GCP - Earnings call transcript Q1 2021 | GCP Applied Technologies Inc

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Operator

Good day, and welcome to the GCP Applied Technologies First Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode.[Operator Instructions] After today’s presentation there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Betsy Cowell. Please go ahead.

Betsy Cowell

operator. you, Thank thank and joining on us Hello, you call. today's everyone, for Simon the Merrill, and on us Bates, Chief call Officer. Craig With and are President Officer; Chief Financial Executive

results corresponding copies download the the presentation, gcpat.com for release Investor website. to of presentation go click earnings on our and this Our quarter's and are please tab. available To slides on

variety materially see Some in of of due laws. Actual securities under U.S. of federal implied not but our comments including, description forward-looking release. COVID-XX. or may factors, today information from differ limited will to impacts statements projected include in earnings used a a forward-looking statements the of those results our to, full Please

and certain which financial measures, discuss more are will detail non-GAAP our earnings on website. in We release described in our

financial refer to to EBITDA impact will as and adjusted EBIT and both call and currency on the in rates foreign to to comments All release. margin and EBIT remarks refer references References margin, margin statements to forward-looking to to to Our Q&A. references adjusted measures apply revenues gross stated adjusted the refer adjusted our EBIT, for EBITDA to press EBITDA, I the Simon. defined non-GAAP growth or discussion adjusts the which a adjusted currency. comparable associated are basis, now on constant turn this in of over margin prepared

Simon Bates

morning, thank today's and you Good everyone, Betsy. joining Thanks, for call.

continue discussions, work objectives previous I've our we GCP. to said our in As for on key

and stabilizing share great This to service. our market First and focus is revenues. customer delivering high is products quality improving and essential

position. complexity build help to our to have reduce Second, and cost improve our capability we organizational

our like made these organization. invest improving would for few discuss Third, have and the we to some objectives we business. and cash we months. the in drive the have on that delivering to progress across we over have And I last return Greg to fourth, changes some in the performance accountability improve on

believe have reorganized accountability geographies: allows our including focus East we Americas, Europe, in Middle announced we creates structure. the us the our We three and business March, corporate As this around more Pacific. simplify Asia to and and

this the for like Gary great improving change, East. started Gary has welcome leader and track revenues. Europe as who I performance of part our Middle record As a to growing Dee and would of [ph],

We build also announced and sale of the headquarters a improve facility to Atlanta of last us team following performance. to access corporate pool the year. provide the our Cambridge relocation that new believe the to diverse our We Atlanta talent us to area will with enable metro metro

our and build have will We to us are improve who our capability will Sherry I'd recruiting busy our as and instrumental in Monange start new Chief of like Therefore, week key of for Human in processes number She performance Resources. Atlanta next management. welcome helping and be already a also filled roles. organizational talent

and that drive Our group research area the retain remain will continuity. in Boston development talent and we U.S.-based can key Greater so

that we R&D am a Dr. very pleased but eliminate Head complexity week aimed work as Amy of our program Global general And our globally. duplication. at restructuring would reducing In to conjunction greater Product our further headquarters, administrative announced on and do announce to like will we with to therefore, R&D return next and relocating Development. costs, I our still the and in we to significant However, us also have Randall join see new investment

closest local the they the accountability designed markets structure mentioned, serve. who to decision-making customers and are the push to leaders is and regional As to our

these improve and for changes, our productivity, innovation our chain. have and He cash better customers, Through supply customer service, to hired for We expect Chris improve America. also flow. as Scocos platform North we of service enhance responsibility Operations manufacturing Head profitability has and

beginning Relations, GCP line In Investor to are forward would Craig. of we who to the like for President Kent with the do, and has supporting is to our more like to to I'd call plans to Cowell now and Investor path bottom year. growing momentum. GCP, Craig? over translated like positive changes to to clear We Betsy and Vice have our within summary, Will continue in the the as welcome line into thank both revenue, new we a repair today. our see the with would us also we move to it Relations some inorganically. organically rebuild providing turn organization, stabilize top and Although over I last role

Craig Merrill

Good thank Simon. you today. you, us joining for and morning, Thank everyone,

As my first each quarter in on preliminary will sales a results, a I GCP's on are currency of rates all reminder, comments segments. comments business discuss our and constant including associated basis. growth

than will financial Starting a were provide GCP's I commentary second quarter the year. first outlook quarter results. Lastly, general prior currency the year. higher preliminary on and with sales of million for X.X% $XXX.X constant

North flat quarter, roofing decline Price volumes quarter at the saw deflationary did lines continued March. timing Latin versus and essentially America Asia product negative of While revenues strong Quarterly first activity expected, both first we of improved driven and growth to due XXXX in a Commercial products activity. demand versus Europe was XXXX. quarter be coming the in for the of the soft in compared pandemic for a construction which were demand our up promotional to beginning off and in to XXXX. our volumes in sales revenue impacts quarter the as quarter by in America was construction the constrained, first improved we where of activity pick XXXX. residential Sales

adversely XXXX. offset XX points X.X% up higher to and income. affected Prebuys operations from SCC to points XXXX million in income lower and quarter GCP's approximately on prior programs. of shown The XX.X% $X.X quarter, activities prior from Adjusted quarter to lower compared the of receivable reduction operations XXXX, and the to million versus income, compared attributable product totaled was X% costs and operating the margin instituted operating or earnings first shareholders in productivity, million net sales margin strong XX attributable due also $XX.X mix. to activism from $X.X year favorable sales raw cash first employee-related administrative timing inventories EBITDA inventory in provided materials. geographic by same the Selling, to by $XX.X XXXX. XX.X%, and basis basis expected approximately QX to points administrative costs on for expenses $XX.X continuing higher partially primarily and continuing However, due million QX the first $XXX,XXX general operational offset seven margin Adjusted The improved presentation, and quarter tax GCP's resulting QX a costs. once expense, year, decreased general effect increased a versus March was the and basis SBM volumes. of performance raw we XX million margin with to XX%. shareholder increased by of in by higher due the accounts lower for gross totaled EBIT during material restructuring higher quarter partially quarter adjusted costs were on during GCP's operating EBIT, and support million GCP for page additional compared XXXX. was of offset to QX $XX.X Net gross during to the with March partially million $X restructuring period prices

cash generally our cash generation year. First expect performance quarter and we to is for this full quarter, impact not weakest do the our

in sales down Looking stronger pages and on volumes America partially North at were nine. the constant to SCC's two volumes eight sales by specific approximately the America segments currency and $XXX.X Pacific. of attributable to for in our performance Latin million, Europe, first Asia offset sales and quarter lower X.X%

had strong and exceeded quarter other due for as the as restrictions. were market to demand the our a holidays Year Chinese Asia expectations Pacific COVID-XX shortened our products New

up to expect Commercial the improve and activity the half across year-over-year America We for year. to we will XXXX, the as comparisons Europe. of opens move America continues improve be demand through our North construction North spotty second in as progressively SCC market

in to by will segment productivity. XXX margins operating mix, with unfavorably leverage. in and with be due of throughout XXXX during XXXX the year basis to globally. costs million, the points resulting the primarily to gross decrease margin first However, on gross the we of lower with SCC's offset compared XXX a gross comparison volume performance. improved prices material due activity margins product are SCC $X.X of headwinds X.X%, impacts raw impacted quarter, declined prior inflation due the March's margin lower by income pleased XX.X% unfavorable SCC was partially operating year-over-year points in to to year basis quarter segment

to of commercial quarter construction during currency products promotion increased higher increased while specialty in demands of the lower utilization, income SBM for at versus activities. the Turning efficiencies timing XXXX impacting pace. basis residential the raw SBM segment America with move versus XX.X%, basis envelope compared year activity. favorably $XX.X SBM's due the North do improvement the points material a higher The first now improved we expect as a improvement $XX.X the and XX% prior at volumes roofing totaled strong modest improvements fixed quarter, product X% improvement million to XXX million lines We through sales totaled XX.X% and first to margin margins. Building and SBM to year. first declined operations cost to gross of sales, volumes to these quarter margins the to XXXX. segment due mainly due construction point due sales XXX constant a operating absorption. operating gross quarter. was

and positive Now and improvement end looking Construction as remain ramp signs projects offerings up. vaccinations on distancing on to we larger resumes see social the quarter. requirements financing product activity residential commercial of remains activity favorable. these forward relaxed We our as second to are the markets,

the the of XXXX second the addition, favor XXXX, across comparisons In globe XXXX. due XXXX in between of to pandemic quarter and the second quarter revenue of the onset

we discussions, been be which estimate will of throughout prior pleased quarter for quarter our approximately part are quarter are views products the and bookings, the GCP our double our and adjusted in and constant expected Based nature, short-term up the by April for approximately to with in second XXXX. second demand in versus quarter. we currency second second revenues XXXX in information, EBIT XXXX best year-over-year XX% best the first have today's is in solid the As in upon

expect in lines and price project QX we mentioned degree we to contracts announced shifted and quarter have our over lesser SBM in the versus quarter QX, earnings and a a the prioritization the product move quarter rolls in increases as come start half pricing and inflation margins call, price prior In logistics as impact than quarter more up on XXXX. we As the year through three compress stabilize as and during inflation materials on committed gross the Price The to the of will in of but and slightly to have second four will all margins unfavorable in absorption latter impact. impact two productivity. will half segment through and March have then versus SCC catches response, the the second to QX Gross with segment. of impacts year.

half announced versus $XX higher in costs trends the year EBITDA second the same the the year, Cambridge million March year of by XXXX. price approximately overcome flat support slightly expect on with expenses approximately the expenses with We XXXX volume be current XXXX and impacts to inflation by price reduction impacts should with and incentive end be a overcoming are compressed will margins, leverage the fourth due with EBIT prior Full the quarter. operating XXXX restructuring and XXXX. rent for operating of with expected XXXX in to gross quarter end compensation year period for facility. Operating the in to the of margin expected margins the first inflation the even of of prior Adjusted the to equal program expenses timing as mostly million to the $XX

than track on operating X% have generation inflation higher and to on raw remain In lower XXXX Capital on on cash much the spending similar our XXXX be forecast will management a global original logistics. XXXX of for track continue actions and impacts significant to to emphasis number the expect XXXX XXXX. in of newly cash to planned results performance levels and overcome We XXXX. objectives to materials on we year implemented of and metrics with approximately sales, consistent closing, and expenditures are financial place

productivity. six and have opportunities manufacturing freight to in Over the the months, within to an past management pipeline efficiencies core drive business we significant optimization, sales overall related business identified improvement process,

and over value, year to our providing will strengthen inorganically is that, Our continue to and flexibility sheet and long strong back objectives, value. throughout it on on With create Simon. opportunity growth term to both organically balance deliver shareholder focused to will the now and significant and turn I short

Simon Bates

for Craig, the Thanks, and thank you today. all time

see on our focus, for our be of positive rest inflation we we for be Although we made continue investor transparent objectives we and our primary Implementing our shareholders. employees, significant and the you, are change on cost plans to will have with our XXXX. progress the pleased the our intend some year, with community to progress and

Our goal joining competitive look more our we make and forward and Thank GCP taking for to to any is a stronger call, you company. questions.

Betsy Cowell

now session. can begin the question-and-answer you Operator,

Operator

Securities. first go from [Operator ahead. you Please question Instructions] Today's Thank Seaport with Harrison Global comes Mike

Mike Harrison

Good Hi, Morning.

Simon Bates

morning, Good Mike.

Mike Harrison

walk this once, those be the sure through of It seems to to you since I'm relocation be you're is multiple maybe through plan this a can -- at obviously, your on restructuring? number program GCP a for we restructuring of a company. your the one the for like making Simon, last aware point all pretty the to been long at being GCP needed has of headquarters the you area. will major that about Can public at changes maybe talk becoming us of approach you're that. just time. this whether And Atlanta programs start restructuring.

Simon Bates

the the itself. please. directed Look, has Mike, they answer impacted at would for speaks look in all future to line questions reference, I'm have we And bottom want. at Mike. when prior think done, to way the restructurings happy company the difficult data be we not Craig, for I that, No,

the been is on principal a idea really accountability to organization. regions. structure, organization corporate the the the our which restructuring with the a provides or geographies G&A That reorganization really from to de-complicate So de-complicate significant really built push our And around to burden decision-making three has the us operate we is into as and in. opportunity un-complicate and basis, the

trying we're so locally, do to capability. or decision-making two quicker moving accountability us us Atlanta probably trying that and Push simplify and and corporate enables also to our build to organizational to And enables are of we things. do decision-making some And refresh speed structure. to and more

As process to, to answer major from would it last Does Mike? an as at and your a I can't the gradual process it's is I this that on say of point, here that programs. iterative suspect in question opposed restructuring? but more restructuring

Mike Harrison

of very better you at that's you you. that, pace Maybe helpful. in just where like COVID What Yes, up. recovery Asia, it there? by by we the been as terms restrictions but the activity access, last countries you in that of Thank I than that I seems referenced think you slowed has that some on picking in year, look know came anticipated. is are operate seeing of and

Simon Bates

a there's couple think I of things.

in As know, APAC our significant is market most you may China region. the

Wuhan. Secondly, of facilities major is one to close our production

business was our from last pandemic. year the the COVID And of most that part so, it been impacted have would quickly

faster is China -- particularly APAC, countries COVID are recovery revenues and and with that coming I strong so in seeing think from what post other region. a And we in

Mike Harrison

we about residential I promotion the then maybe the And believe drove should you Can XX% of through and some how that XX the of North the mentioned year? as said we of product think walk you go business, the improvement -- strength QX improvement? timing, America. in lines some believe I residential you that the rest just that And sustainability into

Simon Bates

Yes.

a we in commercial lines: you're envelope terms roofing in business of our waterproofing our aware, have slowdown cycle, We So our underlayment saw QX. new fireproofing business waterproofing, business. life three project construction impacted. majority in is or as building America. most the And SBM the North is And product in of Mike, and quickly

in And our so building we reduction did envelope revenues for see a business.

the much tends Our fireproofing later But slightly project on to business some different goes that in resilient differences the different of in on actually, cycle. be fireproofing operated geographies, the type remained projects.

and robust. revenues construction those Mike, improvement you're in primarily. the roofing our remodel was underlayment aware, remain which residential really new we is repair And saw So and business, residential where as

of comfortable a of QX time business on residential was our the the spent year strong and the from some moved last QX we which buy, into is production margin. for the customers. standpoint the Yes, market. of So out customers more there more And winter which year, for for timing in improvement attention QX, SBM accounts in this partly

So the to our a also would expect project for but is continued we at business, pipeline envelope underlayment would some robust. in the have roofing well. we North year fireproofing for And America the pipeline this SBM, work remain expect for the moment, need and pipeline, we residential strong business We challenges to that just strong. building

Craig Merrill

And the bookings April -- bookings, that Michael, in for maybe I'll residential just strong our are also. add and

bookings strong our going So into strong. and April May is are

we the we with expect that. area see continue or quite with where We're that good residential do an happy we So that's the struggled. because underlayments to strength, and

roofing the of far underlayments, of kind that by sell the most type are of we those underlayments and redo kind As and some there. products that lines, is product of the those flashing it products residential flashing, of as core, the refit, window

So they're really strong.

Mike Harrison

was mentioned negative in on business, then mix with going on was be more a going lasting the And color longer a there. into mix? Can year? maybe And what give you something was Alright. that's little a SCC you one-off to if the that or that

Craig Merrill

business. under do volumes Latin year-over-year. they was lower but Asia a market There's less have to we So of up. gross margin. slightly perspective cost a bit our have from a fact, had European gross the the lower growth slightly of margin as it, in tend and North strongest America They it picked little Matter one-off American operating than Asia

pleasantly China as Kong, the Hong Asia where we on came in Singapore, mix how that's all were And came Simon mentioned. So surprised in. back,

And that a our of from and us forecast kind versus just so year. bit offset little prior

Mike Harrison

much. very right. All Thanks

Operator

Our Research Morbelli ahead. LLC. from Please go next question with G. Rosemarie today comes

Rosemarie Morbelli

Thank you. Good Morning everyone.

Craig Merrill

Hey Rosemarie.

Rosemarie Morbelli

Or or projects commercial that mentioned glut buildings commercial that I You of large the doing Is are term, again? new is you because mean, were are on. is office kind you actually on seeing -- so restarting, side, me surprising, of on is side. you the construction this there a and better restarting? of which considering up that picking use seeing proper it trends let the

pickup, can where see if the it? a So talk seeing are you actually you you areas about

Craig Merrill

Yes.

go, want do So yes, Simon? you to

Simon Bates

sure. Sure,

last Rosemarie in Northeast and and impacted SBM for most combination was us, West We of year cancellations business For And America. in the projects. postponements some of the that North Coast. were a the of some projects

of robust of saw their strong the remain in for terms Some Southeast country areas and Texas, in We example. pretty growth the still demand. a in

of Coast. projects seeing for York, restarting. we terms are to up number than Northeast our And West a And In the back picking New of a in combination pipeline, seeing seems be we faster the are us restarting starting, projects and with our new projects something we some remains teams. closely, It's of to monthly optimism. that very example, seen. we and review be and very And carefully which it manage with provides

Rosemarie Morbelli

more All anticipating? mostly the price seeing shortfall whether increases you. raw from percentage of and the Or about it it then transportation right. And type you are material? you a is are raw talk material Thank what side? on on issues you delivery the Could is of increase side

Craig Merrill

how you? Rosemarie, Yes, are

Rosemarie Morbelli

you? How thanks. am good, are I

Craig Merrill

line. X% XX% say, XX%, depending to looking to we're SBM on be tends is raw unfortunately. in generally, So raw up I product in SCC more to on the the would X% increases around the X% around materials. at materials,

end, on for some They the to hit like going on XX% are as for get margin to QX price supply to the back globally, generally, prices almost QX, chain through side end. and every low some And we're products year. been or next hoping QX got from SBM although QX go and compression into of both fibers we polypropylene the and have increased out have has have and SCC product anywhere on inflation, price less XX% line. up issues. the on gone price we by in we oil, X% So that right

right year XX% half, material say whether prices sense, would about other different is So the that we But a the would And dynamic in more of supply coming with or the a make that's some say, lot shortage or just unique half XX% type say raw a products. because of materials. those of then the I price oil in of the of of lot materials be price would general now seems thing. of chain a COVID-XX have are it or increases. I raw to to of industry related, raw at the and and streams higher last up I

for about expert I you probably inflation. X% on have a -- give I'm would say idea. us, X% probably but that, an half. half an So I to but not it's We expected forecasted and would

between I expect would maybe top XX%. And unfortunately, end. it the somewhere So X% and at X% it's

So up prices say our increase. gone what are has the raw material in everybody line will I are. for increases with price

are all I probably some in mean, life. it that are think up. home the to found everywhere, everybody be and to seems prices prices up you've accepting going going I extent, your

It's that is we that good will a time. So get price. we just the sign of question think a

Rosemarie Morbelli

start ended wondering lot but to positive looking at in are a is mean, you Alright. I of cash things. it of doing the M&A. to was -- also net Very for the you too middle helpful. with you early a I if also, position, quarter

it to something is is we that -- So end -- would toward at when see of dust M&A? Or on have your all XXXX settles when in time of projects? the you more the look do

Simon Bates

with the we January, Board we some and for the when highlighted the of in Rosemarie. So opportunities business, met

portfolio because that really, margins of in because significant SBM prioritizing we the America. for outlook the business of product One the construction also we're residential strengthen in earn of really North the is to opportunities our business. that And and

we're looking XXXX. if one those considering, on great the we at actually, active in and we two would landscape, could achievement very active business a close I it have of and been So for the targets be we think have

Rosemarie Morbelli

talking I a you can we more potential on? these bolt the -- or type substantial Are of on size opportunities? of really touch mean, acquisitions of And

Simon Bates

far We're looking that's Rosemarie, as -- in and prepared go as I'm to we've looked about this at conversation. a range,

Rosemarie Morbelli

you about range? the talk Can

Simon Bates

rather I'd not.

Rosemarie Morbelli

Okay, reopening on you in particularly thanks America, the have update, an could lastly seen give the if some up are U.S.? North VERIFI, pick And fair us as enough. economies you

Simon Bates

outlook Yes. fulfilling which the for significant standpoint world a as That's And delay signed XXXX, the interest VERIFI from and parts fulfilled we the very various of partly revenue is strong. because the now of in pandemic, product. the contracts are being in the that the partially in come out of because

And productivity healthy some in plays And extremely so, to we revenues in both things COX see where driving a but the well the would driving improvement demonstrable this it fuel, expect and very also footprint. user, is growth VERIFI think end like sustainability for for timing I in and year.

So for to expect remain demand we VERIFI would the robust.

Rosemarie Morbelli

Thank you very much

Operator

next And Please today our ahead. Laurence question with Jefferies. go comes Alexander from

Dan Rizzo

are for Dan on is you? This How Lawrence. Morning. Rizzo Good

Simon Bates

How very you? are well. Hey,

Dan Rizzo

Good.

labor Atlanta just hiring robust given has others because we're terms a was in labor hearing seeing You wondering from and in availability what I mentioned overall, just it costs. pipeline. of and

provide things you what forward? making of difficult just If expect you color and going could more

Simon Bates

Yes.

seen and the salaried particularly think, also manufacturing significant folks within some North in particularly our and America, for recruitments in challenges I operation. operations in hourly we've for folks

been I tell that would last been war the pleased senior candidates we I talent than have takes you, the a want, more regards but we've quality of And think able longer to is months. high. management, us little with therefore, probably few we we As the over hire very bit on

Dan Rizzo

you buildings, you coming that -- wind was years, business? Okay. waterproofing everything your that the And a could for That’s for I for, the can terms particularly guess, wondering efficiency energy SBM mentioned just what little helpful. with, in bit in to Or about just really? of I mean sustainability. then I what the guys in guess, push business

Simon Bates

Yes. I we there's of about products proofing that. drive the proofing about COX, the a much, through And think efficiency But just structures think have improvements elements, business, our our could SBM When reduction the also we and to do of talked I system proven think where and think a in cement the and against I sell. SCC that for for highlighting business, goes mind image as positioning be we better story selling VERIFI. but we tell much around stronger have also, the us my to sustainability. I example, we our and about additives, for a that in job driving would GCP, energy And

So I of do that it, of but think able be SBM we a infill can our some job product think promoting I have do to we better. terms to range to push in also better

Dan Rizzo

Alright. Thank you very much.

Operator

And our Crespi. today question go Shaw next comes Chris Please ahead. from with Monness

Chris Shaw

Hi are everyone, How doing? you Morning Good

Simon Bates

Okay, good morning. Well thanks.

Chris Shaw

of I of I answer you one about guess, construction. wanted questions to had of to follow-up, the given Rosemarie's on some the pockets strength commercial in

getting area other in I that where be -- I'm are that like there's -- pretty projects. lot infrastructure the talked large figure guess, commercial what's going mentioned they and hospitals seeing outside coming Were new or office mean that. general, would trying saying I be think, construction what mean, coming out a pick those I up I guess. just forward, seeing might from? -- with what know, might pre-funded your North of there what can't just spill the the in back where were board, might specifically, but projects they think about a sense actually figuring you having of would spending projects looking some projects new in some I time institutions some specifically should be were I that right the be I were don't coming there months commercial And be. to new? I'm think weak. in sense Northeast, at forward, on XX you looking a you're eventually Because construction, were be I universities, areas I XX, I Northeast. to that large, some now. America, government Obviously, to are -- out And undergoing first Rosemarie trying obviously, in I hard mean unless

Simon Bates

some to elements Yes. segments that as growing. back Look, moving more maybe there projects new office an be combination. organization about near -- for example, data is into the traditional But through. sector. have of our targets sector, had think to we focus think future. online. seeing such we would a were coming work everybody federal postponed, there's our in And that coming and infrastructure the I some what space those healthcare as robust I And are may centers, And of are seeing the away a skepticism are pipeline we've also that from be segments that shift But

Chris Shaw

should tell you through happening really of forward -- should we last versus excited not then what looking being tell, SCC at came a it's going an from it And sounds at America, that it's Sales the hard what easy Asia, be -- this progress that maybe like hard the coming that the was should numbers. but what and to you volume the and Asia to in some but down, the little guys of numbers What year. some I of we about just had told be quarter, the made you there is tell just margins just that's that some mix, want of comp story, to with deleveraging. -- that looking COVID Latin sounded do mean, bit there. strong were business? business, Obviously, it's

Craig Merrill

North answer wanted. that, than we January, We little Chris. did a America what I'll Well, in February weaker have

for QX And Asia reason mentioned in March. not call. up, a last the the call just that we the America we the volume I back February So and but call actually in mix, the less got of hence, we bit of why had And because the then Texas. little on coming demand think Latin

our little So answer that's our doesn't gain expected, why sales working the the question on of we than we've and starting globally, a least quite some on but share. to mix bit team management work was a at getting to different actually work pipeline back done question. bit of share is, with or that your Long-term

and countries a we've couple then As for soft the hundred lot years, were getting getting we on the you that We of now, by of basis around have up couple work of work margin a know, done And we over past with exiting which SCC. in did points. share. to -- area

one some against recently competitors. had in We we of Canada. in have had some recently on Asia So April wins our We one that. small in had

So get forward. a I we'd like the of think more stabilization little to revenue going

have lanes, volumes. the So And that's the then we to productivity can freight, area a in on moving on more consistency quite that there bit of inflation forward business a formulation freight is little through. coming that relative in

stabilization I there. We've so a we've the in management change. regional And on going made too And help some little Salesforce the in changes a of I revenues. pipeline structure we've sales and got side. bit structure the some those think changed as of got tool, -- to think the some Simon's is

Simon Bates

at us the America, think concrete is I've Latin that pleased technical organization I comes growth Look, stabilizing this quite that or and it highly Yes. I geography. challenges, product I additives Latin to a we in has share. by where we'll see share super progress different America, elements by sets say, I competitive year. from a the it's of in I think additives, we share knowledge cement has well both a competitive and different standpoint. from a are its historically, done it the see each different in this am year. kind the offering When And product geography And been be team And standpoint the from of globally. impressed broadly, there, have portfolio. America making Latin would growing

North the has done last in year America, share. well in stabilizing the the team over or concrete think two on additives, I

North as we get crucial our competitive we more and what's build on get portfolio, product foot and front and the think America in take. back out share I enable

front Europe foot, I is think get We'd on particular, in in on Europe the the -- most board we of historically, get additive concrete joining. the we've Gary challenged new that concrete been competitive. side back side like team bringing terms more see and on in on additives a where and the in Dee to

products We good very have broadly.

get technical support I And that customer and and share technical think go of in down more us to fantastic We it's front knowledge. back. some competitive have the of be to

Chris Shaw

does thought Both the -- in slight way I be a mean, quick a then in it Is know pricing. decline And one. it have take segments after had too I just it seen going of pricing. price first quarter. you're bit to any just just long? Is quarter? slow little just too works sort increases the in the we'd a in business that, the first I

Simon Bates

our Yes. in out take effect price to went Most of April.

much in QX, see we didn't honestly. to So price expect

wanting take just and days QX. see QX we to sometimes, a went price did go thirty while, most And and on or in to a probably effect. out out. then cement. So it it QX. it's in timing. little see of more We'll when a we're early takes the in sixty takes We that That's just timing But

So we QX lot a of seen that either. haven't in

Chris Shaw

Thanks much. so it. Got

Operator

final question-and-answer ladies Betsy to back I'd And for concludes conference session. this the remarks. and gentlemen, to our turn Cowell like any over

Betsy Cowell

a Thank appreciate your everyone and who you, We today Have afternoon. great call joined Roco. us.

Operator

concludes conference. This attending today’s today’s Ma’am. presentation. you all Thank you We for thank

disconnect and wonderful day. have a You now may

GCP Applied (GCP) 9 May 212021 Q1 Earnings call transcript