- Earnings call transcript Q3 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Element Solutions Inc.

Third Quarter 2022 Financial Results Conference Call. Today's conference is being recorded. you. Thank Instructions] [Operator now Strategy conference and will Gokarn, to Senior Director, Finance. turn I over the Varun And

You may begin.

Varun Gokarn

Good morning, XXXX quarter in our and thank you earnings for conference participating third call.

Dorman. CEO, webcasting shortly are conference after company's the the call. be of and are Investors FD, will this Ben call. replay the available me with Regulation completion our CFO, Joining website Carey made In A section accordance we the Gliklich; in of

to can News refer been the accordance current the forward-looking be During has not U.S. to company's prepared recent These are the that Today's views on actual today's expectations results financial measures the Ben financial our Element we comparable and earnings It subject that definitions to measures. that earnings to most in include pleasure Please that call, financial SEC our now filings expectations. based to GAAP. Events. to differ statements for events are and also could cause is my from and about GAAP with Gliklich, of certain future website These these CEO found information slides materials of under statements and in make Please and assumptions performance and introduce of factors company's for future risks our reflect a refer will reconciliations risk results. and release, release supplemental of non-GAAP slides section discussion Investors Solutions. supplemental on uncertainties. materials material

Benjamin Gliklich

with volumes. fundamentals environment new both Key business and produced and our solid as digits these the organic continued operating bottom headwinds. actions, In phones everyone. end strength you a consumer line focus on softened outperformance not joining. Solutions expectations the recover as markets third of and wins declined. growth applications further. in mid-single growth where foreign the helped such is USD challenges, end quarter, drove exchange line Varun, organic morning, in the Element Automotive Despite offset a and Thank pricing high-growth of macro electronics Thank good This despite an mobile electronics delivered significant declining you, did our markets. top additional translation for and segments to against

holidays. activity line, On in ecosystem and contributed in did demand third and to the bottom the cost the not in has the management What exposure the an handset taken August ramp deteriorated across quarter. for adjusted a decline European XX% sequential the September, in in to electronics synergies market typical in margin OEMs. year-over-year did actions growth. limited second we from growth QX Chinese started sequential Demand local materialize. declined levels quarter have QX quarter following from pattern volumes EBITDA estimated of quarter, seasonal more the where year-over-year and XXXX expansion demand ex-China as deceleration earlier Global a not mobile the penetrated from third X% weak In

are outlook The continue. While and benefits networks current reflective devices change sustainable took XG-enabled not growth substantial for in we the not the of Electronics portfolio growth Electronics, time. believe Electronics growth linear, Power any the the current pricing continued is of is we over we to in Secular trend to in in is permanent have our Power expect of industry. actions we and and chemistry the our opportunities the year, portfolio see across earlier trends XXXX rest robust for and

timing miss Automotive supply rates a our continue these question where largest Industrial we are given not production magnitude. see production growth their structurally is portfolio, longer-term OEMs more recovery slowing In our than We a to opportunities. market investment constraints. undersupplied of our exposure, in global forecast is

time that previously frame the economic in given forecasted. particularly a we believe longer than softness, will was over Europe, However, recovery occur

unit in the While subdued to expectations. was recovery industry improved production sequentially QX, relative

were price basis, prices year-on-year. XX% metal portion driving with was surcharge-based work. points long-term eventual above with is had appears gross in price. a but elevated from losses left a benefit third business leading adjusted can wins us basis customer and negotiated as QX impact of and our Automotive driven Slide in margin selling by closed This technology-enabler modest organic chain end top levels XX X% Even a will grew XXXX, in expect constant-currency our our Automotive prices grew to midyear new improved this the EBITDA quarter profit commercial when as well engagement supply The points and pricing hedging largely of and for margin production inevitably gains XX trend line in too, of captured year-to-date. the more the pass-through metal roughly disproportionately lower On X, We below Adjusted XXXX production of with by are EBITDA. growth you and quarter the A to offset reflected program purchases our results. a We're volumes the than increases. On well hedge year-over-year. XX% organically. the steep a financial positive metals tailwind decline recovery in tin see year the fast levels. significant both adjusted This that positioned Here EBITDA basis summary designed how negative teams have on recover. our

drove a to reductions million quarter, adjusted fluctuations representing to earnings roughly the year-on-year exchange our in headwind $XX sizable EBITDA. Foreign

X% take Adjusted Carey? in you despite basis Carey through our of FX in Solutions will now pass-through business EPS would the X% Excluding in translation. our million results margin quarter grew the business, Assembly third of negative impact our from detail. reported a been adjusted a EBITDA impact metal $XX quarter. on more sales have XX%

Carey Dorman

generally pricing On as quarter X, was on Thanks, segments. the markets growth that net the Power end mobile Ben, in Organic in additional growth and Electronics Electronics sales down low our double X% good single detail the This of for morning, everyone. the we drivers Slide in organic share X and year-over-year. year-over-year digit Electronics Electronics third were in respectively, growth Asia. overall offset favorably low in and softness digits, to Consumer and compares

grew had growth Our market benefited demand Circuitry XX digits. also as other our growth wafer impact this softer of profit organically, prices to in which income Semiconductor a are million impacted well segment. Semiconductor in Jumping disk tempered, gross and grew customer Circuitry account dollars products. increased included was X% the advanced assembly as and the EBITDA trends in X% X saw sharp actions expanded organically, however, tin growing X% Solutions throughout drove mobile. our year-over-year a continued same the diverged negatively headwind plating, In adjusted of a Solutions the for primarily Assembly basis, applications, driven slowdown that was saw business, Organic Solutions grew which from positive overall sharp Auto, slow a realized hedge Power grew offsetting the mid-single of The the prices year-over-year material increases timing raw declines the over business year-over-year. within basis Circuitry metal Semiconductor driven were Product with the through organically, business, On Specialty demand higher which roughly margins. in sales segment across packaging and increase our & we than in higher-end in is organic X% and by Asia. Both offset sustained actions sales. price and activity the the mix This in The points. segment. was in within businesses to advanced which vertical and Industrial quarter. was At for our revenue, Electronics by by reported faster end-market X% Industrial surcharges. gains of growth in pricing X% by surcharge net organic Electronics XX% in in EBITDA. adjusted costs, margins roughly in to $X metal are a quarter. time, Assembly the memory

fourth impact saw the the Europe in also new North year. region. and that declined in and seen year-over-year. Construction given a anticipate that been have softening European Solutions the sales sequential Graphic we to in continue first new additional into actions, the and resilient organically designs has package will in quarter, We slowdown of some trend half end dynamics Industrial this the likely of We Despite in business America. the X% contributed pricing markets

that momentum and margins We sales XXXX. on improve organically initiatives multiple XX% business accelerate picking increased a this business energy is in are Energy longer-than-typical lag despite making up. in this progress in Solutions grew on prices,

cost by increased in in management activity, business costs, to a cost businesses. the raw drilling came increased mix reflect variable-compensation the acquisitions. inflation in our expense the smaller reduction Margins led the Industrial from the & operating quarter negative and year-on-year. seeing are has quarter XXX our basis, and of production XX% on points to helped combination that outlook. substantial grew adjusted change our reduced as near-term A Coventya logistics offset recent contribution Similar Electronics, of improved in I&S material EBITDA the assumptions including to portion Specialty basis which from constant-currency synergies We well. of increased

structurally plan program our as bonus Our deviations offset and from is working and designed. earnings

cash sequential generated cover safety sheet. significant moderated. balance release reflecting $XXX sales the in the working and capital, and we We flow decline of cash X, a quarter, flow Slide of to million Moving a stocks free

quarter as in both level higher a release these expect trends We of fourth working continue. capital the

X quarter, the cash taxes, quarter, better in of and activity We Our share than the $XX approximately in other of CapEx or repurchase million roughly all in including expectations. came back our use increased cash interest, our stock shares. million buying

X had over or As repurchased our we more X% end of million QX, year outstanding. than shares of the shares of this well

buyback to as authorization be continue million in September of active we the XX, Our stock market. remaining $XXX and was

the improved quarter our next swapped over ratio to of rate to million leverage All floating $XX X.Xx, net of at fix Our the end shareholders. despite through cash debt year. in returning is

rising actually approximately the term quarter swap our X.Xx. we earn EUR our These more money cash and our crop-currency at $XXX improving in ratio rates to end, as from million loans income So interest also was that leverage expense interest are to swapped reducing balance. cash effectively are

I liquidity very Ben. and strong. With that, sheet back turn will the balance to position Our call are

Benjamin Gliklich

anticipate the Thank a the end and the Electronics economy. as in line We've our now our in for it's in growth Automotive our QX, you, environment global quarter Despite Carey. rest fourth well. clear Consumer are softer markets with of that outlook recovery reduced softening,

the In $XX in be USD year-over-year million than addition, the headwind to a has headwind approximately current the XXXX And QX, EBITDA million. FX In is from headwind. recent will significantly $XX grown strong greater translational months. adjusted

guidance EPS these in $XXX full to of of $XXX range year cash between to XXXX our now updating expect XXXX free on to year-over-year Accordingly, the million to $XXX we flow adjusted basis EBITDA flat a constant-currency As full guidance a to we're year fourth approximately adjusted impacts, EBITDA result and be $X.XX and $X.XX quarter million. approximately adjusted million.

helps the our volatility, cost macro from nature business not consumable products of our and variable insulate While our we're structure immune. highly

confident highly remain to that profitable growth. we deliver environment. Element well Solutions in However, continue positioned is this operating long-term We see opportunity to

scale, the us weather markets. liquidity allow stability on strategic horizon capitalize these should to Our and and

of customers of our the longer-term our engaging remain particular, and technology our enable dedicated quarter in appreciation persistent continued teams provide support Element we products. people and our and is the stakeholders all interested growth. their world Our busy. momentum thank new of and and I'd customers' in and around in to talented commercial our reflection Solutions technical the for like with This markets iterative are innovation for to platforms a our to my responsible another express of

and volatility can has balance flow, ability that cash that, with withstand business demonstrated for that With long-term while operator, maintaining questions. Our focus please retaining orientation. and to strategic a open margins line the team strong end-market our and

Operator

[Operator Brun Instructions] our And Kieran Corporation. we from first question will with Mizuho take De

Kieran De Brun

they well there I a some should And in trends How seems on pretty we do levers. little on of XQ. showing been like And some into things in XXXX? the kind the fourth It like be progress you think bit substantial It wanted any have preliminary leverage the They've just seems as should segment. I&S upside. touch progress, about recover, margins. the that particularly to in as held thoughts into quarter? cost

So comments on be any that would helpful.

Benjamin Gliklich

Sure, absolutely, Kieran.

call trajectory. out regard to couple and margin, a go-forward we things of can talk the with to then QX about in So

well. an quarter that's XX to levers of came to about being For do starters, as margin. the that talked a reduce this the that we prices and and of about an We profits. tailwind saw We business from That's that basis hallmark improvement. cost costs we points in, impact in times, and difficult profits preserve preserve in can metal

margins year-over-year and improved. sequentially So

As given and sales we a sequential QX, roll into obviously, we're seasonality. markets decline expecting in typical end

got under of over QX, relative the we've be particularly of a bit XXXX. We're into opportunity lot we've past will managing to for a taken by driven year. pressure and But QX into costs more margins that. So price and cost

should And as in so through. improve the XXXX of we dynamics walked light margins enter we

Kieran De Brun

quick just Great. a maybe follow-up on And end then the markets.

front. of on the the seems Automotive especially China recovery seem Europe but be kind there on I U.S. Just in weaker, of does still the some kind and to EV be strength, to side and mean

in a year meaningful peers if you the just quarter than has little through in side. could expecting, for -- originally at but just outlook the the to industry fact point what what -- expect that So the Automotive you region some some the fourth of were some by is kind and next they I seeing walk know bit recovery alluded you're a maybe other weaker from commentary of

So just there. of of your thoughts curious kind

Benjamin Gliklich

Yes.

in one bit. So and have but by And would so slow we would similarly, the I the a a entering or a grow industry for say, through, didn't than more in went for and recover expected extent we the the seeing -- it observers expected the script, recovering, it have we market expectations just industry was Auto is be our are half. bit extent to sequentially, to the QX comments expect moderated recovery, second to that grow QX. didn't But but it to

in different We are regions. differently recovery that seeing

our remain from seen perspective From ESI a towards our hasn't really has has soft. skewed low-end an been accelerated has with -- in America a China perspective, -- more EV. Europe That are things recovery. reasonably So timing right? the not last stable. tracked business same with And business Auto not in but outperformed units recently, That's in If growth saw our a our the comment market, business, this at to quarter in we Autos you business. market. year, extent look as Auto we overall the significantly we share. estimates and of customers, in largest we Europe do really we're are an from confident say We in seeing and be production But the in our are players for Auto largest increases XXXX don't plating in a in market. to the more Construction a business Industrial would growth reflect our seeing the on We're this that I&S who space. in share, in moderated been Europe. levels by the We activity expect as issue. view It's standpoint. timing the that better slowdown auto market at

Operator

take will Financial. from with question next And we our Josh Spector UBS

Joshua Spector

just could to I becoming multiyear maybe where XXXX now. versus if you quarter if color can, some One, volumes. first fourth curious reporting. harder few helpful might things on Just to is and volumes some stack versus it half expectations you just It's be a where are a your for a bit provide differentiate context, on given the and organic pricing provide given guess, And there. things

kind to over level couple. of kind versus year set performed to the of where the past trying So how exiting you things are

Benjamin Gliklich

Good Josh. Sure, question. Yes.

volume and Industrial the also Construction the the most expect as In our mobile to both of was Volume than year-on-year of So a perspective. standpoint. in from is both similar quarter Industrial driven & growth from The price and or down quarter was down business, phone increases we driver the was businesses. in that growth by out, called which quarter. market, is this business driven by down our pricing was General negotiated volume surcharge we pricing, see third And dynamics this XX% volume. QX, more I&S a --

expansion from XXXX that give XXXX the the to sense far are pushed in all. storage, durable clearly business this confidence Those strong a is but business how just happening, power, will gives very XG trends We has networks. an which we've looking well our business have we for trends, and like devices the need lot perspective, because computing for the data terms a propelling a and Circuitry XG-enabled in believe fallen, they frankly, mega of you all are more Circuitry around forward still and us, propelling trends below more pocket things market volumes hit be a air of recovery of

comp half was healthy, particularly in XXXX quite over entering the be XXXX. in half challenging market first first will The because Electronics

Joshua Spector

look is you at Okay. Could about guess, is be way? that And way? why half and easy way that just it here second that think the into right little right you're XXXX? I I the than guess math wrong kind What you levers year, not next have cost million FX, worse to of for $XXX that pull? to the annualizing other kind with of EBITDA investors to maybe a would about or visibility could it Or be do bit

Benjamin Gliklich

expected. clearly more is And about the are to into are successful Auto today. very should It's cost being there strong successful. we're and at environment. these as to in dynamic platform phone historically, right? as disposal platform But Typically, One is mobile seen The levers think Look, snapback market we've seen recovering our the a additional subsequent our give XXXX guidance recover not position recover. not markets XXXX. markets. you market, And isn't when a growth market we've expected

not healthy that are reasons to dynamics the at for about be right is. in aren't markets cost think number what end comment point XXXX. market going some to of our and But XXXX to on levers recovering So several if I'm their believe the there should

Operator

Roberts our will with question John next take from We Credit Suisse.

John Roberts

those do expenses sequentially expense the reversals million, of much $XX.X because half? fourth $XXX.X the compensation The the the reversal million how have did the quarter go you R&D from benefit again? accrued won't they And in of of SG&A expense first in in up

Benjamin Gliklich

Yes.

John, true-ups half are in those quarter, we did and on third of throw some we based mentioned, cost the accruals. So levers, as first

And at line that could to $XX-ish organically in we plan lever quarter. from and disposal about so QX. savings top to fourth of a have could the QX, that our think business in which other tracking as GP won't cost our isn't a But you maybe levers deliver are million full throw we if there perspective on

Carey Dorman

million John, And in to million just a those add well. also $X to as year-over-year there's impact $XX about that, would numbers I FX

John Roberts

Got it.

inventories were down supply back contributed the you the that down inventories the you? along own to But whether all any metals I sales inventories don't have chain Your when know beyond up to decline. visibility sequential-inventory usually chain. supply declined, Do sequentially. end-market

Benjamin Gliklich

Yes.

So a few observations.

declined First, our inventories sequentially.

Some of that price. metal was

Some that of of and as that stocks we've was stabilize. stabilizing, some FX, seen our beginning supply safety completely, not to a was in but reduction chain

to relative channel, the definitely triangulate expectation and some forward As market, demand supply of data in more our But and typically, isn't example. don't believe is we of for look the amount QX of may significant the for be we dynamic a there what that markets. has has in unwind end some and there the look semiconductor inventory level And associated market of with as that into our been in we inventory in business, demand product changed. there chain, our storage

Operator

take next of question Stephen from We'll Byrne America. with Bank our

Robert Koort

business into And Koort Steve cross-selling question is this for of share gains, identified is, the by you Rob from new the wins capacity unit how would is customer My buckets expansions? or on initiatives leaders? ESI's strategic split any This first of Byrne.

Benjamin Gliklich

Rob. Thanks,

geopolitics in markets, business, And all are more more this get markets X/X, new we we our in from of is new getting in adjacent capacity new disproportionate because performance We've the frankly. X/X and driven a lines than in demonstrative believe And in we've Asia -- and by out our quarter treatment. semiconductor perspective, new share. seen water space, which in anytime if out that seen coming of you year-to-date more of winning of amount gaining in So opening categories, than our we're bio or wins of a we've our either business. market -- will, MES is even our in than of business significant Europe, those been sites

as ourselves what driven we performance And has of by If cycle Still at look performance, strategic our element, you see and terms implementation and is largely program. strategy, to our our share its at focus call been life we improving rewarding. position. early Element unit development relative this in ESDI,

Robert Koort

expect that much Motors? And term sensoring do product in silver sales line just sales used your this from go stationary technology Assembly for EV a how be follow-up, storage? of to with And in this used are where longer technology you

Benjamin Gliklich

that Power we continue disclosed that So growth QX But that into seeing long is product. for that we're high-end market, XXXX. and The sales for and applications, runway continued other we growth. in interest but days, and in to haven't application from continued growth strong early expectations Electronics, it Power product line expect when year-on-year, that -- and primary infrastructure in Electronics is EVs and refer in seen to EVs, for very have we

Operator

we [Operator Tanwanteng will Instructions] take next CJS Jon Securities. with our And from question

Jonathan Tanwanteng

you I that's wondering in metric was forward Electronics, where about if Where given that compared businesses so your customers expectations and wins for what you the what are cetera? far historical as could maybe application your per you? going growth et relevant, to program was, your your content telling is see talk Auto,

Benjamin Gliklich

Jon. Yes. Thanks,

penetration a is what of we've a uplift still that XG units content relatively XG low. mobile phone on versus said XG So phone. phone we XX% comparable a get is

trying And Something where from content uplift that adhesives small opportunity we through around like good entering to grow we've position unit types of a very coatings the is Xx more interface fleet vehicles, low, driven as the of comparable dynamic we electronics a have that and acquired versus -- content value and our electric on so very quite example. materials And markets per remained significant thermal XX%, EV but other just opportunity on for that's have Electronics, we're acquisition. Power a and an there's standpoint. formal X.X internal combustion what And market by comp In we a car. though content talking automotive the rapidly. a percentage were changing to about EVs technology

on as we model content new There's significant there's ICE, more a from electronics. surface functional more treatment. even perspective see introduced, years and are so and decorative And an opportunity

forward. uplift. over And content growth so points growth unit of A see of couple going we an per year

Jonathan Tanwanteng

Great. And terms in it networking? if to wondering trying could get sense Semiconductor the the a on go business? computing was end in also is going current of I a and applications? or given market Just more of where is most bit Where exposed that the comment dichotomy markets? and consumer Is you to more business demand those forms

Benjamin Gliklich

So the is our logic than side the Semi more exposed side. memory on business

If you were to in split side than got gaining logic the market into two, applicable memory the And logic on versus and traction one, significant the packaging. the memory exposure side. split is we've the we're heterogeneous more

to nascent But So board memory if than system that's it growing circuit more chips chiplets, side. very on and the have side rapidly very next-generation OSAT, the a designs logic we side assembly market grow and capabilities relevant are about rapidly and the applications, our you think a is very continues again, which been where and from the high-end significant opportunity. that's with in advanced package side packaging these

Jonathan Tanwanteng

forward? Final of and of markets Okay. you capital maybe the given about there Do You've strategy? us of in buying are going a lot smaller me. sales maybe allocation for one acquisitions you the are tuck-ins just help change in what thinking think shares opportunities but planning been of more back guys expect any

Benjamin Gliklich

expect share the wouldn't Yes. buybacks I change, of The quarters, over the simple past capital and opportunistic it's to no earnings it's Jon. is per that form remain to been prudently We're in compound going several and answer change QX. in no, to deploy

Operator

take question Chris will our with Loop Capital. we from And Kapsch next

Christopher Kapsch

So I had a question.

as the You've there's commoditized say, exposure seems smartphones. be having area more Consumer most in -- the are is personal not much ecosystem its looking to where weakness Electronics Electronics frame macro, And than, as you the computer just your broad-based. business PCBs, weakness at to even which pronounced that

Is see what I'm or business particular, that wondering attribute you wondering -- bracket attributable or quarter, I do third smartphone just endure Electronic sequential markets the sequential which mostly abrupt just to? was is bucket weakening you Circuitry, weakening? end to to there as and those if any some during the saw markets your end it So way you in

Benjamin Gliklich

Yes, absolutely, Chris.

that smartphones year, This here things. data QX where So launches, quite this the with big happen, and there's can associated that two and corporate The just third in the a were biggest long, I'd softer quarter surprise. that first say memory quarter remember markets in two new a storage. we platform been impacted the is ramp was which Every QX, Electronics was year, than mobile didn't right? QX and is

decelerated, data customers So already helping down first the And QX, were year-over-year the QX. was QX. market the mobile mobile in as X% us half units soft market they data storage very through that was entering XX% of in and saw the It from just have we decline really a And softened the first market there. storage half. was robust handful QX in significant in

PCs. biggest sequential weakness the the we are markets not drivers saw, X those so of And

Christopher Kapsch

maybe it. years, then downturns, Chemicals question. a bigger-picture sort follow-up strategy but of my of sort helpful. as many And into I've commercial over kind more space feeding during the Semiconductor of Electronic is That's And Got about periods there's will, to to actually an -- get observed products fab opportunity the suppliers cost opportunity an ownership the if there's time, operator. -- fabs qualified, you that for -- for of innovative lower help tool when for more the of have innovations

electrical copper plating ramp assets, the like adoption think So something if opportunity something something do at presumably your to as where do be up solution, the those in of board if How air going an there's patch, of to that. or soft print for which a to opportunity is least underutilization example, you an I'm there's about ecosystem similar circuit dynamic for commercially, wondering you that's that pocket, dynamic?

Benjamin Gliklich

market. circuit there's say being and to by that's dynamic something heard a is which And is very And observation, as in to don't time customer intend customer we prior engagement that trials. semiconductor the more calls, utilization is you is board remains as And us a true I upon on the Thanks, that's say Chris. driven high. well great continues levels. it activity, Yes, think it's seize the necessarily when utilization that and to lower, certainly market that that for case, be

inflections, being lost I may technology lower is utilization driven not think that levels of inflection, the us. but something that's being it's technology certainly and some on by accelerate

Operator

And we will take our next question with from Angel Morgan Castillo Stanley.

Stefan Diaz

there's I laid of now Diaz Day, EPS a is XXXX, then. a $X.XX. levers particularly in CAGR way and do in this XXXX uncertainty XX%. appropriate like over given Stefan cost and Angel all Castillo. the for of to Investor annual all given macro time feel the This target still lot between But near-term you've long-term That an implied challenges, sitting of is guess, Admittedly, an EPS think out annual you growth? the mentioned? you At still of

Benjamin Gliklich

benefit our dynamic goal air markets. are for good for our to like a company impossible well put These would XXXX. in a targets XXXX, unchanged. markets pockets ourselves in from XXXX, yet we in is It's snapbacks this. our Stefan. did strong were Yes. They're growth shoes to from to and executing have positioned nearly reason. thought are we in and targets was we've If it these that we But seen question, Historically, our achieve long-term

is unchanged. our ability And goal so our our to in deliver goal confidence and is that unchanged

Stefan Diaz

weeks book are Great. seeing few I quarter, then as quarter. in guess you order but know early it's And follow-up, the first the a the the trends? how I of

Benjamin Gliklich

fourth what Yes. with October what and is playing out we line guided towards in quarter. expected would for have the we

Operator

the I now back remarks. Ben call are this there at closing turn gentlemen, will Gliklich questions over and ladies further to for no And Mr. time.

Benjamin Gliklich

of us Thanks, We you again, soon everybody, you well. to forward you. many today. look joining Thank thanks, for with as and speaking And Abby. seeing

Element Solutions (ESI) 29 Oct 222022 Q3 Earnings call transcript