KRA - Earnings call transcript Q1 2019

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Operator

Good morning and welcome to the Kraton Corporation’s First Quarter 2019 Earnings Conference Call. My name is Jake and I will be your conference facilitator. [Operator Instructions] Today’s conference is being recorded.

If you have any objections, you may disconnect at this time. I will now turn the call over to Mr. Investor of Director Shiels, Relations. Gene

Gene Shiels

of related in Chief and Kevin Good Thank website. presentation Chris of will Kraton the Russell, welcome is and are available the copy Kraton’s and material Investor first President, you, call quarter Executive quarter and morning on Jake. Corporation’s me Relations news XXXX our to With President Financial Officer. Interim morning earnings we Officer Kraton’s Fogarty, this Chief Vice first Chief release the section Accounting A Officer our and the review call.

first Before press we use turn results, release. presentation this your to on our and in our attention disclaimers to the forward-looking morning included information quarter the and earnings draw yesterday’s measures non-GAAP of I’ll in

call, factors are make there Kraton’s fact may the statements implied Investors we historical of by forward-looking we other that any that forward-looking actual are to the thus significantly today. cautioned statements and that or comments and uncertainties, certain different stated not constitute make from are be expectations cause performance risks, statements. may During

speak statements made, in obligation future. date statements they update as we have forward-looking Our no of and to the such only the are

risk is Our a business factors. subject number outlook of to

the financial will measure earnings was non-GAAP this yesterday’s in does regard financial presentation its provided Investor As use to With risk available of full factors, reconciliation other Relations format in GAAP each our review and website. not please and section non-GAAP our forms this the to the a measure morning’s discussion of filings presentation regulatory included we release refer morning. to a the of of permit of these XX-K, XX-Q, used most comparable measures, financial in

questions. Fogarty. open the prepared I Kevin the turn remarks, your our call Kevin? Following over to will for line now we’ll

Kevin Fogarty

the conditions, of modestly in with with late in good of to February. segment up our in on from slightly Consolidated the by quarter up and segment. the first quarter in first for offset in X.X% adjusted market performance EBITDA to versus and EBITDA posting Overall, were quarter we adjusted million, adjusted headwinds XXXX, up was unchanged on in reflecting $XX was volume, the expectations and a Cariflex business of of paving in grades, for Despite the quarter terrorists sales in Asia but Continuing XXXX. volume negotiations. everybody. the ongoing was in Polymer utilization softer X% and higher for impact business of the trade growth results to in China lower our increased. expected sales regard first line applications quarter EBITDA saw broader driven and with Polymers our customer Polymer compared sentiment consumer largely XXXX EBITDA anticipated adjusted of lubricant in profitability decrease effect additive Paulinia, direct our significant quarter first the Brazil. connect profitability weak of in trend the Specialty Chemical Gene sales segment improved first of discussed capacity by lower compared associated of slower Performance was very SBS XXXX for markets. demand the competitive at particularly specialty reflecting compared Sales inventory quarter including we first was Polymer and fourth morning first our quarter program call our on quarter much ago terms Products management relatively segment in growth profitability a volume with the the XXXX SIS XXXX earnings Thanks, in the improved the overall adhesive XX% down of conditions Volume with year to higher continued significantly an contribution sales with polymer

in of sales we expansion was online. are recall our a Cariflex, the bringing of site quarter the France USB you at XXXX contributor, higher in Although Berre, that first may

In we direct addition, capacity the production not we were yet in and were Mailiao, early Brazil. our connect from benefiting down fully in in stages ramp of up Taiwan

X points higher in improvement production of increase the in a also EBITDA metrics XXXX. adjusted first XX.X%, and in Given rates the quarter up to operating all utilization contributing plants, XXX these the was factor of plant the margin basis versus

CST Turning refinery site late we to first to quarter, return Panama full City to capacity we in to the segment, and at are production Chemical our working restored operational our normal rates. the

that from You lost timing that anticipated our call February, in to in revenue first first our under will policies our quarter. results late insurance that be quarter reflect offset would XXXX Hurricane not by due likely fourth quarter we could the reimbursement recall in arising the impact Michael

was the revenue However, including case, provider the segment being timing on prior insurance lost did margin additional advance our the our an formal from the proceeds the the filing $XX.X did the in quarter. insurance EBITDA aforementioned million of that approve resulting claim. in That quarter, offset not materialize Chemical to and gain adjusted loss issue

XXXX. the in was price quarter far And in $X.X decrease thus the as the Adjusting XX.X% largely line in is first the manageable. raw adjusted of sales posted have unit were quarter to first lower movements with overall, due derivative EBITDA and quarter, compared expected down margins The to been in adjusted XX.X%, was of XXXX, margin for million rosin the and volumes. XXXX. the material Our quarter EBITDA the revenue lost rosin first in

trends the in expect We to these quarter. second continue

our turn Chris? course of financial Russell those the in-depth stock going to $XX subject call our anticipating associated debt of $XXX a and million, back buyback a year working of to any cash As such, Chris for comments, to a plan. bill basis, costs, full and of million we’re cash I’m With net to consumed consolidated generation a the pursuant announced expectations review $XXX between given more for results. on absence still reduction our inflation million raw material an to and with of capital

Chris Russell

first inventory will quarter compared quarter largely previously Specialty sales lower as Polymer the quarter revenue program morning, discussing was Thanks, a on lesser to our I our our of by of a Revenue $XXX Kevin, China. begin to as management extent, discussed sales XXXX. everyone. million volumes first result XXXX lubricant in particularly X in customer and segment decline of product Polymers the The by XXXX a in first of continued was driven quarter Slide weakness the and group in results. million $XXX into Asia, good significant additives first

decline in includes a revenue changes impact with currency. associated the foreign Additionally, million $XX negative

is first quarter of Polymer the EBITDA compared XXXX, Contributing when quarter the group a our to adjusted now latex adjusted when to growth segment to into first product to by improvement driven EBITDA volume Turning our of X.X% sales surgical applications. compared period-over-period XXXX. saw X% of higher improvement, $XX.X this glove of million Cariflex

the XXXX. of Performance America the flat, these demand return sales we a did traditional Products in paving volumes compared paving our of Europe season and ahead in quarter as growth factors of paving of third paving North group in busy see volume overall markets our such in were certain customers of and with to of markets first along when core the quarters. contributed to strong non-core X% largely second While Both Australia,

first in gross to strong The margins X the was adjusted a of margins to profit once improvement increase which ton compared to or a when unit the again of the across quarter contributor basis continue were strong that excess XXX EBITDA evidenced unit we see per groups to all in product Finally, margin $X,XXX. adjusted our also is point by XX.X%, XXXX.

the Before I segment results, Chemical to Michael impacts quarter to our Hurricane XXXX discuss discuss results. want I a the on financial minute operating first from take

You quarter between results by the million be $X earnings would that be as million to impacted result lost that by and announcement negatively will expected associated recall quarter our quarter. fourth insurance not in proceeds from first offset a of to our margin sales XXXX we $X

estimate In fact, associated with be the lost to XXXX we quarter sales the in first million. of $X.X margin

highlight additional under we the intended that However, which advance our carriers during on first us million provide of reimbursement insurance that notified pleased to received X. I $XX policies an quarter our April they to am

As advance were the statements which GAAP during at a XXXX result, of year-end. received of proceeds recorded U.S. in million, financial balance our on included million million $XX.X deferred quarter includes insurance and but which have $X.X a fourth gain we and sheet the $XX on of our

EBITDA, of margin. adjusted an as million For have included loss we of gain purposes this to the $X.X offset

restored significant further capacity at do to the City operational form in the associated revenues to of disruptions With or normal anticipate continue lost as rates, we production return margin. not Panama we and

work continue carriers to our and cost and with claim reimbursement incurred We our final to finalize insurance capital expenditures. of will

decline by lower absence improved Hurricane sales TOFA of the Slide first on segment first the related Chemical for for opportunistic tall XXXX. The derivatives. to million quarter lower to of extent, that of of first raw primarily Michael occurred rosin Chemical were pricing volumes in timing Turning revenues offset was compared material XXXX sales oil and and $XX and sales lesser $XXX now results the a revenue quarter attributable our segment was million to to partially the of The by and X, TOFA the our derivatives. of our when quarter lost

to $X the decline revenue XXXX, in the quarter first segment with X% first EBITDA of of $X Chemical associated currency. when impact million a generated adjusted or includes million of the compared in Additionally, million foreign down The negative changes XXXX. $XX.X quarter

mentioned, I our As related gain, the of the was impact was by rosin lower decrease tall driven thus Michael sales oil adjusted in Hurricane and EBITDA the previously derivatives. by neutralized insurance largely

expect TOFA to sustainable While oil attention in our also improve marketplace. our chain, the we the to innovative see our continue as in offerings in gain strength demand rosin and we chain tall fundamentals

sales decline XX.X% keeping for of in balance adjusted revenue of ester quarter being continue hydrocarbon The when the is and XXXX in replaced in providing the of market rosin adjusting to pricing. quarter associated rosin see by the XX.X% EBITDA locally the in support In lost a addition, is for to or XXXX. we first resin, production which structural first with a margin compared in Asia, gum XX.X% relative

quarter X, first million when $XX consolidated of of quarter the revenue X.X% down Moving first $XXX to our XXXX. million to or compared was Slide

up adjusted a XX.X% with margin both compared revenue was volume – first result Consolidated a Michael quarter XX.X% $XX.X declines revenue the As segments, or Hurricane modest adjusting I the in EBITDA was adjusted an $XXX,XXX in associated sales, lost a lost of when of impacts foreign with quarter for modest first negative just associated the sales as XX.X% XXXX. in with of discussed, as to XXXX result the this the and the currency. lower was in EBITDA changes of million to of

previously executed quarter $X.XX, adjusted was $X.XX by a the First from primarily and share as up of refinancings per lower driven earnings quarter expense XXXX XXXX first repricings. result interest of

to Turning XXXX. to net XXXX, now amounted Slide December billion of an our at million when $X.XX XX, compared $XX March representing debt XX, X, consolidated increase to

currency $XX Excluding our a debt effect, net $XX.X million. consolidated increased million by foreign favorable

is a each in in was As we typical, generally quarter line first modest during our our net the increase increase debt year. first with expectations. This quarter seasonal of see seasonal

that matures of Mailiao, our joint you of debt on $XXX.X Finally, is amortization has current began XX, year and XXXX XXXX. XX, was to debt X March This XXXX. period long-term venture portion noticed a which in may This have indebtedness entirely at Taiwan. related amortizing our January in it million the

to expect XXXX. to date However, maturity we January extend the

consolidated anticipate debt a any announced under XXXX to the again, currency it million between as we foreign $XXX and million debt to repurchase excluding reduction relates net XXXX, previously share net EBITDA, $XXX activity our for guidance effects of in both full and Lastly, our continue excluding year in program. adjusted and of

largely million. I adjusted that, of continue modeling are appendix which to to the Kevin. and call will the full-year $XXX We million estimates EBITDA we in will in have anticipate $XXX a our turn back additional XXXX unchanged be included February assumptions from to range With

Kevin Fogarty

Chris. Thanks,

expectations the our As you for our year. just consistent and good on financial our start serve were delivering results heard, therefore a quarter with first objectives toward overall as

impact of on and XXXX, entered expected results. we and market-based we were full-year headwinds, otherwise, mindful As specific their

trends, and in industry others softening one in terms following we are the is that In of market of China demand carefully. our

demand and including, from consumer sentiment we markets and and So and of to observed yet in infrastructure to this broader these improved. China far applications. The the medical the softness of end-use negotiations, in XXXX tariffs. current in broad-based we see fourth XXXX, demand we Once China hard ranging Asia in evidence any many short-term linked in impact and weakness suggesting into year have of again, across reflect have course, industrial ongoing quarter is that believe trends trade consumer fundamentals

longer rates and solutions. outlook our for tailored remain remains mid optimistic specialty term the for Asia growth unchanged. Our polymer We given sales expected into

cable presents protecting example, for adoption infrastructure. grades, cable a of gel our fiber new For XG in product opportunity optic which the essential the are technology

to deterioration to being specific raw of polymer weakness Europe not the demand segments moves while such marginal we our slowing We with relates have growth said, chemical Europe, margins our related demand, in price trends unit line me broader Regarding readily in summary, possible be – and should believe by we to our be our in it this first diversification seen lower and concentration were we expected in market assumptions believe quarter polymer that that and base in and a others solid That signs current about for markets are for automobiles therefore significant caution perspective, as chemical mindful in of demand. manageable. greater and near-term excuse In are XXXX. from have definition, overall materials remain appears and now space automotive XXXX. both

Cariflex given while up show we start capacity support poor X% And seen perhaps the potential expansions growth. North customers, slower XXXX, in bit of have Our assessments the season April, we’re and on paving in quarter, delay and for paving to we in growth business to a core volume third with April. weather sales to American strong season anticipating options market our a of start and continues a to with evaluate conversations further continue as first conditions the to markets quarter more weather still European future course, the of due in permits to weighted directly strong our based

markets fundamentals and and as For TOFA our TOFA our Chemical – adhesive in by the restored having implemented global in demand XXXX. pricing City, chain. of good believe are production, and believe increase CST levels derivatives this segment, we stabilized continue now We capability We, March. positioned therefore, are we to particularly deliver at see price higher for have having our results restored operational continuing to to Panama in and normal to improved we return is segment value evidenced

and over for thought want With will to public Financial and partner company, well just name but the of and to importantly, Chris growth contributions the shareholders future. continuing to our in his that, as all and X his Monday’s capacity recognize a and him Atanas’ believe at Kraton you in role X. for months. Chris’ We of Atanasov Officer. from will few. to most turn as questions, of back Accounting opportunity background holders, continuity, shareholders, Financial questions. deliver Many all Interim in thank meet him that a we Chris only the ensured to Interim served look senior with other to a us of to interactions Before turn execute We I Chief for leadership forward on our Kraton’s have on debt and Vice the Chief call last role has turn not had and rating Directors, commitment joining his CFO Chief Board Officer operator and having internal Russell the the over insurance some to for Atanas stakeholders. will to announcement the is member help of our Chris behalf of Chris suited near as board and be an I introducing and perspective to of here strategies valued in you in trusted with May President value financial back a innovation-led Senior CFO the On our Atanas who functions from want assume Officer. leadership our on interact you as numerous Kraton providers, remains our agencies to call all Kraton. to I Atanas

Operator

Certainly. comes [Operator from question Instructions] Our Mike KeyBanc. Sison from first

open. is line Your

Mike Sison

year. to the start Hey, guys. Nice

Kevin Fogarty

Thanks Mike.

Mike Sison

think the EBITDA which is And EBITDA Polymer that segment, more do impressive suspect us you when leverage? how there. Can the recovery In happen, you that think but got quarters, terms were you I when that have will remaining drive there? did through in the you volume and walk potential of would about there down, then maybe volumes growth is as grow

Kevin Fogarty

was not Specialty in Brazil, Polymer the The a in specifically, our certainly as you doing in So, recognizing with, other I in growth any insignificant believe that China. demand? me, think had you can year. results in the so our or for the drive our I to are day, the we Specialty everything results. that EBITDA. opportunities a overall we if driver to confidence to course, the overall we we the by overall two. we’re outlook. with view until nice company China of called trade And macro had Polymers of there customer, to a had Mike, terms that growth, at Certainly, significant. our happens, down importantly that had in cautious were impact They benefit not and end if and volume, the with customer mean, in that a our Asia spur But Do deal call market which to gave respect change, we drawdown out, our excuse inventory potentially certainly I balanced we we inventory is that’s be think is, the quarter about up yes. a overall I that Polymers business business. will associated utilization and don’t business mean, I just technology Cariflex consumer identify answer our impressive But approximately that for events associated to think program the higher of drawdown, much terms for with greater calendar big headwinds Cariflex coupled that’s business, heads we key changing in but new of market stated was the headwind in outlets the were between last of need in more

Mike Sison

feel a I you XQ And head with lot you it. wanted get then paving when mentioned think into longer noise take going better for season hurricane and bit as Got you I others as you or world do – so that the to segment, going guess I impacts, is a I and Chemical to the sluggish, XQ recover sluggish is kind start little bit several mean, is to to noted? be I it a of little have of think volumes a in the given

Kevin Fogarty

up are by we we – you I noticing of in not rosin saw to as said, for you isolated Hurricane more the were your we world the that quarter from to the those second think quarter. are to if improvement volume And will going issues of driven okay, our In point, just our derivative the City post that get that’s ramp mean at in our Well, our have Polymer business. plant, world’s rosin course, kind and we chain reasons. Michael the full and we business, Panama the particularly Chemical see then that sluggishness certainly

Mike Sison

Okay, great. Thank you.

Operator

you. Thank

comes Josh Spector of line Our the UBS. next question from of

is Your open. line

Josh Spector

Yes. Hey, guys.

understand think start in whole year similar terms does through normalize or specialties of I year? normalize, things And this in decline that specialty, impact a like do guess, additive half – you the the the impact this do another going as when year to due to year be Just program. similar customer, does you with full it this on mid in the drawdown volume say expect I you go is you XQ? to the that one lube if particularly at guess it’s was impact a I

Kevin Fogarty

lube With called course to the over respect are specifically the year we we as see just going additives, it, yes. your to of in question it

Josh Spector

Okay.

then So roughly then similar you quarterly basis? impact expect a on a

Kevin Fogarty

year, volume particular goes you mean, from terms specific improve are will because the that their was impact to depending ratable on, the last quarter that determine year. for things and exactly I in aren’t quarter-to-quarter, drawdown on it characterization but volumes and the finite inventory order of pattern going as be this any would imprudent to year in presume

Josh Spector

of you. you guess, I this that that? demand and for EBITDA helps. kind think Chemicals, expecting you that of business that to of are I the year range growth clear split last years. That just versus with more to year the supply some chemicals do pretty of year. about pricing and the it And couple past dynamics being $XXX thank look I guess, per the if I I Does are volume Okay, of in kind guess in at of out you $XXX that some you favorable? on mean this are have margin, between ton break you how saying

Kevin Fogarty

the moves And made there come Well, City that’s and the that down this are rosin TOFA in evidenced around we improvement margin Hurricane that March the ramp expecting was derivatives up and the first by chain Panama made second the particularly certainly and in we take as well. from then that production business of really quarter, and quarter in to think comment price we are effect the issue quarter. capabilities rosin benefits post volume overall, in we the derivative TOFA to isolated that Michael our in some full then the increase clearly

Josh Spector

Okay, thanks.

Operator

you. Thank

Sheehan Jim SunTrust. also of question from a We have

Your line open. is

Jim Sheehan

Thanks. Good morning.

that, of year the why to update will it the around investors your you end could timing Cariflex process strategic and Regarding take describe and on the review? the till

Kevin Fogarty

obviously would that Well, inviting assessment. the part known make interested Jim. process process the interest of kind overall is parties Sure, are where their of expect we you to typical as strategic

release press a just that the as as it’s standpoint that the the handicap very typical the later quarter, to Obviously all the from standpoint move quarter, process. it’s we third from believe don’t it’s of incentive overall business, just do the as timing, can. of the world efficiently have we our course hard I right simple. just now. fourth – think to year in but I rapidly, planning of to in when is, we I in want said So, handicap

Jim Sheehan

XX to this Cariflex at you EBITDA the months for point? last disclose Are ready

Kevin Fogarty

for No, process. do a comes anything you break out ready there to yet. that to if we Obviously, just are will need so not be of the

Jim Sheehan

sell Okay. your thinking potential And confidence be the a you will process about share buybacks prior divestiture? how successful, that are to given

Kevin Fogarty

clear our down made announced So, down that debt we to part pay take just very it our this be transaction – we continuing I obviously when de-leveraging and our majority proceeds think the as that. the of the accelerates would process

Jim Sheehan

Thank you.

Operator

Thank UBS. from you. Instructions] Roberts line of comes [Operator Our question next the John of

Your line open. is

John Roberts

of Hi, of you guys. Thanks. a in outlook raw questions. butadiene your talk the material quarter Could is going Couple little the into bit impact second about the what and here? quarter

Kevin Fogarty

is Butadiene demand and the or There in Yes. in significant the side to is on supply for not benign things. same quarter is the is trend. relatively any it demand driver market more just or supply outlook going the less – our be change or

fairly stable. is view our So,

John Roberts

sort are And will lag tall raws so any to well? crude timing oil oil the on should of as follow with similar question be that you crude there price oil, experience and going we here, expect moving tall quarter into higher might we second

Kevin Fogarty

I we gas think in is fairly going first what crude up looking are that guess, course got that than really already a says trend. it’s you there drive price just also oil, then quarter. remember there again, do, quarter is too, fairly point, more it to and you CTO resulting could natural I from second an going of a at if at component flat this and to we response. forecasted the are crude is you to marketplace But costs CTO at be to flat oil make that’s opposite the argument itself guess not looking could

John Roberts

you. thank Okay,

Operator

you. Thank

the Our Vincent from line Stifel. Anderson of comes of next question

begin. You may

Vincent Anderson

you. thank Yes,

earlier. capital you wanted growth year came far redirecting initiatives up you the and Cariflex potentially allocation so to seen you I deleveraging some capital given you in So outlined I that mean, this the assets, to previously? towards just the consider go curtailing back are have have question interest the of would

Kevin Fogarty

end the invest commitment and flow Specific as you initiatives Well, is Cariflex of debt to both growth company where to the initiatives the growth the to at believe is and growth good more day, our well of our speaking reduce is cash I potential. obviously business. we are manage the example sufficient there our as than organic course good specifically of assume

healthy whether business Cariflex to down So mind through to with that, the in pursue on or determined as what business we the addition is continue the will to we will our are had in generates decision some we ultimate flow required this growth process the in not businesses there always that we be is cash pay debt need where the and on, support in we that capacity. underwrite particularly to know

Vincent Anderson

makes your That’s helpful. attractive, Thank Asian expansion just selling in pointed sorry topic, USBCs? existing you you proximity Are last that chemical pine it’s USBCs supply that, of so that, from India in demand given customers you. And paving to and to feedback on just paving what stay products to investment demand that if that an you direct not, quarter already is see India. capacity for – the into India

Kevin Fogarty

of paving that’s but in not in clear, to really And be business, we to growth referring we think have to I the to point. just road Polymer that’s don’t markings in applications Chemical quote-unquote, you type So growth the are are our at business. seeing say limited our this that

costs Our year Polymer around to productivity see raw of the business, With increase do we can said, attention the France at of and first where India. we as focused example footprint material capital and about to that existing Berre, the – we in to talking a advantage expanding output footprint such in being a always our at there business developing we markets question as our lot good have business here, is is that and evidenced Polymer look what last did I’m the taking where specifically site. we as in allocation

and look are that effective and growth outlook where cost expand the up our we’ll those terms we in then a for choices our with Kraton sure relative So of outlook marry positive to go that at that first options most at through to demand and make capacity.

Vincent Anderson

you. thank Okay,

Operator

Thank you.

line the Jim from Sheehan comes next of Our of question SunTrust.

is line Your open.

Jim Sheehan

you. Thank

were You feedstock markets, quarter. first costs your the the year-over-year please? what was tight in in CTO What referenced inflation CTO, CTO

Kevin Fogarty

break it that in cost confidential of that talk America we we fact don’t the particularly linked just North made the are important about We more our So CTO in that costs. terms out. obviously spoke comment number very trends It’s those CTO in and indexes terms to of. we’ve certainly of

going And benign we the that to we kind quarters is not inputs, there three relatively again crude But to that see don’t you outlook in two unless see increases. in I that give the said quarters, of So some terms is dramatic out, I’m is change be input. that changing. for what quarter-on-quarter oil, able of cost

Jim Sheehan

Okay. what working us are for could expectations year? the the give remainder you And your – of for capital

Kevin Fogarty

I mean, my first build I noted Yes. around comments in saw we the which debt, obviously generally in typical. is quarter, net as

building and back we coming in second obviously season side, polymer the On City are are third then quarters. paving ahead there. and inventory Panama with feedstock And up, back building of of course the we ramping

million that us inventory what inventory to a see I I reduce have will what and balance over the a think obviously earlier. then of of year So million that discussed enables will in you we indebtedness way build that is, $XXX that’s to and $XXX in the drawdown the

Jim Sheehan

Cariflex Okay. business? much your the for And is CapEx annual how

Kevin Fogarty

Well, I talking the mean, minor. relatively if capital, of context about are in you it’s Cariflex ongoing

because potential that alternatives we prepared to we If are still are options, not yet, talking growth are. exploring out terms in the about what are it of break you

Jim Sheehan

been that am needs about annually business the the few annual CapEx of – talking over what Sure. just past you years? the have spending Yes, I

Kevin Fogarty

we part time. with at think that have be that of share be would something that the carve-out appropriate to I would would you the

number that we not that’s broad-based can imagine, talk either. can you a about As

Jim Sheehan

Okay, thank you.

Operator

queue. this call the hand closing At we any on will to you. have Shiels comments. now Thank time, for questions I don’t back Gene

Gene Shiels

Alright. access Toll will morning. Thank Well, would thank Kraton we this you, remarks. in Jake. you. of free concludes of to That available Thank call participants morning replay replay questions. prepared interest their for and our XXX-XXX-XXXX. to our be their that all later this a this like is There number

Operator

first This Kraton conference concludes earnings the XXXX Corporation quarter call.

disconnect. now You may

Kraton (KRA) 28 Apr 192019 Q1 Earnings call transcript