PQG - Earnings call transcript Q2 2019

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Operator

Good morning, and welcome to the PQ Group Holdings Second Quarter 2019 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]. is event this note, being recorded. Please

now Nahla Azmy, would ahead. like Relations. to to over conference the Vice go turn Please I President Investor of

Nahla Azmy

you, for joining earnings Thank call. to quarter results second XXXX us Welcome Chad. our everyone

from will We and Chariag, Q&A follow Crews, Vice with Chief formal Financial Chief Mike President President and a Belgacem and will Officer; Officer. with start Executive today remarks Executive Then session. we

plans the the of the note statements subject we make are and some filings the about that to actual and the discussed Please today cause company's results company's risks plans with uncertainties that forward-looking are materially. risks implementation to the that SEC. These the company's in vary could results of and

their earnings can found section Reconciliations of non-GAAP and financial release of www.pqcorp.com. measures on with GAAP in our be corresponding mentioned the our materials call on posted presentation at Investors website measures today's

to call that, with the to turn now Belgacem. I'm And pleased

Belgacem Chariag

us you and Thank we good Nahla, our joining quarter the during with Slide have you, I'll in and made progress areas the morning, thank begin business. key of X second on for this the everyone, morning.

top First, on communications, continuing and order and on business the global employees drive performance. well and safety, the active are quartile are reaching safe in fully our we aligned to focused The and heightened awareness a interdependent executive team, frequent to create target recognitions, and interactions environment. through work leaders of and

on Second, activities. our commercial

executing products price services portfolio. and quarter entire outstanding This the for actions across reflects another value-added our from on result our team

online, in catalysts, quarter the in in new digits volumes the the gained to and by and business grew covering contracts X our come East. we favorable our polyolefin Refining U.S. existing predominantly continue as for XXXX terms, of Services, Middle sales for on in Further, extended plants to consecutive capacity XX% meaningful we and China, polyethylene fourth silica XXXX and double approximately

the in of Korean U.S. as recently our Europe a new also and towing won partnership. we Additionally, business result

we Third, that in On on process concluded specific level executing having product portfolio, the of these are now strategy, the could indicated of of the call, at that more plans. be include assets value outside plans optimization our of the sale we our portfolio non-core and line our previous our PQ. assessment on

I'm value pleased implies a XXXX sale Performance for recently product line nonstrategic adjusted of proposition within salt that This of of a transaction is share to business indication XX of many value our we completed multiple minimum for times an of our the EBITDA, sulfate the portion $XX Chemicals from our business million. which components.

other have the on within And overall. actions we you our We underway as update we execute businesses on progress and expect to them. the portfolio

second margin XXX quarter EBITDA points period results the of financial same year. last We with versus results. resulting improvements the on adjusted delivered Finally, in growth strong basis

Our and team's even execution of outstanding headwind. and backdrop on currency weather drove unfavorable foreign commercial slowing performance, financial against demand the growth, operational global the front the

will diversity not but strength continue conditions. our changing That macroeconomics to secular of positions. drivers portfolio from and the stability also benefits through customers' a does only Our sustainability provide and of demand

We million sales $XXX to are free cash reaffirming our flow excluding proceeds a from guidance the XXXX range of million, transaction. to adjusted $XXX recent

free the using XXXX. remain cash And of half repay we committed to in to debt second flow

and month total year. the of $XXX million least repay million $XXX repaid of already our loan at we will expect have a we term We facility this for

turn will for I financial that, his Mike to With call the review.

Michael Crews

and good morning. Belgacem, you, thank Well,

sale, generation, to term million from financial August. solid $XXX margins report to allowed performance in of an coupled proceeds strong repay for that us to the We operational second led asset are quarter and and higher flow loan adjusted and pleased EBITDA cash with the

$XXX of review increases basis. across a with results. price constant EBITDA helped X.X% increased period. Sales increased line with by X.X% were volumes. On driven million a of offset currency Adjusted the on So beginning X which a sales currency prior Slide or X.X%, constant with $XXX million our basis, in portfolio, of year the related to consolidated lower

Catalyst performance Adjusted of operational in margin Improved the in demand increased of XX% basis the of Refining both points. XXX impact Services offsetting Performance drove and most weaker Chemicals. upside, EBITDA approximately

from pricing, and discussion Shifting rolloff was a contract that $XXX of at that from to sales below mix XX.X%. X.X% on We a market to margin quarter. higher quarter benefited with Adjusted the strong million. $XX EBITDA rose levels. segment X, and Slide extended Services remains EBITDA Volumes were virgin lower, second X% legacy by was and million for by outages approximately unplanned business for asset first at into to Refining customer average up favorable higher the sales driven mainly adjusted the on

with review million Turn next million Venture polyolefin $XX strong half an the $XX accelerated that the for nearly driven down of rose approximately continued from second on catalyst Slide sales Zeolyst XX%. Catalyst. coupled demand for X a of of were order second of quarter Joint XXXX. Silica into by sales catalyst, XX%,

margin as to was by timing meet favorable delays inventory XX%. shipments absorption higher product was flooding due XX%, The expected, $XX.X and the third to of we mix attributable driven of hydrocracking order shipment to cost in was fixed up for Midwest. planned built quarter. for Adjusted million and and This as outperformance specialty the in of resulting EBITDA catalysts, a

XXXX levels. sell of higher prior inventory a the Some XXXX, of approximate reverse catalyst along and through year will second to for as sales, with we in in margins expect of we hydrocracking segment half proportion this benefit this

Now down constant $XXX a basis. were X% X. currency for million of on on X.X% Sales Performance or Slide Materials

offset products, with more lower mix, coupled a favorable was pricing Highway by higher Continued than volumes. for Safety

for uses. conditions product weaker Europe impacted in sales, who This automotive North the this as volume recognized of and a premium focused and poor selectively lower industrial decline we end on Safety to largely was attributable America weather ThermoDrop Highway our product value slowdown volumes that customers

a Adjusted utilization. mix to constant freight increases, with EBITDA X.X% points improved by costs of X.X% basis margins and price basis lower or of result the This XXX better and was $XX.X currency million XX.X%. favorable on increased capturing product

to Turning nearly basis but million, lower margin. in and currency of Performance down resulting constant were Mexico consumer X% a higher million in products, constant slowing globally. down $XXX for Europe flat Slide and X.X% cleaning prices were EBITDA demand or $XX.X for Chemicals. as on mitigated on currency basis, Sales X.X% a was a Adjusted X

$X.X lower due While adjusted demand, raw costs higher margin increases were an of largely material covered and to our cost, price impact EBITDA unfavorable million. currency weaker maintenance higher

and guidance. Europe, our With solid despite costs expectations specifically our volumes we deterioration for softness pockets objectives portfolio in Slide X our XXXX sales expect continued flow. With well of positioned the financial half the lower and key pricing. respect Moving stability year, to to adjusted and EBITDA our are some adjusted for and of half XXXX, of first performance outlook, we've further experienced for in headwinds lower first pass-through free sulfur to through from meet cash sulfur the

adjusting estimated these billion are, range $X.XX the $X.X therefore, our the to billion impact factors. from in year to to sales be reflect of $X.XX billion outlook full We of $X.XX to billion

XXXX mix and adjusted levels. maintaining with million EBITDA million, effective similar cost However, are margins adjusted based favorable management, to $XXX higher on our of the EBITDA $XXX range to pricing, guidance in we XXXX

$XXX to expect $XXX of half $XXX capital spending given to to be year. shifted $XXX million, the second the range we in amortization, now For to of from down million depreciation million some million, has and the

in of be adjusted result are range the a diluted to to per raising amortization, $X.XX and As of end the EPS depreciation share. $X.XX guidance our lower we the lower of

is not of $X.XX per As part a our diluted intangibles reminder, represents EPS. added acquisition-related This share XXXX. back for of amortization adjusted definition for expense as approximately

business outlook the segment Moving level. to at the

to we higher lower while sulfur in single-digit driven is single by slightly be average pricing. low pass-through expected down to Services, Refining low digits, range, expect by the sales adjusted increase EBITDA For reflecting

catalysts Zeolyst polyolefin, For from Joint Venture expect and demand catalyst. EBITDA growth hydrocracking MMA for and Catalysts, sales the segment adjusted double-digit range in and robust sales silica the expected we

growth but mix pricing Performance cost. improving digit to on slightly on Materials sales favorable volumes drop-through, down expected lower high-single and are adjusted be expect EBITDA year-over-year logistical

Chemicals, foreign costs. in low weaker digits Finally, higher higher sales the of benefits offsetting to down for anticipated single Performance EBITDA unfavorable that only demand to be material raw and expect adjusted are flat Europe, exchange prices and we due

For pass-through pricing we the levels quarter anticipate be lower of strong XXXX, catalyst line with third GAAP on Joint costs. the QX sales Venture on hydrocracking Zeolyst sales. largely expected sulfur in to higher are sales

to as up and orders Joint drive for from Adjusted the quarter Venture low Performance hydrocracking double timing the the in line EBITDA expected higher sales and in second quarter, of and are year the but given specialty lower costs digits Materials versus third catalyst prior Zeolyst demand prior results growth to is over expected improved be year. with

generate $XXX million, are the our objectives, excludes to to reiterate financial key line. salts range in to adjusted flow free we So product track from million of cash proceeds $XXX on the sale sulfate the which

expectation cash debt loan leverage term million. continue approximately dedicate by with is $XXX We repayment of will our year-end, ratio evidenced this to as by times. four recent net fall to debt EBITDA our to our that flow week reduction It to free our adjusted

our over back of Belgacem. turn With to quarter will that second I call the results, overview now

Belgacem Chariag

review businesses, in-depth Performance have Thank of earnings in you, discussion today and the calls more order done we to a Mike. Chemicals. would earnings each as like -- we call on our to past And provide of

Turning XX an Chemicals for portfolio. Slide to Performance the of overview

are drives developed years customer serve science, leading material innovation stable silicates, diversity We and uses silicate very diverse with Silicates results. of derivatives production end of and nearly this and a global XXX applications, and provider expertise.

factors. of manufacturers. a is to We globally competitively industrial leading product This one few believe and positioned, our by multinational enabled business position is most supplying the consumer

is infrastructure First, the unparalleled our of of terms geography. breadth and in global scale

least line, sodium larger competitor. nearest least silicate product at -- we than our times X the are the For

production and diversity while to advantage manage proximity given close geographic distances. shipping customers, routes water limits maintaining We high content have important our reliability that flexible to the is of material Further, the cost. which supply are our

stream serve of to silicates enables as care for This cases, allows and our long-standing in materials X/X production quality. through food, supply coating. other silicate with relationships our us third, silicas contracts cost. the customer and leaders such integrated raw reliability derivatives personal higher-margin, sales, end for solution niche many and pass-through in record XX And of innovative we've with to ability through sodium more partnership with, specialty from mid changes surface track industry nearly key uses and built years vertically our to secure than long-term Second, to customers us

and the now the middle products growing our consumer for to of include environmental turn world uses some and for more end we'll our safer growing a sustainable environmentally-friendly review tightening trends demand growth, and and and population products. driving demand Slide trends in and and preference regulations Let's growth steady here examples Favorable XX, of the products. class developing urbanization,

silica Silicates plastic them care and materials exfoliating and which able are inert other formaldehyde-based replace of microbeads to derived such, Examples in applications, and personal adhesives natural sand, and include coarse for many such phosphates substitutions chemicals. they makes detergent in products. from are construction as materials,

the more. solutions slide, and From our enablers, many uses including needs, customer solidifying performance as end examples for have of and flow products aids, products provide this agents

to long-term and and this our our undertaken growth would forward build capacity assessment, efficiency. margins mid, optimization part meaningful of move strategic we As some better targeting the improve actions we base strong that capital portfolio profile, are drive off accelerate

to It business financial provides on conclude cash generation. to globally including positioned strong margins portfolio Chemicals, a responds with PQ and inevitable its drivers. is stable sustainable performance diverse, and flow several To Performance foundation growth strong this

results In deliver has our key our that environment. businesses half We portfolio solid financial changing history us the first like through performance on thoughts: would had of proven XXXX I to macroeconomics following with you closing this of stable to differentiated objectives. call, delivering positions leave

our that half the Catalyst be the order anticipate second result year. will our first Given coupled with the half first in of half commitments stronger than we performance, business,

capital free communicate to businesses target. And portfolio to cash efficiency, continue towards to driving fully will generating be and progressing streamline and We our stronger. leverage plans we simpler and our on through our are strong value and our shareholder execute finally, to optimize flow committed

That and concludes now ready remarks, our for prepared we're questions.

Operator

Thank you.

with begin a Markets. The [Operator now question-and-answer ahead. go will will We McNulty first session. Instructions] Capital John from question Please BMO be

John McNulty

past rest of what's out? see like that environment this there. my do kind or out? of we looks portfolio, a -- there sales into congratulations are before look quarter the like guess. regard Thanks the solid What of or this any Or the as come other in quarter, With come? for XXXX a solid good move, of on made can -- that other pushes portfolio done taking you've we question to year tough and look tweaking sounds the is think out I to it like it a looks be I you to something really guess is can

Belgacem Chariag

for Thanks the John. Hi, question.

strong Let of to our the the fit the can last the businesses you made delay to and to and walk businesses. what happened stand-alone announces business. how how can be In into that studied started me the X this we and look stronger. a and quickly the deeper portfolio at We enable decision remain year, to the we together the We understand organization be so dig last back portfolio. in quarters. components of even they went We

capability made potentials, list an looked and of Step that on at we -- based X elements follow the then up will business components we the sub-product future we portfolio. lines current and impact on built and is started business of we growth we a and evaluation And on. the went into we each

just One salt was on thing that believe and do what to the good on at very of I that managed on, them to the time us. value for very, right business we we actioned was a execute

we be of would the next similar started. continuation exercise that What's a

keep and very in right some but As will looking speed. the there believe you see in think time things expect you active at happening remarks, up looking on. future, we're we're be to many we We're and will going things. I we my very, give some whole, the a I as portfolio to said today can't definitely other I the things and I at

John McNulty

say difficult, I the their Great. the And maybe then captive currently guess that you have right for the I condition roll any you market second asset that. you segment How Thanks I seeing there. now, below one production questions are interest outsourcing shifting to in refiners their refining on just many other Refining guess to guess looks color in contracts off? that And Services are be, will two asset those market given eventually incremental the companies yourself? like then would it of which possibly would

Michael Crews

is This John. Hi, Mike.

to with that was tend years. the few a one XX% that lot to respect was has year. It to do place the in So over a different We XX% last repricing, taken came per legacy there's the contract particular. liability we we that contract that over for with the acquisition gain of a of fourth contract year may deferred quarter that Eco had Services. we the last And you off because that. in had and wrote recall terminated This

away So that went in the fourth quarter.

considered why available, XX% There average So got business. as it of talk that we higher the really replaced that in With That's with is there's capacity captive. terms not probably major became are has anything we year-over-year. seeing having price refiners, of be shifting. the to pricing about population to higher respect --

We have converted some last the captives of years. over couple

the I think last XXXX, was 'XX one.

one have plant So advantage asset just the to to episodic. want make we themselves network. the whether decide, whenever they have refiners capital they with are It's they commitment and tie that the to versus

anything horizon near provide that, at on we conditions. we relates market lot term in those conversions. of can look it to something particularly, in don't But the as value a current it's closely very So see because

John McNulty

it. Thanks Got color. for much the very

Operator

Our will from be Credit Parkinson go next Please question Christopher ahead. Suisse. with

Christopher Parkinson

the Great. like sounds a Thank sub-segment true It you've bottom-up on analysis basis. you. done

this X subsequent and What front working you we conversion million any -- Thank you. the your rate into assumptions to over $XXX So on what big business making should changes Just the cash expect are million capital years? growth when respective year? assumptions currently next the at look are mix, you needs. $XXX versus

Michael Crews

CapEx the in EBITDA Across conversion if mean, segments, has from as you're range the run some projects. to good to Yes. in I about Services, -- debottlenecking of put XXs EBITDA tends upper Refining minus to the upper we the end talking the low-XXs. This continue Mike. to over cash is that gotten particular,

So conversion. a I step not think change in cash that probably

of that portfolio, see the maybe be in that these you'll other to rate have in what hands, in it's to relative can we for potential for really we're doesn't that our items, somebody looking more says, some monetization the separated, crossroads that of something opportunities a divestment to be the is, if think I going smaller it's for we But recapitalize market, this we that's rating else's do that value conversion own in can than rather do cash a want and a side, that. got ratio. significant growth

Christopher Parkinson

Okay. And Street Catalysts JV. et cetera, you in and quick Thanks. about silica on the The And a There's during Zeolyst how order the a parts 'XX. half? thinking few volume outlooks moving been and should just for your price additional comment just on the Can second timing, follow-up. puts takes the be and

help there would be pieces together putting helpful. any for the Just the outlook

Michael Crews

happy Sure. I'd to. be

on So it we sale Rive I the We Investment. strong the it increase The off, There the of really quarter. in big gain if mean -- our parts. of the of rest we XQ. was in But million second half, shifted it's X/X related moving that represents XX% And the $X of into we than that that you second slides, were than had. out share in had a the had very in our the a couple a JV quarter, know -- order the that had saw first to it with in didn't less that quarter. the

timing. expecting would were lower then sales inventory be good were And the on build which the sales off Joint noted, where that bit a some Zeolyst of the just quarter net Venture, as quite very have in -- mentioned third from is we you would because I've volume, favorable we're but also absorption on XX%,

got quarters demand, silica the has expect catalysts with polyolefin which as -- you've strong X in we've the been -- great. area we So at looked

the that the of of GAAP we quarter And quarter sales being include sales as in on to the second for EBITDA share Zeolyst quarter that's Zeolyst why the sales, guidance provided be the third line us which in with led expect I EBITDA, We you on our to the around strongest what that and year. the then JV. and not sale, the

Belgacem Chariag

I'll just on of And and emphasis add based down mix changes, on produce quarter ship, see mix margins you'd changes. the that type every products the because colors we different of or that mix. has as up that a the

in On down the and on up So quarters. the there role mix. between margins, yes, is nuance a based to plays it's On it's mix be going variance of a that the growing. volumes,

keep Just that in mind.

Christopher Parkinson

you. Thank

Operator

question next Begleiter Please with Bank. go David The comes Deutsche from ahead.

David Begleiter

Thank you. Belgacem, Good assume I early your EBITDA high-level XXXX i.e. very think it's How on to XXXX just slow but basis? we if morning and in like quarter. growth, nice similar very you economic year. discuss progression for next a know versus about should XXXX,

Belgacem Chariag

honest, else I it's while. seeing resilience environment is a to but every we that have. just our David, be today going on have delivering to deliver current I dictate of really once everybody the we -- in we're confirmed as are we plans. see described, be no happens. volumes and the this We Like headwinds that some unstable about the because of major Well's quality will in the concerns businesses it's focused of ability to really -- what environment on on no our our being concerns, simply

happens I our of tell to progression be the me fundamentals, should in especially year pending maintain out. you components, XXXX for the in business the the it's what and talk businesses opportunities fundamentals between early we market about favorable now but solid is continue as to So and growth can EBITDA a what the to drivers, bit good look for

David Begleiter

caught of they Or Materials. weather lost the half ThermoDrop, cetera, they Understood. back And the in Performance The year? impacted et up maybe the sales, are just for year? are on

Michael Crews

in and quarter caught those first later and U.S. be to or XXX the conditions ran this stack tend we poor and in weather last up then the second-worst up orders of tends It But into when in picked get had to rainfall the year. No. weak up in years the --

We a July. are all very we good had --

good in So and commenced, month we've the flow once really the the first of rain seen the stopped, quarter. striping

we've it third just And goes that. into rebound ultimately, But will the the it on long quarter. depend beginning how warm here we're with of with happy weather at quarter. the that the -- we're seen So the very fourth happy

David Begleiter

Great. Thank very you much.

Michael Crews

You're welcome.

Operator

be ahead. go will with from next Please Stanley. Vincent The session Andrews Morgan

Unidentified Analyst

Hi. for Andrew This is Casio on Vincent.

your around Just guidance. a question

are what about? about worried If guess, end really guidance, of risks you that of the see in you'd perhaps that what risks the and you that your broader the the that business embedded is and what in kind economy more the just think I see you lower be in are broadly

Michael Crews

That of our can I'd $XX sulfur we lower some took which the midpoint should that's say pricing impact the target. Well why on you X/X relate EBITDA, million, that that dollar-for-dollar. we recall down would is the of but reaffirm EBITDA no reason to part has we

sales. it be could deterioration that passed through gets additional pricing lower So sulfur in via

As half crossed first and weather impacted unplanned at well. had that of as talked has quarters. We you the outages That chemicals about materials. in Services look Refining the customer both year, had we the

that's us. we So think behind

we environment, the we So risk have performance mean say, stability to slightly within that pretty Europe. the risk probably seeing seen testament where Services, and say where that the this little I bigger bad is diversity are sits. in a to in good are for we given down, that others is and Refining I'd you've not flat be chemicals, which in but I'd macroeconomic a what more portfolio feel

first impact projecting foreign had half the second is exchange a be downside. half, we're FX than so where for some more sits today, that We on additional it the year-over-year based could in which in rates lot currently

Belgacem Chariag

going that area mentioned forward, code be one further I going Performance portfolio. uncertainty chemicals immediate the add on we're remarks, is as chemicals to probably scrutinizing overall. the Let true Chemical me We, in our forward the and side -- is more that prepared lot has Chemicals it's the thing the

produces facilities we have We efficiency are looking world. products around have -- are debottlenecking, creation, XX now we that while so reorganized a about we the business at ago the

of what only the to work counter and the of and product, in distribution that risks of and where do logistics and market going be year the end. of efficiency of and to would increase, kind then And and one would further now efficiency we at some debottlenecking, capacity use fewer Efficiency some were see to -- QX. QX we that that's areas represents the be between the headwinds

Unidentified Analyst

Perfect. That's work of the guess you. And that, kind very and in benefits can of expect that helpful. start doing you XQ, Thank following just I up the that will to be that on P&L? when we XQ through to flow

Belgacem Chariag

Some of of this would some of creation into But deterioration can't of for to won't and the be next it efficiency immediately we of my be so resist be hopefully, get in probably -- what there tripling objective I some volume that of is long. and immediate terms will a some it, kind -- year.

Unidentified Analyst

And you. on great Thank quarter. congrats a Okay.

Michael Crews

Thank you.

Operator

[Operator from Instructions] Aleksey question next Nomura comes Our Yefremov Instinet. go with ahead. Please

Aleksey Yefremov

next refinery could closure Good and PQ quarters? benefit following recent Do alkylate demand over U.S. see you. the the everyone. in rising morning, for this you few directly Thank

Belgacem Chariag

been Coast think where when where some -- the to but seen not the have shifts does I Yes, capacity is that Gulf that or been fires it position. that other demand down we impacted geographically, strong a you've what that's there's very between have huge closures

its that, individual we're shifted So has that yes, as or we going speaking, the market way do given generally the weather events it. just favorable see

Coast, the West a position. very and You out do the and Coast we see have where demand Gulf shift strong pull of

Aleksey Yefremov

volumes XXXX. have will following for I you additional But up able you don't Yes. to Refining on should realize in that. guidance And be there be grow demand? just

Michael Crews

over Yes. or the capacity. We've additional years last X several been debottlenecking that doing projects have X provided

Aleksey Yefremov

mid-single How growth? I think again. if should potential next it about demand for Refining? year Is low single-digit, that follow-up just we may And digit

Michael Crews

mean, yes, I a speaking, any we in now of but, turnarounds generally I given on higher. single-digit, doing a A we're think, right in many it's just expect the little lot little depends potentially low how year. Refining early it to tell -- to Yes. be would

means next lower more and a this days. a We cost which fewer operating have year, lot year,

can that well. as positive So be a

Aleksey Yefremov

Thanks Great. lot. a

Operator

next be from go with Goldman The Please question Robert Sachs. will Koort ahead.

Dylan Campbell

guidance the is free Campbell This implies think was first flow Bob. half the into half. the cash a When I look of kind step and you Dylan up second at flat morning. for Good XXXX, on for pretty

flat bridge think, considering seasonality. I it's just give could first I normal if that XXXX? half of you half just pretty to some But was wondering type second

Michael Crews

yes. Well,

We correct. $XX versus year. But tend to in are quarters, on I flat. X pretty million year-to-date think be the last a pretty just up We're we first You're usually basis flat to and start the of seasonality quarter collected to their due and Materials the as in quarter. Particularly the starting in sales it second get business. relates third when occur Performance to the

cash the second flow in guidance is half. basically the all So

down of August this the And our into the the third flow operating I paid is at term on we sit today, that a flow last higher, of targets cash little for payments. quarter the $XXX last million the loan with we've The million visibility that we particularly end we $XX side have view are than cash had year. in year good fact year. But of think a here

our good we cash So outlook. flow feel about

Dylan Campbell

Thank it. you. Got

Operator

question-and-answer our this Ladies session. gentlemen, concludes and

Ecovyst (ECVT) 11 Aug 192019 Q2 Earnings call transcript