PQG - Earnings call transcript Q3 2020

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Operator

[Abrupt start] And I'll be your conference operator today. All participants lines have placed in a listen-only mode to prevent any background noise. After the speakers remarks there'll be question-and-answer session. [Operator Instructions] Please note today's call is being recorded. [Operator Instructions] I would now like to turn the conference over to Nahla Azmy, Head of Investor Relations. ahead. go Please

Nahla Azmy

to XXXX Welcome us our for Thank call. everyone quarter earnings third you. joining

on of We with Mike found the start we I'm actual and section note GAAP and website of today's turn President will that today Chief COVID-XX. will Chief about Chairman, to materially. Belgacem and sale our the Q&A Executive the plans, President corresponding of including Investors the www.pqcorp.com. Company's with call follow to of the implementation their earnings This vary financial of to Chariag, shared call our some the Performance demand and materials with Officer strategic results session. Officer. of chemicals and anticipated Financial plans today with Crews, trends is of the to a on performance presentation Reconciliations that, results review SEC. Vice is business by With filings our risks measures non-GAAP the risks and at in and mentioned in formal posted the with Executive Then Company's Company's information remarks in Please be pleased forward-looking cause are the business, and from information our our the discussed can These to the information Materials Belgacem. measures end-use respect challenges release presented could subject uncertainties light that

Belgacem Chariag

Thank you, and Nahla everyone. good morning,

well. and hope you and I your families safe are As

but as continued our not backdrop and as I you is performance third on against we on Slide strategic improved, connect let excited yet you First for environment macro quarter characterize the number the that today to of moves. out woods. one recent has our tell me Beginning very would the you we're most all, of of the performance of quarter that update a executions X, with

the quarter. highlights review from Let's

pleased I'm are report to safety we always, and outstanding. results that As with start the

accident period cut months first in has the versus same year. rates last the been Our nine in half

Our as American be bar Council that the in goal quartile top the meeting and by high safety we're performance is XXXX. Chemistry in so to of far reported

operate with environment own extended health processes risk continue as our gradually, COVID-XX to global global occurring compliant and health recommendations. rigor, well with the through as we We economic recovery With to the carefully rebound capacity accommodate match picture production in the sufficient We're demand to effectively ensuring continue controlling while to our that continued we demand. optimize guidance evolving also cost. maintain supply flexibility

we're line. contract pleased services the for in supply positions single-digit regeneration new high us in agreement late refining On announce the to meaningful annualized regeneration XXXX side, services a volume. for the product commercial This increase multi-year starting

supply capacity. will for chemicals, this most to product to part our plan. of the realized our performance commercial XXXX. services from customers. announced transformation We our value having of allocated largely of We Within benefit our lines efficiently reflect capital products existing will production The price be debottleneck network and that this as in announcement increase across the

higher that in This of These for potential should to-date and Chemicals. to higher in an as valuation. company a review Performance was improved was EBITDA we of margin adjusted actions month, line attractive significant line us higher quarter The alternatives the top strategy. front. X% as Adjusted In announced enable as at will news XX%. strategic our terms of represent from of strongest of big we focus healthy this the growth EBITDA the our largely second and milestone the most Materials financial the on turn expected. valuation also in resulting results, course simpler Performance well Earlier businesses drive margins strategic second quarter with in on sale

trends refineries American recovered of refinery overall inventories to Refining their above and recent recovering XX% customers demand to higher. supply tightening their idled to Turning or from driving in Services. gasoline closed has positive end capacity steady incrementally June, By the for global facilities. August, Since Slide levels, was for beginning nicely X of XXXX realization some This US our production utilization mid-October. demand at on before with the range of user XX% on a healthy reduced effects shutdowns more been color of still increased through as of are result the caused drilling fourth XX% the about demand and a Gasoline North miles and levels. April. This demand in number XXXX We lingering has supply XX% of now temporary trough declined to a at normalized some high quarter average. of and in five-year finish was expect hurricanes in

[ph] acid line. September, product enter of in seeing As improved back increase than to for In third also quarter. for automotive XX% sulfuric to automotive continue demand high-grade and levels. the US mining stronger drivers we industrial the quarter. greater XXXX came Demand virgin our fourth sales as We're

Catalysts. to Moving

to We Due lower cost are earnings would production units in well related applications add the months. heavy mentioned as continue for [indiscernible]. half while industry, emission a were have call. levels. that the levels refinery XXXX. catalysts starting utilization softer remains see six from this rates Though, catalyst to anticipated out three returns. global previous year capacity the conservation. versus As cash typical that customers delaying affected prior of shut-ins beyond our trough for demand improving control on change our we're second diesel robust the focus I Refinery to we below than to duty in Demand refineries year hydrocracking

the outpace packaging, products and to our for attribute We our this catalysts. silica market by sales. other containers with customized Demand solutions along products largest being the specified the our On hand to for producers. continue polyethylene broader global for

highway business. stable with and Turning to for activity safety essential safety. as viewed in the in low typically Performance our Materials, America North remains road Demand striping striping road cost

steady Europe, primarily few Spain, France, monthly efficiencies In shown We work states. reduced striping demand have UK, restrictions the seen some to Italy improvement. related COVID and has been due in

has demand demand third the the prior fourth continue outside industrial driven XXXX for be trends impacting to By end volume weather quarter We of we levels. end quarter. to a or Glass that unusual of to expect met we users fourth In in in expectations Chemicals. general, year quarter this impact. of Engineered by construction improvement Largely to our improvement various and I'll similar saw exceeded users. September, demand returned XX% of expect our Materials picture activities, business, conclude our mixed with steady the Performance

paper on been slower industrial recovery In this a quarter, segments as cleaning the partly in and gas. applications These as and of trends signs We health is from demand as cleaning pulp under for and are well products surge hospitality. well as strict industrial being care gradual subsided demand by industrial establishments of guidance. and general such rising [ph] reopening service a have certain consumer food third as expected. Also beverage seeing vain and and oil and personal use offset for as

the us. overall, trough is behind So that we're optimistic

With quarter. have the benefit general the a recovery reopening catalyst fourth of through delayed our least and the timeline, economic the rest businesses at will which exception of recovery should

evolve response recovery and Beyond rate global in continue extension. of the with to virus the containment will that, of conjunction the

Mike results to over and call an of for outlook. the turn I'll in-depth Now discussion our

Mike Crews

margin to we're largely in quarter and X, our On for $X $X compared by fourth and XX% with resilient and deferred to million. Belgacem match total impacts line note expectations. related with million Laura in marked top with EBITDA second cost quarter good hydrocracking quarter EBITDA segments pricing. by Hurricane But this our four in continued Slide the yet performance saw you'll quarter our post efficiency growth pleased solid adjusted We order another three adjustment that on of reduced was healthy morning. and to and you, that sales the Thank financial

$X largely then of were Now X. driven of beginning and each with past on refining let's material the X% services lower and review cost. business by down the raw million segment Sales $XXX sulfur outlook million other Slide year-over-year

I volumes negatively however, of to by We services rebound improving Adjusted a quarter XX% note EBITDA lesser reduced quarter utilization industrial up the for from pandemic activity. was margins prior as XX%. began second regeneration of also Gulf the refinery region. Coast services gasoline on second in the acid lower should trend. XX% regeneration saw demand XX% a were at impacted million hurricanes from strong $XX year rates that a mining largely combination extent nearly and on while quarter saw the and a volumes lift volumes inventories of the volume economic of normalize Virgin as versus sulfuric to on also declined remained

the second of of Turning the X for levels. year. sales were by year to from the $X.X catalysts Zeolyst third. declined of that the prior million [indiscernible] gains from Venture, Polyolefin of $XX order about million sales catalysts in were offset $XX timing Silica into prior Catalysts. Joint the accelerated relate was more than Double-digit sales million In quarter Slide half

As we be rates indicated outs hydrocracking call, life deferred change XXXX. quarter's to out lower causing at refining of customers last are on utilization extending

pace measures. In $XX absorption XX% volumes addition, cost heavy-duty saving diesel of of line sales inventory million recovery unfavorable control remain as with Adjusted and margins of demand soft reduction. in emission cost EBITDA offset and for reflected truck catalysts and lighter

silicate EBITDA Since were quarter in processing to and Slide Adjusted volumes of Moving sales expanded year, detergents, $XX driven cost Chemicals. were for down industrial reflecting Performance showed versus cleaning, was XX% by improving benefit. application. margins $XXX of pricing million But favorable basis demand down and and application. from X Sales second weaker last mitigated million lower sodium as transformation oil the construction project XX double-digit by points X%. lower volumes gains industrial actions

work demand to X EBITDA steady, was states last and declined and million highway benefitting activity Slide North demand on with margins by in line points for $XXX X%. related Sales improving and due of from pricing slowed safety XXX favorable remains year offset Europe. and striping This both some was cost in highway COVID was initiatives. Adjusted industrial in of basis American mix applications in safety Finally expanded volume Performance partially Materials. however restrictions. million $XX

for Performance track. remains On execution for year. Materials financial With to and XXXX Turning our a XX our solid outlook. to-date, and the including Slide basis outlook consolidated performance on

in billion million We continue to to million. $X.XX of $X.XX $XXX billion. sales of still Venture The anticipated to range $XXX project the to Joint sales be are Zeolyst

cash million. The Chemicals flow performance earlier to fourth expect driving to quarter sale EBITDA $XXX as that product in Consequently, free operation. year. guidance XX% Our we're Materials. $XXX of excludes of the million Performance to margin proceeds reported the however, the in results $XXX operations from XXXX reflect in approximately line from continuing we million. materials to exclude providing range be Beginning discontinued $XX a This adjusted adjusted million is $XXX remains Performance million a

billion. $X.X sales We in be are excluding full the to targeting range therefore to sales JV $X.XX of year Zeolyst billion

EBITDA Chemicals. our use $XXX in cash most is of product of reminder adjusted margin At for of million be $XX year with year, leverage we're XX% this of times million that EPS sale for cash $XXX our approximately to margins million in Materials be expect tax the the given We the approximately sale through the to to effects We the of and Adjusted in to $XXX the the the of continuing end. and guidance range be adjusted by excludes the as four million to project net million suspending from range operation. time, a $XX to at reflecting the flow working Performance $XXX proceeds approximately divestiture. of relative we're proforma also Performance reduce the still of line million to intend that sale strength estimated free

special noted capital weeks to deploy up to board that and ago we authorization. allocation program million subject we to our a expanding dividend our $XXX to intend two Finally, call on are

So to in summarize our performance action.

performance quarter quarter we're was debt Margins and line call With to down completing that, and I'll cash strong our the forward year Belgacem. material for to expectations. sale to in the of back the shareholders. looking and returning largely turn full Third paying quite remains

Belgacem Chariag

trading by Materials close X.X that for current Thank you, two attractive an the in times journey This sell XX, weeks On last the to of announcements trajectory our includes end. Mike. expected months multiple Slide following $XXX strategic brings ago. valuation our EBITDA million, multiple and assets positive the XX company. with [ph] year of of agreement more PQ's are adjusted PQ's I'll the valuable This demonstrates Performance an discuss than

of these which We warrant result sale, XXXX. to Chemicals Performance could It unlock was in also should review strategic in the announced purpose is for value. shareholder a valuation The the than activities business longstanding PQ lowest notable earns valuation margin the of that with announcement at that It the our selling was business. of sale we are Performance higher our today. a multiples recognized greater Materials

stronger their will towards these and advance simpler an we're growth both taken forward like and potential. our to portfolio our why and higher conclusions, steps higher businesses the emphasizing strengthened simplified you company with target take major by review, As the I'd We'll excited time, outcome. logical this platform have initiatives margins portfolio to strategy. our to such have and about At

We businesses energy secular and relationships, will refining into we feed the services trend be of transition and focused that products Where the and leading of economy. plastic catalysts. the on customer excellent clean with have circle services

So Slide let's positioned start for XX. growth. with future business believe well our Catalysts on strongly We the is catalysts

and Though petrochemicals technical leading that will technology sustainable capabilities and have We still position created role leading a trends play efforts critical have a in economy. manufacturing. our research nascent, refining a these serving are

this double-digit adjustment adjusted EBITDA compounded We've an earned margin. annual in average the years, of and rate with EBITDA Over XX growth about sales single-digit XX% business. high last

forward The recycling It Silica and Services. this make sulfuric and to refiners. transportation catalysts business for to manufacturing key clear requirements XX for polyethylene On that vehicles. is tightening for note, powerful of Refining to are lighter acid stronger and by by and use the environmental growth Slide trajectories catalysts supported Going the based drivers. products our

refiners helping of both their and are high-octane We sustainability supporting profile production fuels.

this Our contract. Coast US include base to unmatched Gulf the in Coast serve West business and trends refiners competitive asset on long-term an

sulfuric diversified this a the of addition, of with customers industrial broader needs In set is business serving by virgin acid.

both in adjusted that the margin and EBITDA recent and about EBITDA compounded and few in XX years, last an adjusted above delivered annual rate average the business of mid growth sales realized single-digit Over years. XX% well this more

customer believe is space of As demand. an that the with contracted to from refining consolidates, positioned we serve increasing we well base benefit gasoline being portion

growing continue will acid. industrial of with serving grow to virgin diverse by we set sulfuric Additionally, applications a

conclusion with further we Finally, operations XX, excited future. we about can for very are are integrate more serve position on of prepare to heading the refinery PQ. needs In they leverage their our to as we where Slide with

active an of drive maintain agenda create to we value. As initiative performance and

you'll record to performance. and in operational Moving reinforce forward, of solid us track continuing commercial execution both the our see

to agility continue to We sure demand with readiness will to the maintain and pivot what changing be patterns. is

will We timing the sale and expanded finalize Performance capital of implement Materials the allocation program.

potential prospects to in expedient and the that Performance from to with track the of Chemicals and our growth expanded the to look toward We execution fast strategic valuation improve reshaping and the will take result. of advance to should review review happy the margins better way and move we'll multiple decision That review and concludes our we'll questions. and be progress that, portfolio

Operator

to [Operator with we'll and Instructions] first David Bank. Begleiter Deutsche go

David Begleiter

couple the up. and momentum I October and It talk of have on filling implies the range just the where months? bit given the business guidance. for guess are in next a QX and what ends hand more you of appears Belgacem, the books wide over Can that November upper you about lower

Belgacem Chariag

in Well surprises no David. based on there's October, what we saw

to that continue recovery. We volume see

a the bit that event. shortness was volume But not about nervous just QX. that that was be at little on was all might You

We continue a to recovery see volume. on

remain expect look accurate Our an on should QX full maintaining math a should we and for what QX and I is how on our should you like. the guidance think simple on idea year give that expectations

David Begleiter

announcements big Any about on [indiscernible] portfolio? begins the thoughts Understood feature since you been Chemicals additional view as - weeks Performance and two Chemicals the just Performance in about on Materials. Performance

Belgacem Chariag

a plan. No thoughts, new execution of just it's continuing the

have plan. firm a We

We the thinking have done already.

where to and we're of really homework done and we into components that be. We steps us actions all want will the a to moving and lot now lead have

right and remain moving we're positive along. I this about process very we think

David Begleiter

much. you Thank very

Operator

We'll Capital to with John Markets. McNulty BMO go next

John McNulty

refining a So sounded necessarily comes and parts I it them. guess it business moving there's of to of refinery with when no side lot the services you're But to any exposed the of not closures.

help guess us the You've in got you're or at outlook can terms refining XXXX running how refiners at about of you the running accelerating. rates, I are things business? been services had think thinking for about low

Belgacem Chariag

we Well our prepared very with customer to refining I John. about the mentioned environment connected existing it's and customers. just solid a the how a position good remarks, We're feel my in question existing base.

have will very to we're expectation and level utilization - contract. solid to The pretty have we XX% We that going be XX% that. I much said be returned to have seen a our normal. at

If you since remove the the QX we're right Hurricane impact that took place going in on direction.

direction, remain of strength knowing have the base outlook we very we So knowing the for and same going that we're the in We our of virgin the XXXX. confident maintain asset. positive customer

John McNulty

on see cash like necessarily out And for guidance Performance Chemicals enough. how helpful business guess cleave that would then and can excluding that, help we particular also the looks Materials. much remaining its that Fair call something the it. Is businesses? to flow was around maybe What's to much for like it quantify of of it Performance it that? there stick versus or maintenance XXXX CapEx the Is to much the that and way on how a that's longer. doesn't for way outlook side With core what what CapEx? Got them looking growth CapEx us do you a the the what there I

Mike Crews

is this Mike. John,

for pieces detail We another that have yet and haven't the out we Performance woken quite Chemicals Materials.

it growth. at about look XX% the XX% you remaining remaining If we're with capital, about of running still maintenance on

components more get strategic line, Performance CapEx we other pull for able detail little around be a the review. as Chemicals. the further We'll down with So and to

John McNulty

very Thanks Got much it. for the color.

Operator

Suisse. with to Chris Credit go next We'll Parkinson

Chris Parkinson

remark your products. also, worth own XXXX on monitoring terms to long-term in greatly PowerPoint. think [Indiscernible] of the entrants this portfolio into on quick speak that highlight just your segments chemicals XQ your growth what you prospects. of the particularly you and perception is variants be a just Thank just And then basis your I even would and is divergence, and across Can is very appreciated. you. on you just anything there

Belgacem Chariag

Hi, as happening the many to Performance the for returning that not ones lockdown other the on. allude now the that recent on Chris. in these longer there's you, run and Even on though recovery lockdowns they people right places. about market well get a end I in On same of will a believe previous industrial side, our is hospitality Chemicals we places as the cannot it I users news There's nervous, lot had we've of what is think on the going of the products. early Europe be lot

if think these is there's will I Performance and Chemicals what that end So continue to happening are maybe is need where anything or comments, speeds take from happen we at paces different to on you and and depending users the return it.

quarters So sales ago silicate and have saw of products recovery. coding saw saw - good sodium a you returned and lot construction the that, see of an was to we a which our product a very couple issue level we

I could be But believe, think might it I few impacted So in will just we fine. quarters. the be that hospitality next

is we're and think year. much As for that going to I quarter and of the now the halfway Does Chris? don't quarter negativity the we're pretty end QX, answer, the - through see between any

Chris Parkinson

as it always. very does, Yes, helpful

just some Catalysts. As should conversations further over this, that you how also a been over mean be with on highlighting potential thought still that offer your you. trade on in could have demand Can in insights problematic? peers we XXXX, to had deferrals this of it could new that the some switching thinking customers perspective? us you I change pent be down, indicate up Thank that's

Belgacem Chariag

half with when looking bit down started the since have of we June Sure, course thank Look you. activity at been of the going the in year. second things little a Catalysts

XXXX, orders. in up clear a happening what's have the of September view XXXX until We based in on of

an So and we out and been idea of how pushed have much what's where.

where We're we see most XXXX see argument end XXXX So anything the will the and recovery. we're that hydrocracking. the going we going to else. between pending of look peak we early where will and end XXXX or And from some to going peaks. of shift do be We're going activity. recovery XXXX, believe looked see towards really stronger our a you it's be at there's acceleration an for activity definitely right We of towards now to XXXX, are at peak. you likely when believe XXXX at and another is peak noted, our probably performed on the the peak way We to the XXXX. particularly as

than have For time would a the sense. the there's activity higher the in higher last every years than peak or peak, XX hydrocracking the that on We troughs. previous been previous deliver trough

growing, be failed. optimistic. why is a is So better before, when so we're continued growth than never XXXX. frequency next This XXXX we're just we they to our we that's and peak, the get troughs. we when coming what's has and at slope about and handle had how exactly keeps we'll thing the know very that We expectation so than and peaks what really XXXX them to know excited We'll come. more It in know

Chris Parkinson

Great, color. thank you for the

Belgacem Chariag

Sure.

Operator

And we'll ahead. Please to with go Laurence go Alexander Jefferies. next

Dan Rizwan

Rizwan Dan this for is Laurence. morning, Good

As be anything sustainability, on or need for [ph] you process is focus your title to you refining? reformulate to on production adjusted there

Belgacem Chariag

the the that's way we all sustainability, at supporting to why better The That's the reduced and mission. customer. first emissions, we service our way and fluids customer our sustainable more of look

program Our increased to our the do octane operations. own position a capacity same the in and to I the environment internal with with the direction customers recycling from on move would better transition capability say improving with our right then and in the fluids. the their acid definitely sulfuric in moving and fuels to for our sustainability, are the reduction customers increase quantum and of of what with the on protect direction is we operation however But on own we activity our

Dan Rizwan

that one right any at of that that's I know think a And somewhat causing was hurricane was issues of the September if the is mentioned one, thanks. you over as in recent wondering now. then just headwind. summer there the you this Okay, left were I week,

Belgacem Chariag

QX impact the misses than particular one, place bit, and that's we've slowdown aware of customers in a what now. usually aware caused little impacts on distribution several in customers in right our any our the anything substantial. that hurricane of this has it On some not the that us Remember result one, No than on I'm took I'm the not may had. and everything, of

a So right now. problem I it's think wouldn't

Dan Rizwan

very much. Thank you

Belgacem Chariag

You're welcome.

Operator

Vincent go Stanley. we'll Morgan to with next Andrews Instructions] [Operator

Angel Castillo

Thank you on taking our Angel Vincent. for is question. This for Castillo

Just wanted to on circle Catalysts. your noticed back I slide. guess just I on

In fourth moving terms of good it you it kind toward silica looks a the the here. for catalysts guidance quarter, after in have yellow of a performance like year-over-year little bit -

In or terms comes XQ a that? they, seasonality slowdown is of something from the typically, that quarter the of to slowdown lead here you more or fourth believe fourth beyond quarter. just there that is that's on was a That is changing

Belgacem Chariag

That's yellow We colors. the color we've observation. had glad that It's looking not a the believe going just to a I'm you're grow run at because previously. is stabilization. great tremendous

So basically. it's the a benchmark past to

- be high we that continue that to So will then right silica growth and overall position is confident the future single-digit of good then now. be confident catalysts we're into we're a to the and

So just of helps. the yellow benchmark market of this say, I a would color time very post. a demand. where benchmark we in just is before drop strong period comparison a It's not that that, were over If to

Angel Castillo

during think noted lockdown fine And like North it I the seemed business bit as understood. little about restriction COVID That's the just chemicals highway Yes, restrictions think side, with I perhaps that a slowing time. performance XQ, very and then did down you America because demand helpful. that on of

believe that changing and So that, government are could point past talk levels, government Or you're striping lockdowns local they're you what's write-downs? that highway different to now there are at in you just on business the to one? how maybe the about level things is than approaching seeing your changed need that different

Belgacem Chariag

question. related good lockdown. a related That's to This to procedures. is is operational not This

bit operate know You're that talking different a their caused That striping and slowdown in in on location, that. people process highways policies and on, do states. how precautious standards frequency, little their allowed certain the as states But a many kind you're different states. timing of and number of striping you on they of about created we have

saw strong states. in So see we to results we continued the though in other even a average, in that practice

to it's on states related people way just nothing So execute, they procedures the really all, nothing location health number about of lockdown. that's implement to be the else. on and concerned how It's as

Angel Castillo

you. Thank great. Okay,

Operator

Instructions] Morgan. we'll to Jeff with [indiscernible] go [Operator next JP

Unidentified Participant

question your Zeolyst a about joint venture. I have

venture, If wanted would have a right at to refusal? that exit you Shell joint first

Belgacem Chariag

at of we're Jeff first. at for that stage of stage that not thank Well - We're you the having that question not conversation.

maintaining the We a point to emission see you more primarily commercial and we So and to first volume we yield of something, us both structure. leverage combination let technology hydrocracking the confidentiality we this leverage Zeolyst At that. there's PQ's is innovation, potential on perspective. and operational perspective and think in that also expertise with all, in me The for Shell's expertise sheer and maximizing advantages collaboration both tremendous the partnership then of value to our in lever the think the expertise and of distillate. this growth gasoline remind control and allows Technologies on of is continue

about talking conversation I really all and say we're this about can that for now. that's not So

Unidentified Participant

see picking you up and dead XXXX hydrocracking is in do you be more market for next the pretty XXXX Okay, think year? or activity being can that do there

Belgacem Chariag

a I going it's statement. dead. to be pretty don't is dead, Fully [ph] think big

an improvement seeing to what going right be think over I we're it's now.

based think and beginning draw nine to six where we of we chart be point turns for forward months wait how or and if confident a that's orders the year seems what today and what It be and our on use we out one So on we of happens, of now. hydrocracking, we're of In is the eight recovery to for getting the months the of to and how stronger view at the going to XXXX we're that accurate are slope think We see view that XXXX, draw happening you orders see could XXXX. you - hydrocracking that XXXX, of and Q because have market slope. depends personally XXXX, low I it what lower. want or

Unidentified Participant

great. Okay, you so much. Thank

Belgacem Chariag

You're welcome.

Operator

We are today's participation time. this no questions this you And appreciate and at conclude program. There disconnect. your now may

Ecovyst (ECVT) 1 Nov 202020 Q3 Earnings call transcript