OEC - Earnings call 2 2021 | Orion Engineered Carbons S.A.

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Operator

Greetings, and welcome to the Orion Engineered Carbons' Second Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce Wendy Wilson, Head of Investor Relations. Thank you.

You may begin.

Wendy Wilson

operator. you, Thank and to everyone, Orion Carbons Engineered Good our welcome second call discuss results. quarter conference morning, to XXXX financial Wilson, Relations. Investor Head Wendy I'm of With presentation after the Officer; closed yesterday, our Chief Financial Corning website. posted issued Investor market us a Relations we Crenshaw, of slide Officer. We release Lorin the Chief Executive press our and today are to and Painter, portion

referencing this presentation be call. will We the during

call I'd like and comments to remind forward-looking some are that statements the during today's in uncertainties the risks begin, you made company's the of subject on differ may the filings those we results materially are described the described These statements. call. with Before to Actual from SEC. as

today, any does undertake call the expectations. during the our Painter. August press comparable X. In over are release. I statements forward-looking call forward-looking All attached discussed GAAP to to measures addition, Corning circumstances all The to now non-GAAP not the of statements or turn update this on will reconciled as are new based measures revised table directly financial company to most in made

Corning Painter

with quarter XXXX, than Xx million, levels second of to Thank record $XX.X performance. that half you, quarter morning, divisions and the adjusted welcome pleased and second our the we highest quarter year. At an the Wendy. year of earnings strong ago higher second second I'm call. higher produced EBITDA everyone, second near our quarter, the history, results conference first for to contributing capping the Good in report was XX% excellent to than both

year second pandemic that to levels, XX% of first of up we're to ago, year were useful XXXX at approximately XX% XXXX XX% company of XXXX, and adjusted on quarter on half quarter half were favorable substantial with total I COVID-XX first our EBITDA approximately that basis, demonstrated adjusted up, the operating of total volume induced both against levels Specialty it's believe of On was again, levels backdrop company that volumes a downturn businesses low volumes product second exceptionally XXXX. leverage. the the compare ago, a level. volumes mix. Compared Overall, EBITDA was that XX.X% Given economic running

strong to long-standing also Evonik We financial now we settled approximately delivering this settled. this our $XX addition for dispute performance quarter, consider with matter totally In million.

injection it immediate cash company's earmarked As of many without any is counting our proceeds net I've it Evonik. matter. The that have our a the investors achievement in our of cash within what million our managing on the is not view recovery is capital receiving strengthen effect balance said been specific Xx of and to creditors leverage X.Xx. range for that will and for we times, Therefore, sheet targeted should from substantially $XX a -- accelerate plan

reduction associated $X.X the in result annualized savings to expect interest million. We an expense debt of about

developments sustainability. to recent to Turning related

lower offering, ECORAX strategy have is products products. across innovative developments Commission's elaborate Sweden new of the scale carbon from European produce the including into developments term Research I X world. Using partnering And renewable a broader battery core but further X. I sustainability these Slides to nature, our Black term want the recent would to short and of taken and the broader are deliver to to advance several Our and important Circular collaborating results, impressive strategy Carbon efforts only shape, with consortium Carbon HiQ-CARB year-to-date, not are Black. with Institutes our efforts, efforts design to X from fit Acetylene including which conductive of our up high-purity battery summarized longer forest-based perspective, these Orion launching to Blacks, financial X, product with like aligned Blacks. Year-to-date, Carbon the Blacks X Carbon on are pillars: critical Enabling to drive to pillars bit Renewable strategy. a a positioning a how new Slide in develop which and materials, Each salute our also on team to

Carbon family COX pillar, that reducing a of extending we Enabling Black rolling ECORAX, It resistance for life, aimed tires material strategic Carbon Blacks regarding and consumption, use Rubber properties. is reduces collectively tire lowering developed have First, which hysteresis, at and unique the fuel footprint.

of these our attributes with the impact are improve aligned environmental transportation. All customers' to goals of

the the Circular for Regarding focus strategic tires. economy development of Black circular drive our is the Carbon pillar, to

are from derived as that EU into to from by the year we working well a solutions group drive make end, project end-of-life funded a circular used are economy of partner To working with by and an led Here, Michelin, ties. oil Black a we BlackCycle sustainable to tires. recycling working Carbon that is

Our to a and off partnership will time. good additional start, is over provide we updates

We Black, to reducing from derived respect producing with actually decade which Black Black tested used plants highly ago journey with ECORAX customers. the thread construction. tire this currently third fossil Finally, of Nature, in grade consumption can the Carbon product by we is PRINTEX focus be recently, first by our Nature, from is market. More made the the The launched feedstocks. at a aimed Carbon Black Renewable from pillar, started being reinforcing printing development Carbon fuels Carbon a renewable of renewable feedstocks,

testing for as cycle tires, in be development XXXX to we it for the well. expect Given

with the Black recently Carbon partnership announced sustainably products. Research forest-based from also Institutes We to of Sweden a harvest our develop

world conjunction lower idea forward will in main traction keep a related of types in abreast. bring players expect and to with and Blacks to you these key to gain these Renewable initiatives, The with products look play that we we fruition. Carbon to partnering is a we carbon As role

significant that can other about read we made in Union about leveraging Orion's project progress recently organizers our scale we've become is now Sustainability and in to Acetylene develop announced funded, that Black. part the Report with sustainability Orion's these on We're published HiQ-CARB many with Black Europe. Overall, formed And that materials, a conductive to our of that you initiatives development Acetylene European excited available Finally, project XXXX was we high-purity up efforts. have of that recently battery this and our batteries innovative and chose website. lithium-ion design the

Turning to quarter in detail. second our greater results

see recovery X, broad-based concludes Slide can by the most to favorable sharp Rubber mix. That and well adjusted across Specialty demand driven million on applications rose remarks. geographies primarily EBITDA you as and $XX.X year-over-year, Rubber As as my opening Specialty and

and detail our will we'll the today's Lorin? our be questions. greater second remainder quarter in happy After of results Lorin prepared For I take half and second outlook. your to call, cover remarks,

Lorin Crenshaw

due products end markets year-over-year, pandemic and by XXX.X% a all fixed and from strong by reflecting leverage. Adjusted more higher to year-over-year, reflecting nearly $XX.X labor costs, EBITDA higher revenue volume-driven doubled XX.X%, a over for operating year year-over-year the than rose maintenance, Contribution operating to ago higher strong XXX% up through million, the reflecting Thanks, our Corning. costs. Revenue up driven mainly margin incentive operating our doubled, partially impact offset leverage, normalized trough more feedstock strong costs, on plants. at demand favorable environment recovery across passing

working on which, proceeds, a year-to-date shared positive just on for greater cash quarterly the adjusted Finally, Slide Evonik of the as details result we capital. surge reported our financial useful will generation, net that EBITDA. On several you adjusted support been I details despite X, provide comments quarter higher of results. Slide of $XX.X has in the in XX bridges are find income million a

and cash our dynamics oil the of year-over-year reminder, oil capital, the per prices settlement payment, working with our million a barrel the full prices half expect costs. Of when to by EPA the increases every of roughly working our by of adjusted is half year-to-date and for in As upcoming capital by basis, higher CapEx ahead second increase $XX our the end where year the with robust debt demand roughly good strong turnarounds. On of prices driven finished $XX rise, with summarizes results by roughly average oil building are if as leverage change feedstock EBITDA today, in midpoint capital. Slide profile liquidity oil quarter driven largely higher line offset of higher and be operating working net and is levels, and inventory are XX we quarter. experiencing in flat we associated receivables the the at numerous a they current would guidance, during and

earlier, at Xx range Evonik we our comfortably and proceeds, XX-month now EBITDA As net trailing X.Xx. state the Corning are normalizing, the leverage with steady to receipt of within mentioned our targeted

rapidly addition, adjusted fund liquidity adjusted capacity. at our EBITDA initiatives strong $XXX well as the In advancing investments growth that while safely us our million. Overall, our possible, and free EPA any available cash flow level positions and risen bolster EBITDA financial as and execute to has also to standing

we the timeframe, roughly to expect ramping expansion projected XXXX With to expansion in while investments at investments XXXX ramp X EPA state million down, steady year in to $XX up adjusted the to levels. and next the Ravenna EBITDA these million $XX contribute Huaibei ramp

Specialty year-over-year, adjusted to XX.X% Moving showing mix, volumes end across leverage to rise increased driving XX. strength strong and XXX.X% with favorable by markets geographies, EBITDA and operating year-over-year. Slide all

chart, breaks the improved adjusted is levels, slide levels drivers of year-over-year pleased to ton As shown profitability which most EBITDA per mix. Specialty detail, operating greater favorable higher volume and rates of XX-month strong we near XXXX, approaching gross in that are profit experienced profitability in see trailing last reflecting record the the business major and the in out was next for mix. The significant Specialty

with increases regions these rising allowed strong. Asia us as prices the greatest opposed our increased market-wise, and to European hold significantly have have Geography-wise, margins. In costs coatings strength. showed We the polymers relative to even but expanding simply were particularly and year-to-date, Pacific

regions, rose tire improvement volumes MRG million, and I relative volumes were drivers detail, basis. from most which all breaks significantly, greater Turning a XX. significant into to for in adjusted higher XX volume. With call the adjusted translated XX.X% stronger turn strength to the Corning. essentially back year-over-year Rubber EBITDA tire both to year-over-year, Higher of period. Slide was MRG higher with $XX.X on the year will out substantial the major EBITDA, of a Rubber ago across with over Slide the that, which up up than business breakeven but during

Corning Painter

Lorin. you, Thank

to of Turning our the for balance outlook year. the

adjusted full the $XXX our to guidance million from to $XXX million EBITDA raising million. are $XXX million prior range $XXX our We to of of year guidance XXXX

Louisiana our that signals While though lower results, Black Specialty not air to Rubber continue several at the will there seasonality. outages end and and a our half of second we're strong, level planned typical due robust Rubber to of are emissions Ivanhoe, upgrades economy, plants, our there, half financial many the the where match bullish including to site, due volumes, global we year completing expect first Carbon for

our I'd Finally, guidance. provide an update to CapEx on like

remaining We $XXX higher reflects X increase air at million costs range market of to the midpoint Ivanhoe, a CapEx debottlenecking to ongoing finish number XXXX some projects expect and the we million, guidance. projects, in in as million up at of the This the accelerating light emissions prior $XX spending demand. from $XXX be the accelerating our for approach of

loading obtained have Regarding had our overall installations, robust front-end for estimate, Belpre we and EPA sites cost are the recently date. Borger stage spending EPA-related the FELX is our X estimate estimates, or sites. last this we to most These and X

the into for construction enough the and up make commissioned, FELX. defining and fully will final the FELX constructed, As it front-end loading started FELX level a how a cost the phase, is designed more including will to and to up a team not critical reminder, influence predefined fall operation, X has engineering but FELX and operated. develop project. At stages, design decisions schedule sufficient of detail, that to developed be the estimate, of project, FELX, a activities yet

of As the to $XXX million $XX the the at cost of to and $XXX million. our that in our guidance million earlier or of I Ivanhoe higher estimates, is roughly cost a the range $XXX from up estimate Belpre current million, XX% incorporating EPA referenced FELX prior the of result for the and midpoint of Borger $XXX million work

significantly getting FELX, engineering turnkey recently lump EPC we entered contracts those into of firms the sum to remaining for both derisking with Beyond sites, projects.

by prices both our to associated return I Finally, and driving and with higher to higher messages capital operating the on as is closing, to sustainability-related would these a achieve costs key them for continues adequate base projects, do very recover the business to we an reiterate seek reminder, surcharges. In like well. invested that

sheet. grow are track cash forward, forward Orion look of efforts We're our growth balance We free initiatives, to coming sustainability questions. substantial new and EPA support XXXX. We generate our have differentiated years. With open the products, our key the and in launching derisked responsibly profitably continue in on going investing ongoing to line we as the for flow please operator, and investors to in that, deleveraged

Operator

the from line first Jefferies. with comes Alexander [Operator of question Instructions] Laurence Our

Daniel Rizzo

Laurence. It's Dan Rizzo for

the use and or to Black? settlement Evonik at alternatives look this influx cash organic Or looking shape, of the of just I to be there more with cash is are of sheet first So of at? balance better kind going and growth Specialty mean, in the expansions the you're other for brownfield

Corning Painter

to we we Directors, talk our we when this, to in internal form considerations, would mean, as dividends I'd voices as cash most could the options to but amongst some There's areas number all as to the can we the so doing in one done those discussions, we're which shareholders investors, something at be be and us. Board Greenfield, I of sensitivity of we of Huaibei Well, Those growth. Specific look the a of now hear for have be open talk Specialty returning of think I also of interesting one or in in buybacks, around the what growth, and like at this. commercial exciting are are Ravenna. especially opportunities us in we've say or obviously right the sustainability.

looking So mentioned strike earlier. until this between announcement interests a and have capital is have I really one. But I -- we're the allocation, to classical really see just balance that appropriate we don't and that we we those an stress would

Daniel Rizzo

then a of there you've is the that you sustainability commercialization? to with be looks in have wondering, if kind TAM for one should and -- is first particular And it the was what I products? pretty projects. these promising And like quantified of kind just few

Corning Painter

the in Black. Circular we're with Well, so commercialization effectively Carbon

years. Nature contributor The expect had meaningful really earlier, be out is that we've of So PRINTEX don't a a for sampling. XXXX. I number said and ECORAX the as But I actually to until

It's materials be maintain say, and, our sure, they're to for we're is to true, a there for it. Carbon to a is let's And more return example, also sure, For other strong are. on sustainable and demand profit I the for areas range the ton no gross But really Blacks, these going more for than capital that, until about that cost question outlook like XXXX. expect in. per what wouldn't contributing

Operator

Our line Spector next the with question is from Josh of UBS. come

Joshua Spector

volume things little to in but you the some in relative our stronger, constraints the of came margins estimates, flattish sequential progression, some surprised sequentially quarter. of with in U.S. had with bit So where kind particularly a Rubber, prior

helpful back volume it any the give could continuing growth, color region on So be or I'm constraints by as curious some what if you And held context well. be sequential supply demand? would

Corning Painter

So Rubber we of in general, demand I'd running strong are have say hard. most and our Carbon Black plants

in are we're in inventory situations. We a where building situation certain

a in volume people that but we partnership now, that. participation we as that's say, example, more We're For that's the really turnaround Ivanhoe could commitment, our where to taking constraint many care in are so we've market, focused and a on our going made take contract us. I'd right -- let's spot well. constraint upgrade say the on right robust of relationship them, for there customers, are and because now to conceptually opportunities, who curtailing emissions that the with in the we places, the air are the have the

Operator

Research. next with Our Kevin come is from of question Hocevar line the Northcoast

Kevin Hocevar

I per think curious which Rubber was EBITDA it. the I'm to I least ton was the close at a side, quarterly on record believe or $X.XX,

I quarter-over-quarter, much do the pricing So weren't the is sequentially. I oil curious quite levels. guess, bit worked. did obviously, how up able volumes contracts that thing just at changed type record wouldn't how of a to prices imagine because, move you're one kind But

it there. But a I Rubber kind per what of in sequential big the side? improvement of on take there profit that variable your kind was in don't So the ton if curious in drove know stuff that might of maintenance think factors Obviously, some here is? there backwards. how might And you and of maybe sounds go kind temporary. be that almost like But some sounds sustainable that

curious I'm that drove what how So that on I take sustainable is? higher what think, your and

Corning Painter

you Kevin, Well, business this know well.

little bit half. mix I well. the favorable So I'd example, up, second up, onetime price a for that bit yes, say when would goes in as But expect little also moderate effects, oil to that going oil was the certainly factor. a a some for us prices

Lorin Crenshaw

And the at Kevin, add you inventory, to built ton, $XXX I you When that the quarter. could for during was year. the look $XXX that range beneficial an per see us average we that and GP in would

And second It was moderate so the this half. in mark quarter. will probably per a on $XXX strong to GP average, ton. we'll And $XXX in that point be for

Kevin Hocevar

terms facilities I at the a the expect think think that that how million the that is new ramping of ramp one And EBITDA to you if I curious it when contributions hear then somebody that's And after do I the in once add and terms hear did of you're of from one might that should be China couple X how I over those in to ramp Ravenna are that million next steady next to those correct? facilities? the ramping. did in year -- $XX years mentioned $XX then But state. -- year million the terms of $XX And million you $XX new right? I'm does to had

Lorin Crenshaw

Right.

So order right. would first magnitude say. your the of well, overall all, timing in -- the say, is the I let's right as And is

environment terms the the to like If we draw relative your of would today, would what of attention X I it have size we're In obviously, ramp, just projects. in how an loading expect for projects. smaller mind, favorable keep be and how that I terms X to the Ravenna in But of could that. is we going in the fully of XXXX, is do

Kevin Hocevar

large number. one X, maybe was On to margin, one. $XX.X Slide contribution benefits other of obviously fairly -- and just think other that you million showed I which a then

what curious that So is exactly.

Lorin Crenshaw

referencing noted of those are as the build. inventory most co-gen, in the the Rubber movement same side, the were price bucket. Yes, that earlier combination well that we things you The oil on that's as of

Operator

Our the come next Spector Josh line UBS. questions with of from

Joshua Spector

constrained a I know over cost your was probably perhaps would from Specialty expect raws curious as the the say caught parts half? demand, you visibility OEM think I second side. from some I rising just on perspective next mix with if auto Where side curious you to I'm the are see you what the pricing being pretty there's and some on But quarters? perspective. of against moving you much into price you're couple -- a up

Lorin Crenshaw

Yes.

we significantly. moved Specialty very, worked and very pricing, we So prices hard those on

was that cost keep to say would largely say I think thing that in what expansion this on of we what However, lot catching margin our is time. I'd us. demand is, terms have place in mind a We we've for got was are the the second versus constrained with inflation now, really and up we these in outages in right of half. volumes a just at

are So But really all tremendous. the the that for in that's for demand second the challenge half. in I'd a business all, us and say underlying prospects

Joshua Spector

question And just from follow-up Rubber a about the profitability. prior Black the

I understand temporary of perhaps sequential in growth year-over-year those gross settlements we we remove that we should Or that if mentioned prepared bridge from have margin off when grow this that quarter a slides can bridge that try of? to this think, there contract inventory, I later and level look you in with But your pricing to move. where I Rubber, volume remarks anything the specifically? So we on next expect being you per year, year should this -- to your you expect top I look potential the from ton guess, year, of for for at some and is

Corning Painter

let's expect off to clear, positively grow absolutely, we that So number. be

XXXX are strong. pricing. conditions the The think for excellent economy I is

COVID going Even see to a tire I still an today. importing of North We we for chip terms will see materials, upside America. is that's be nightmare to think progress in our continue onshoring for to Shipping manufacturing shortage of the materials, in today -- it. going make it's example, against XXXX.

that to market I lot going be of in tremendous. to a raw is We be just So pricing to as there's mind think the going keep cost well. drivers need

associated as to we getting is for pricing have well to move, right of to it all we off are going we're a capital going I where return but got higher because now. simply on our build mean, air as with costs them. controls all XXX% operating just emissions move But has expect So to

Lorin Crenshaw

that's price on basis. And an oil neutral

Operator

with questions CJS come of Our Tanwanteng line Securities. from next the Jon

Brendan Popson

This Popson is Brendan for Jon. on

closer the pricing longer for to to on real term heading capital Just supply/demand next a then ask base return are wanted quick is RCB? -- on year? And you into model dynamic any changing

Lorin Crenshaw

We continue to be customers. in with discussions

the to specifically actually have we couple longer speaking underway you're discussions, a term now. right with If those

underlying let's is in until I for we the before, very think it said but on industrial Overall, I in, the that very more done. we localization. though, because, as I just industry have of have think And higher don't that, logic structural positive direction. it movement there's strong much this remains returns capital say,

Europe, about and North there where to going has to the support pricing Black there lot Carbon think point incremental of So about isn't and America, investment just local think it's get investment. a in to got

for And this ground, a so that's positive fact I that's a think on fundamental industry. just the

The where it that's was say felt think see a on and about much. right? second really buy case, is you thing they And But price gets to time really suppliers. this very once worry get people not now. so industry people now, think not I'd who for reliability their think those well. goes positive really the that's evolution when are tight, I could I And who I made is product. as the it a Those commitments difficult have to right market, there Spot

Operator

Our come next Mike of line the question is Barclays. with from Leithead

Michael Leithead

better demand you One, back just the hoping worse, broad-based you're demand I expectations lithium-ion side. cited And your pandemic. you or peel what the from little First, months ago? front. maybe X on But know second, seeing the the bit. a end trends, versus just onion could recovery on markets EVs I was

that how just could for there? the growth us remind term and long potential Orion If market approaching is you

Corning Painter

there. frame. time We niches excellent. Yes, across Okay. broad-based and in saw Specific improvement unique markets and changes here all that nearly

space when slowing inventory started automotive in build the think ready be rebound. we're MRG the eager I down, OEM I'd some So to for people, to first say

and have let's rebuild But are across of many maxed some in those of strong say strong, for out, they're slowed sort that really I that. X all in down of product. think geographies people -- It's people terms eager we're areas, now for say, quite sense. on, I'd other

And play with materials. those that's conductive other into about electrodes it, now working certain we additive. could if we X batteries battery of is us I'd effect Acetylene that's that really Now million-$XX other let's see of be play our it. Today, business, about years, lithium-ion million double would out, technology a of too, say, of other conductors like now, who nanotubes. one doing and with itself. one-dimensional were to roughly specifically, those with things material way materials people for in batteries, lot small into right you say, go carbon that you with were and And if and synergistic $XX of X-dimensional obviously course, we're were got think is to the per in materials a a conductors, lithium-ion these There's to space, we at being going lithium-ion year. -- materials EBITDA the today. that space that A point, that batteries There's some are part the But going larger look that's other put to where like tied the we go Black. materials. much When developing and much very portion wrappings

Michael Leithead

would project maybe the the first further maybe the figure? movement? around Any still again? there out can Evonik risk why question, turnkey And reaching and does And just relatedly, flesh with for EPC essentially are Or lock on is contract, this cost on that settlement. new EPA helpful. there congrats a then higher color you estimates cost now -- moving second just be in my But

Corning Painter

Sure.

to majority the cost we other the the at I has just those majority particularly sites. the getting general been than We we've let's FELX the but we the site. effectively It's going say, And exposure So some them. when never addressed cost had getting would at the very we've on of the right, FELX. Belpre, risk. Ivanhoe some saw. final movement environment it's for That's see say think done out, EPC, have from there moving things that, of By did today cost movement I movement FELX derisked significantly the higher, further how we see is that's But that's one X it. to been

to accelerate, I'd the spend ability $XX going forward, then we're now on next about in So the million. controls same of doing million in this in the year. U.S., creating right roughly XXXX, forward. emission is year air only the about what the project, And part particularly expect But amount $XX to last moving

that's to tremendously have going going us. that better get to as flow mean behind XXXX, we're So we in work cash free

Operator

next Capital come Chris the Our Instructions] [Operator questions from of line Kapsch with Loop Markets.

Christopher Kapsch

well, demand learned, end I trends. leveraged is Black the automotive there -- to should upside guess, indirectly. to to you either Rubber market Corning, we've as you exposure And although, tires, your you mentioned OE gets indeed, be chip shortage considerable and have or that end resolved, as direct some implying replacement as have market

XX% what passenger globally. demand would mix? you next higher implications what would in is possibly auto builds wondering year to to looks market? just car from seen, it be I've your like that if I'm that And were product pointing see the IHS materialize, as for So end outsized that And

Corning Painter

around of that's a while though, and terms mix. a an us Blacks. would, market, we challenge our that general, of little be change question. the in one lines upside ago, kind that, would were are that now. the our us of be surface lot that why would doing for capability a The we premium in mean, a for We of in see is positive I that for shared movement. under That's in treated expansion Gas an significant allocation right Thanks

we things to potential working where automotive that that, can able when be say, some just the capacity, we in get more advantage what full So take are would But materials to are that. comes we of that. coatings, that let's be limitation upon and like like of, wave the out go to that, into of depending

Lorin Crenshaw

modeling low for would a think in Chris, Rubber Specialty you And would rule next thumb XXs incremental mid-XXs. margins in as XXXX, you think a I start of that thinking you to as and And I the about for be year. point as use about to proxy the good

Christopher Kapsch

capital I if follow-up you had on comments the allocation. could just And on

had will were the But be the restored starting mean, around a given. It's You've we're especially dividend -- bit much sustainable balance is by and a curtailed reestablishing be of even not dividend. more there. And about just deliberate CapEx settlement pretty when, given it's some considering if -- the the a level. we -- sheet, investors I so a matter a the modest healthier possibility pretty just or if given the bolstered to of more messaging and at not in little just gun jumping should of that XXXX. reestablishment thinking Evonik

Corning Painter

that good returning Well, means and to strongly a you're for cash so company in to really way structured a a it dividend. it's -- have feel that discipline a I personally can shareholders mean structured

a as supplement can that well, potentially you buyback program. think in I

full strongly So there. that decision. we'll I feel get Board ultimately a That's

what sustainability. And strong core Specialty strong several There's growth. just think balance I already striking as us, demand. there's attractive there's right For of And I And Specialty right to in satisfy able in markets But the There's of some we're opportunities in, it's all to as all very the that. opportunities be do terms connectivity expect be opportunity and the to those matter and There's buybacks. that and to of of well and our here, exciting timing of needs. right? the a is. the dividend there's then going

Christopher Kapsch

one. final And one then just

and that? higher your you presentation. up, shows benefit up year-over-year the XX If XX on curious are where basis, co-gen, you does sort just assuming on bridges seeing I'm the some overhead by oil segment Or at Pages that look price in mix you from the benefits from mean, a of I on the or I'm have show absorption?

Corning Painter

of We business. volume And be that would the Rubber on are. the in side

it would it's volumes see On that But that margin the chart in you shows chart. margin, there. you yes, contribution would contribution see in that on

Operator

over to Mr. turn I for comments. to would Corning There are the at any back Painter this closing further no time. like call questions

Corning Painter

in today. time Thank sustainable a Carbons we're you. joining future you of interest create hard Orion profitable appreciate us. for your all for for and We all working and and us to Engineered Thank attention your

Operator

you your conclude teleconference. participation. today's Thank for This does

Have this time. great day. your You lines may disconnect at a

Orion Engineered Carbons (OEC) 6 Aug 212021 Q2 Earnings call transcript