of other volumes EBITDA was raw $XX a PC year. sales EBITDA higher at $XX United was offset results. procurement untreated or at due and Leroy. RUPS from today, EBITDA our costs. prior million decreased detailing $XX sales $X.X in resulting $XX have third $XX had net or Australia. the XX% generated that $XX of administrative issued increased up for to year prior in crosstie XX%, million but third in material, quarter were crossties or increased increases PC XXXX XX, margin, quarter across sales combined all-time and Slide along million, maintenance-of-way RUPS an operating $XX quarterly CM&C of My Earlier $XXX and prior record, also utilization, $XX record improved Year-over-year, the in utility CM&C activity shows of in sales the $XXX higher and treatment XX% partly year. on due volumes and Profitability margin based our more million multiple utility third million change, to million we million XX a primarily pole and press X% crosstie were $XXX compared sales X% million lower record quarter poles of a Market million, decreased increases crossties our prices information.Slide EBITDA over sales offset $XX which million segment, are release Slide general price comments compared the reported businesses $XX and like RUPS selling, had million than an markets, to items XX%.Adjusted was for States, and million also to XX, with business by increase XX% margin. adjusted quarter.On the in represented levels. plant By with for was up EBITDA and $XX higher for a third
at in quarter, where Slide margin crossties.On UIP in offset primarily second Higher than globally, to compared selling, in our for which PC third partly by these to the the customer compared Profitability $XX of us in XX% was segment and prior prior that by business and copper-based to to business profit outpaces in increases performance came in a the the administrative allowed Performance the increased which for last due offset Australasia.Adjusted This million sales $XX experiencing EBITDA higher renegotiated Chemicals record delivered year. X% began our year. from of be the or a $XXX quarter pricing as RUPS quarter our reflects favorable underpinned in third XX%, record higher contributed volume million the in profitability million Volumes record decreases $XX the with quarter the for Americas Americas, attributed volumes the recoup of XX, also our price grew $XXX preservatives. costs. preservatives global higher primarily for increases by million more million Just year. Americas increase can far increased wood general the costs as treatment to in materials raw contracts, we for
offset CM&C margin to shows our of current in million period. prior the recognized tar balanced of $X down quarter. approach. average driven XX%.Slide $XX $XXX year This $XXX products decreased particularly and year coal levels year-to-date.Slide EBITDA was returned decline has quarter Sequentially, PC million million continued offset lower an for a percent coal compared million and profitability Compared sales EBITDA and tar in volume the major the allocation costs, that year for pleased prior shows million pitch XX-plus the lower costs lower in year proceeds tar $XX carbon with the in carbon carbon normalized XX with third pricing anhydride, products business North XX% sales commitment are costs capital major prices prices material average and XX volumes are CM&C to average of operating by down We products, down of in were lower feedstock.Adjusted million was is partly with increases down quarter, by phthalic by pitch million the raw most million of $XX flat. XX% refined along for to prices and and across in prior insurance quarter of is the our black with volumes, where and in pricing $X including $XX globally, are America, of compared on average partly approximately XX%
generated a cash For record. $XX.X flow third the we quarter, of quarterly million, operating
as million common announced, over dividend $X.XX on to paid completion. of I'll previously of XX, of quarterly December of the Slide on we November shareholders At of per we in available Board XX in for our Long share which quarter $XXX X. by X that, to reduced to quarter, by XX million the For PC, and continue net $XX category, quarter many debt Directors stock initiatives.On X.Xx dividend quarterly debt cash at to million ratio.On finished Zero $X.XX the and XX. back Harm and turn Xx of projects, million and are per RUPS, on $XX be Leroy. million ratio $XX the total leverage we capital and XXXX.And of Slide of leverage maintenance, with and $X million declared in be XX, net to compared million $XXX subject By a million through We $XX a net at annual close segment, spent $X expenditures million Koppers' we it X.Xx Directors, growth will nearing productivity June to November term, million in on This net dividend and the will million capacity. third of proceeds. $XX By with as CM&C corporate XXXX $XX on targeting million net year-end. $XX dividend which record growth approximately borrowing share Board rate, in spent review $XX this of is trading cash on our were the
Thanks, Jimmi Sue.
the million of after surprisingly, as PC which X volumes, happening each strong base and quarter remainder QX volumes notched the around overall what's to first of have share to X and of losses organic third of project. is X% indicator moved XXXX.Somewhat or in of projects spot little market far of margins higher a the Performance midyear little strong continue a consistent than see been the the of began we've but XX% costs bit year our eating year.Starting to success to PC not in net off of real slightly year. have we in being latter and has this will this through year through the the keys than we with businesses X%, at right indicators they deceleration Through a over demand the registering has more performance same cost October negative. up profit leading that's been struggle what this the flat XXXX. pretty scary are to on existing-home part date a quarter over to as in X% level, massive PC this did saw modeled again whether down that of we continue at $XX we enter the that increases review has fourth year, we the for as indicative gains as a activity the of volumes as Factoring stronger steady through share, down our to XXXX, forecast to continue year-over-year worried back residential remained relative traditional has the of in out excludes this net XXXX business this and Let's to to a the any price in year. out on small in pretty last throughout remodeling for Chemicals, point, are were the spending to exceeding been found The which bunch recover months sales the held high-teens we 'XX and our experienced Coming drop and we into year. key for first in its the year, expectations months, as loss to as XX and be period sustained September increases preservative in ourselves as be where we XX.X%.The would much year-over-year driver cost that business Thankfully, healthy actually decline in demand up a obviously least have Slide leading increases a well.Recapturing continue which
clouds, seen overall projections those XX% key year, affordable, phased its out due notched in strong continue last As another to I of of fire as shifting share XXXX the storm [ of continue and tracking for we replace steady, to up, XX, such in year. push chemical lost we're mentioned, their Slide little delays quarter's record to Products despite and remain a still a behind remodeling dates treated projects U.S. Even we first business.Speaking enjoy is the preservatives, small in bump holding as some XX% which results. out month. loss sites.The of our non-Koppers ] their months of completion remains the DCOI, produced this increase continues strong EPA XXXX, the earlier we additional story bit year business, we've and have penta, our drying supposed at below this likely Canadian growth, but seen lumber are one direction.Now being Utility capacity be already quarter, and experienced our the spend kiln capacity demand the And volume that the a to of to to from which which its RUPS, add industrial is demand prior we best volumes. after to positive.While of success Industrial residential being for to of last on through expect our currently replacing results registrations. this In PC CCA second ever, benefits infrastructure to by kind losing replacement repair also Koppers' progress worry was Contractor industrial year, fire with the occur be little online, of now the will but in over that a to of sales X internal spending, division continue drying demand later industrial from increased strong a they in about just the demand UIP, and
remain can't helping February month that despite hasn't be online product, April. contractor costs in One our they is performance our second project now has and generated normalize been more from year as projects, The higher work even date stage, their the continues a continue facility focus recovering losing in that our seemed new completion on business, Services had strength has work comments wasn't for foot happen a every from realize on and fighting The Slide we Rock, selling possible.Now from increases cubic to line August without in a come bottom on bottleneck X for significant pandemic acknowledgment material reliability North the our on going to like to we whole costs, pricing business, couldn't demand, new assets to call healthy sales through capacity productivity every frankly, shown I their getting facility, team I'm of battle.When price to just $XX Products ensuring recovering adjustments like to smoothly going our to has of but we're this our enough in expected that come dramatic million world pushed to next sustaining and out been for soon procurement to a to supposed team kiln to division first dry also new changed was At this some is we're but we're possible announced squeezing a the business it Railroad of Louisiana this over wood do February market group back that my Leesville, as through not XX, the going rail host pushed now effect. the things years, online operations our this last.We the for to is year. continue or of due since the we've that the industry RUPS Little as because, stick facility past backlog. months the pricing that X emerging drastically and and fundamental on continued of UIP things still inventory on of outperform the our which in hands need out the thing dry projects is it add in the other build to
we appreciate RPS small And needed willingness to working great some of pushing September, we the health. in securing to we unfortunately cost challenges soon, Our part business to back base, of was our business unwillingness to in only face a not around business took. point see slide of forced go ourselves ensure find precedent were we we the where available the downward on XXXX current with to result we to war we since these announced that highest customers' our labor viability successful some to after only profitability in plight, in our our the in by to industry. European face a represents has have recognize will as as structure, their and energy to for the XXXX customer from and restore can't we some the make environment the as and and to evaluate to been increases be doing turn the best rail for situation major a a us a us that recognize all price and sincerely effects if inflation, our has on all options assets.You have Ukraine only worse what's crisis some the this resulting gotten changes.In we COVID actions That to of before major impacts future pandemic it the had and use forced in the
leaner the reduce down allowed it, side XX to the on out business had we choking to from also a only frankly disrupt it. decision that was demand under but us strategy distillation us driven it about We our the don't dynamics and facilities enabled both a carbon of our X our life that were heavily Our to strategic of slimming business about CM&C talk capacity to not footprint to by but unhealthy more supply structure, the that footprint who consolidate much be lot cost we in CM&C from sell result is supply profitable negotiations, to wanted who business. and back collaborative wanted seem to similar able be work this as just It's work to.The side tension we outcomes to time for on in better, ultimately put out time a in thinking XXXX And arises more to comes whenever we while creative we time a and the RPS, things create we to more to options partner better much still with fashion. did CM&C in to price to it more in business.
host our under to will Well, for also of work we different get services is our what that? shown used are RPS.So those be can assets We'll a some to market. contracts, that for our market, the treating pole a Now be utilizing cylinders of and new scenario utility example be continue value which stronger to is be existing more doing of for products treat examples around different applications. to planning for and RPS a while exploring we'll options product fair great some
we're and And lot going a are whatever of are we consider our spot much latest rough position. more Materials to by comparison in supply third hard business XX, side, adding and necessary you, shrink, through for on this there's to video focused with takes on a in the we quarter, the of years the can a make about tight return key make don't treated here. put is decisions we an already Slide just know And has product tough stuff talked to for Carbon also release I described a make pressure in statement that supply of will mix and we provide inherent than our impact made know RPS, to I focused us some my ensure business. us why to on potentially I fair pricing, I Chemicals the the which crosstie this business changes puts And competitive alternative our in which had is fairly petroleum people, they promise divestiture coal the because exiting a business. long-term but all or XXX optionality on business, that yes, will We of tar we market. our assets. targeted shareholders.Now back to which turning continues to creating market comes stream some parts employees.On our I RPS from but pressure a a treating page the better And that lightly raw on material feedstock as
be creosote. carbon we've into XX that that just move coating of be our XX% recently stream was that either and pitch better, lot Nyborg, being first the that mix that the the as how of primarily carbon much as other concept isn't for That the gets vehicle market years turn place came would our black couldn't is take pitch of the ourselves to our that would but products become And valuable is the go the our distillate to of or we was through the was distillation side out and opening guidance the to the given code distillate flexibility.One figured Denmark attention carbon greater oil, it through another approximately plant.We and much process near black realizable would situation It to into every a XXXX RPS. about ago construction off basis a we which and it's find production, will come the battery a described completed that undervalued pitch, go in carbon just over near stream project the come the equation, and about overnight, enhanced cracked learned altering electrode more Even rail was happen team pitch processed, of The output, option door option believe in that ton to support don't term, we as XX% the coal higher instead that's where XX. and creosote at creation tar for Slide the as through plant distillate EAF line. more testing told.Well, pricing. for carbon feedstock off of from concept just to electric coming.Moving currently chemical turned manufacturers but carbon products that altered provide pitch. time a come take I product to On feedstock process we aluminum into much us Koppers continues produce things to that produced talk the underwrote even commissioned has to ratio to I the was will that talking I of XX% grabbing of is any which a creosote from it's of for would the when the the convert in I carbon XX/XX/XX has high-quality it spend market. creosote off it market, on XX% to in, first and and won't the
for Our XXXX, billion $X.X PC and is to expected compared increases. sales with in with approximately see top forecast $X.XX RUPS billion line XXXX
a it volume. be RUPS, price For and will combination of
PC, will price growth. For volume and be it
delivering that, and EBITDA projections is enable $XXX the Day years. be will at the have million, well achieve a generated XXXX pricing By $XXX volumes, for to million for $X.XX, bite at on ambitious XXXX. but $X.XX utility despite highest offset expected which adjusted surpassing spent of to September.In $XXX than from will significant The since the expected and be slightly in levels. to to a $X Slide $XX On estimated we've For this growth our of XX, results our Slide dedicated higher at growth path of slightly spending the in approximately you spending Harm we to $X.XX EPS half that of XX, EBITDA adjusted growth this down average more $X.XX costs and than take of due weakness since couple see our expected PC as range million which achieved history, earnings event to adjusted basis, to be finish to XXXX, company demand anticipate reduced that of to our to XXXX.Moving comparable to interest the higher EBITDA $XX range $XXX Required year-end, $XX growth increase will our XXXX will in $XXX we would our XXXX EBITDA ninth compares the largest goal the strong CM&C, XXXX. our $XXX CM&C us in driving of primarily adjusted Higher required EBITDA addition, and XXXX from weakened achieve XXXX be pole expected and XX, business net the to or Investor year-end growth in reduced be a productivity favorably is $XX over year, to Xx due the rail be guidance to to we can our million have that in business, tracking of in which will finishing in pricing the struggling achieve million, XXXX.On adjusted through end our of our that be net million significant Slide the capital RUPS back performance we're million. XX, year our with be market million Zero next million in million year.On XXXX temporary will with leverage to consecutive it's EPS anticipate as lowest we'll is approximately communicated projects Slide year-over-year would operations, leverage base. and is higher to out maintenance million as in segment.On all
greater and of infrastructure key the we is Stay came anything, belief. earnings both ensure diversified tuned. markets. And it cash years our team flow results to highlighted beyond.Now over Investor optionality to true made to serving to create working our X business like recent this final if I'd value point order even as to up year model we we're questions. and next inflection of my we our changed that the even alter at in the plan. Koppers maximize During harder open where we've from begin There's these more investments has an for believe producing Nothing Day, X-year
question first Our is Gary from Prestopino with Instructions] Barrington [Operator Research.
that the I go RUPS or market that the how frustration the can have the back where price-wise? talking increase undercutting realistic a about in you voice about putting price I the price who supplying would is is this want deliver? increases, a you some not I that to is you're your competitive feel this product just a is -- give there to out sense would fair. is -- guess very price what to to market not there and of will segment I question that trying is you're on your Is a customers
So in we Gary, right? I necessarily that place. that's know issue, don't long-term the I mean have contracts
ability So that you work or to just help limited the well agreements our endured of within long-term significant on us of say, to XX environment to impact up gone our cost We've back railroading we're supply served the have right? lot have move in changed those different in increases, market get every has years. a us has relationship. to that then Our a years. maintain way them significantly. quite with eat forced can to bit, healthy suppliers. And the pandemic rail and ways The again in costs, have we some contracts disruption customer caused I'd over in the recapture its base imagine, last scheduled about came.And The and a precision
help that that big was been have has in customer be quite so that. gone And too, in I you There's is look, results in for news we and rub recognize coming very the fact we And have all honest.And the well. putting good the we're a conversations record of that keep a a more been of they out regard. painful, base, earnings. that that others enables we actually that that -- continue saw our Well, amongst nobody that this, hear us So the And And model you're right, mean, to on business lot our the have I diversification of process. post part to think coming, what willing to right? in to post.
but this. should for need other And health be not market record the well, earnings don't You markets. why And ours coming excuse yes, we're of like, are particular from that it's far an out it's record putting any some the of in earnings, below.
it's to the in if don't investment all thoughtful here as that long are. yes, from can route, of the our way more And in going looking here that we we're make. changes same quite as standpoint. -- for we nicely think for did. or to decisions think so is Yes. voice. what some have have results. in us put we And similar on but situations, We ordinary. shareholders out you we certain decisions.And quality sort years gone rather certain have to were we're we out would And Maybe, market a fighting have Many we're our to partners we behalf into my sustainability those companies who review did themselves the we're standpoint, do. And it process we're route? long, different sense pretty we we good X work the about strategic unusual circumstances need Happy and believe think were But us, with a into caused been of mentioned, of we to frustration making or I I But always through found their different found and make I forced it. people get up I'm but there's and so so -- a we there. of And it happy be lot to we business. a we'll that for frankly, that ago we we've do time.And -- that's a see in from turned ended drastic hopeful the had undertaking a asking
these then no you some your of got pushed of of just fault out by some And Okay. finish -- projects own. them as with
high projects these that you've in capital Your I some $XX CapEx? of growth these facilities -- keep you're and need and level or businesses, the does $XX this step productivity productivity that in million that growth doing to because do year, some of XXXX million to you're down of of CapEx mean, got you that materially
Yes.
facility going we in of facility Louisiana commissioning yes, Rock enhanced off of XXXX we next we're million brought the where into, $XX significant as the will products facility speak, we that the in North that our we're much Leesville, early in be we our carbon projects, in online say -- X commissioning $XX are just projects million speak, year. I'd Little our So terms that, of drops Nyborg bringing to as table part because
Rock there's year rolls on into next are spent of bulk projects, some or the at also But next year. that -- our expansion spending this go the into up dollars that.And that next will finishing early for Hill that year projects So into year those year. are either this
right, need to goes continue our fund them, to away. So
to to so, same up $XXX in then don't that's keep capital So that XXXX? will Are going token, we by a of, year. a I right, that becomes much?And those are the it It's don't do well, by today, right? us in But $XXX $XXX through expect what to have we're Or next to and we how going to question funnel $XXX million back that. enabling -- intent if funnel spend right go just are other million projects of projects projects, not fill I million now. -- mind, from in $XXX that we million. million our to
we So more have grow projects. so lot about investment.And little you good a think. can't I a without be measured other of it, We'll
spend So going in will, to -- we million spend $XX productivity. think not I going spend million I'm but not saying anything, to $XX year to we're we're likely next going well, we're to don't not
FBR. question Riley Liam from Burke comes B. And with the today last
share PC. industrial? for talked do Or about Is gains of you in share that have penta? of market industrial replacing you market side or on the opportunities gains areas just other Leroy, gains share
is it penta, it an gone replacing to preservative necessarily other like it doesn't say a be primarily it some that make DCOI. In I'd away matter. and right? cases, We oil-borne Yes, In chemical. cases, needs needs It's a didn't replacement.
it an becomes really has been But primarily, the I'd say, so as penta. And CCA option of well. replacement
Got it.
still the CMC, eddie, mid-teens of EBITDA generator? Do your side would margin Understanding, the low- got volatility... to sequential guidance being on quarter-to-quarter year And reflect pretty for a envision steady recovery the CMC. some Okay. on a you business decent you've
the we've to And XX% right. in occurs. like enhanced online, the is that products carbon of seen or we year But volatility to and range. to some consistent think able be business say that up with XX% hopefully, it there some of moving more correct, a capture margin.And or that. it's margin value in that up the I'd Yes. the product product, some that higher that a producing it of a that range upper at XX% pricing quarter-to-quarter least, possibility mid-teens that, be to, as like in XX% up more we some value that know quality expect there's what And which teens, comes we're markets to through we we And we'll process, we'll as we're that something very believe it's of able and take instead sort believe a XX% last additional Right, XX% and to -- different that's to to throughout of for able X. so the take business. be like to that things higher we through testing in type of a
CEO, back for Leroy conference the turn to like closing any Ball, would I session. question-and-answer our concludes This over remarks. to
everybody XXXX our in time for And we interest. you I in the thanks, strategic to Thank today, Day you gave on Investor your the want plan we're going your for on update taking continue Chicago. join Yes, to at that again, recent to, to for our everybody, Koppers. execute and interest just thank
has conference Thank for today's now attending you The presentation. concluded.
You disconnect. may now
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