MTX - Earnings call transcript Q3 2020 | Minerals Technologies Inc.

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Operator

[00:00:03] Good day, everyone, and welcome to the third quarter Twenty twenty Minerals Technologies earnings call, today's call is being recorded. And at this time, I'd like to turn the call over to Eric Aleg, head of Investor Relations of Minerals Technologies. Please go ahead, Mr. Erik Aldag.

Erik Aldag

[00:00:21] Thanks, Deborah. welcome third and earnings Twenty everyone, call. conference morning, to quarter our twenty Good be Chief led Dietrich will call Today's by Financial Matt and Executive Officer Garth. Chief Doug Officer up prepared will remarks, [XX:XX:XX] Following open our it to we questions. I'd future page of on results. the risk our that that conditions list XX factors we like and to XXk, may [XX:XX:XX] you various beginning remind XX affect our out slide. also point the they disclaimer this safe And on harbor limitations, team related remarks to by performance subject and cautionary Statements these members of condition. are to our future I'll now call the turn over Doug. [XX:XX:XX] to Doug

Douglas Dietrich

everyone. Thanks we to introduction, [XX:XX:XX] I staying the Eric, for call, healthy. today's you and hope time good the and morning, are all safe And taking you and appreciate join

our detailed Matt taking in I'll our to remarks trends improving over progress you it highlights, markets including year. Let profile sales conclude in to our business will and business our our our quarter development through next front. then segment. the me outline and by contribute at a to by agenda third trends brief performance growth volume our on prepared discussing the and for financial turn strengthened results, that end made a more by operational begin Business call. new I'll highlighting look third provide quarter I'll

we systems. First, attack IT Which experienced. recently some on related X-K the our to access companies, to I impacted comment want a we filed ransomware of week to this

commitments. restore industry working our a to comprehensive Throughout to detecting conduct steps situation, thorough cybersecurity response and in normal taking protocols our customer law incident, plan, and procedures situations operations carefully operated enforcement our this, resume as notified experts isolate immediately possible. have quickly for and leading cybersecurity and safely our network to we the have this We met like investigation. and we been facilities implemented place after as including with We've

how our that keeping to operating We challenging company resilience have shown businesses environment. global to Dedication, through performed with employees remain very review, team continues and nothing I'd during several efficiently our over to customers and and our I'm third has on products. pleased quarter past and short Before complex for plants I they've like commitment engagement our what safe, them serving these and unwavering with focused value the the note going of [XX:XX:XX] of a be an with want been added and employees our their to thank times, months. perseverance exemplary our managing

third quarter Let me take unfolded. through how our you

anticipated product margins. solid that's to still were million we to in all a in improve quarter most last nine They customers. our dollars, were an sales the mix As reflect to end which hundred From and strong us new from total demonstrate These how over sequential eighty lower and increase demand a at and second respond and the operating conditions to impacts our covid-XX. with also levels results quarter opportunities to higher markets team's year recovery, from productivity, which our but sales largely in sequentially, we growth July, of we would related prepared Overall, quarter in execution played out market the perspective, led percent had and three pricing the end and nearly previewed operational year and our enabled control, capture portfolio product financial with existing year. resulted And quarter we sequential cost the about has eight of an compared to the acute having volume lines. standpoint. disciplined as commercial

dollars the trending our of quarter. July operating the markets several continued XX and in throughout on last upwards we our and of to per million share, strengthen conditions where cents. call, XX indicated income sales rest As were We earnings demand generated

quarter, After dollars conditions some sector. of quarter, ramped In casting to solid second million the delivered operations, in serve quarter, our on improvements customers continuing business consumer as XX profile. were the By generation considerable operating cash we at product our facilities continued the our noticeable North with about through Narrowcasting earlier. and demand the in from XX in in seen we levels and percent from the the volatile [XX:XX:XX] saw of along industrial continued our the Let reduced foundry highlights. end America increase improvement year's me third the automotive lines. in meet related experiencing production strength rebound demand cash of to markets oriented addition, businesses up that third our last touch levels, metal

XX care, addition, forward. products XX pre personal sales over momentum and partnerships of includes consumer on in blended strong remained an year in have growth as customers. expanded and of pet robust pet new products, by with our in strengthen and portfolio continue Continue portfolio Petcare moving Bells In several Europe China presence percent growth percent remains North a purification, and oil trajectory in year our led America year, edible label care. care resilient, our which penetration to should over last our private increased through this

the environment North satellite business, levels combined from in an improved from to peak low quarter. America, is restarts Another demand area highlight India and which second in the our benefited global with

over As note, percent to the we volumes our dynamics continue indicated were through with to these XX Jilli last deliver continued on sales June in Of solid percent year. compared quarter. and trending China last a third paper XX higher approximately growth call, performance

materials While the food environmental the specialty businesses our for percent in applications a demand construction project XX return structural patterns and quarter such in levels. our of Energy to these the of Gulf and during pockets as through quarter. and timing through XX which automotive at energy building as were commercial began in strengthened the into and in well as impacted business, pricing challenges we've as addition, of increased maintained as Other a well operational adjustments and income, and where demand on and sales increases, increasing and many our sales favorable some our and PCC had volatility strength in in remained raw [XX:XX:XX] savings, on we operating to volumes positive both quarter basis. products, on We've the occurred material experiencing was applications, resulting rates residential over efficiency, construction, order able improvement of overhead several the in refractory capturing leverage delays. pharmaceutical year In still business second as that margin value continued and services, used products. overall trend came strong to steel our further automotive focus in our services percent as to from quarter, are at oriented variable low products September. of EBITDA cost and upward by increased trajectory, hurricanes utilization Mexico talk US sequentially sales Their of businesses and year the end improved sequential and higher a costs including

markets increased are As volumes. well-positioned expand on margins further to recover, we continue to

quarter the cash more XXXXXX controlling current XXXXX Delivered scheduled strong which of at in through support with initiatives also for on in new The progress our strengthening [XX:XX:XX] go generation be financial advancing be through on and that papers flexibility production focus and they fourth creating our quarter we've cash Currently Wickliffe, environment, on the position generation, highlights Kentucky, the Our remains ahead. flow previously another quarter our to focused an facility production pay move tonne down several this operational around of satellite commissioning a priority, tightly Phenix India, capital in growth restart will these in our EPS of cycle two It ramping emphasis of satellite majority in our when of remained some satellites resuming at to debt. December. November more further China made closed used was on continue Well, to our detail. the fronts structure. tonne mill. up should by navigating also

integrated quarter, in strengthen a and our enhances vertically mining we and Wyoming. and to our position region. acquisition our During our a the further transportation mining with made transaction bentonite and in improves our Halling of This small the mines position our company flexibility

All discuss conducting number with [XX:XX:XX] a XX far of opportunities. in many in virtually. our similar Matt value third added products improved of we've two we each conditions. in progressing a businesses, and metallurgical well profitability especially development quarter. so are all, profile, twenty contributions company, five challenges in new we turn the deliver results about executed of development are detail the refractory annual businesses million performance dollars XX enhanced difficult contracts how business, our and continue to of incremental a These our efforts There wire to with kept there an in through as more total basis. product at commercialized, U.S.. If year accelerate last an from momentum ahead contracts recover. to the these product to signed the still and we products strong to to approximately to as of were dollars, introduced on It products pace new many our positives quarter, are look drive or supply navigating our while volumes well, across cost year expect revenue in refractory Now, million pace commercialization I'll new about these some of Twenty XX over of But as now. activities A XX revenue that

Matthew Garth

well turn [XX:XX:XX] we over operating the on going performance our the for four some to current perspective segments, additional as Doug positions. our cash our and call Thanks liquidity forward. visibility results, quarter the environment review and of flow third back Then our have to panel our as

into the the get quarter Now, third let's of results. review

gross continued margin percent operating versus Third hundred dollars and the below the driven year, our improved all sequentially EBITDA prior and and eight three margin nine pricing million, point quarter XX and prior sequentially higher margin, eighty year, by three sales percent actions. were productivity and

the we tax share, cents Earnings point excluding also in two was was expense three per flat share. margin nine with for the third per quarter incurred charges special and to XX special million quarter items, Asahina of second expansion. and after dollars the contributed cents,

rate forward, point quarter be percent percent. year tax prior percent versus Our one XX XX effective to expect going approximately percent and quarter our prior tax nineteen in the rate point the and for effective the was nineteen we eight

let's in year presenting the Now, operating and the the over and of right slide, quarter we sales the comparisons on side. more sales changes and review income year comparisons income this on detail. side operating On were left the sequential in

five June of percent across and that through On income operating than quarter. Third actions August approximately call, pricing performance basis, versus activity we prior lower impact our the pricing maintain levels volume. operating July, rest sales sales last the most to and in end rates bottom Daily were continued the across improved you over percent brought were third our year than Conditions demand on trend and were sequential our we percent accelerated markets, year. six rates of but the in on higher point this On basis told quarter. and company. turning and cost seven basis. [XX:XX:XX] year July sales percent of Operating adjusting last we was lower we XX up the bridge the year, basis, year significant higher constant in currency the currency overall. were in Eleven sequentially than percent driven thirteen in the slowdown the able cost on we covid-XX three the in versus two on in These was sales in volumes actions quarter the The in the up to despite significantly taken quarter. a percent prior percent eight with point currency increased over end versus for resulted the percent pandemic to have quarter constant the control. on higher improvement The a in margin sales primarily Operating the and improvement second shows seven XX margin than continued our thirteen the economic August. left nine year, favorable prior impact the saw offset September lower income point by prior year. markets higher due by percent, a percent a

On with on Now, operating over points we margin have product and and year the cost us pricing margin continued bridges to a take which quarter. and year control volumes productivity, the incremental operating of side, at XX leveraged improved the prior a closer cost sequential year improvement, this next offset forward. how more XX comparison, unfavorable volume actions positioned XXX we have basis basis of and look going contributed basis, are margins let's cost The we contributed basis than slot. into Starting the third [XX:XX:XX] additional for points actions sequential points leverage taken well showing on they of the volume margins our On favorability. control and improvement impact. development have pricing, in to our another new the improved

Another EBITDA and like XX to third prior highlight the the margin the prior basis both quarter quarter. that points we year for by margin improved was versus

remained China. the prior Now, second on continued year percent metal Operating percent let's related improved in China was penetration grew of customers segment the for year lower sales remain to with percent and eight Narrowcasting and up on building sequentially America materials and [XX:XX:XX] points up Meanwhile, grew casting in materials. consumer environmental income and up XX products in the Improvement prior North year. material XX continued sales, demand sales North sequentially blended and for are driven quarter basis prior percent point below for the turn of foundry versus prior XX Operating the continued to starting year. one America demand products, products. as flat XX basically strong by sequentially sales sequentially performance percent covid-XX automotive the segment our two review, formulated XX from XXX fourteen was demand and with sales production margin oriented specialty the increased and personal production. than resilient, up ramp strong percent eight five dollars percent Performance the hundred household care XXX basis year. experience delays twenty remains eight versus project year and prior levels. products. seven continued million, from and up was strong and our specially sequentially up points Sales prior and point primarily the of percent percent

and strong actions, on prior steadily impact would driven and the between chart fourth increased the end cost income throughout reductions, Continued right more the markets. daily sales experienced rates we by in our versus a of rebound operating clear pricing control compared decrease third year sales demand a expect this prior by this offset The to segment the segment in for sales quarters the normally the year. month expense quarter. The lower sales than bottom seasonal and And construction environmental third and year. shows

seasonal sales However, other to continued year, seasonality despite to offset costs we will operating effects. higher this we experienced expect typical segment colder note that fourth quarter, months, this impact the fourth the Overall, markets. the with margins positive be and and also similar in like mining momentum quarter our third expect to we the while in I'd quarter. typical in energy to temporarily

below point in paper following percent XX sales increased back one prior percent the capacity Especially Now [XX:XX:XX] percent of and as the let's and move twenty five quarter mill in EPS covid-XX the third sequentially came minerals. XX XX specialty were shutdowns. to online hundred U.S. million India temporary mineral related sequentially one sales dollars year.

production U.S., and two items, end segment up. impact as cost to fifteen The thirteen fourteen markets through the steadily also actions sequentially increased XX control. to the this grew sequentially up the was versus improved products point quarter Asia-Pac improving percent as sales below prior in excluding sales, year quarter, percent and year. peak remain prior the we oriented XX and Daily quarter quarter. the percent demand. which sales and volume China pricing sequentially automotive in continues in percent in rates lower and sales represented the India point this into paper XX point dollars, mineral continued over and percent expect Processed increased continued of ramp prior XX quarter compared customer and prior XX percent charged year the fourth percent four the demand second for and XX construction nine and was sales XX conditions by on the penetration through year Operating trend as consumer continue partially percent of percent the Europe to shows through Especially offset third strong income, strong. special million and improve

on we by offset capacity capacity we the and this other the expect segment, we the In third seasonality typical served of most for PCC bringing overall the in will to quarter market next paper addition, to are fourth improvement residential sales be the online the the quarter. in similar my construction months, new participants in experience late Sequential quarter. several come fourth in will

rates retractors. to from million up improved was and point quarter. third can million, of both point Factory in from quarter, point up sequential a expect rates equipment and as steel sales. see in nine third the operating improvement sequentially utilization levels quarter, laser in segment, fifty [XX:XX:XX] steel fourth daily XX improvement represented Overall quarter Europe. dollars quarter the gradually sales the the three through as America sales third improvement continued quarter Now versus Again, prior the rates the let's quarter fourth you for six North the expect in three segment in improve utilization modest percent pick we and sales income turn in Segment the were three second sales percent mill seven twelve up. dollars percent

third services. shutdowns as what with on been related let's segment very season. delays cope several Now project a has The energy storm restrictions, These weather Gulf the experienced to the to and significant related quarter. customer energy services turn XX active Mexico in were of delays as well

point three the thirteen even quarter. in for million with were third break sales a As income result, operating

have followed relative strong the to the activity see expect daily fourth Continue year. to start the and the to remained that the sales pipeline quarter. of year, levels improvement solid low shows for business prior Now, by this sequential in we rates sales chart a

and highlights. turn flow to cash Now liquidity our let's

I've flow, noted, continued paying down quarter dollars XX We and balanced free acquiring dollars share XX October cash dollars. XX third deploying under completed quarter. resumed approach million million our of shares we expiring authorization. in XX Continue of As cash repurchase flow cash million operations million with our the million shares the XX million repurchases, and from [XX:XX:XX] was totaled dollar dollars debt, to shares in dollars three of the program and and

As directors repurchase year, dollar program. a approved noted million has the earlier, new one XX of board

leverage net including we times on cash point is ratio of one hand. Our million liquidity, XXX two XXX and EBITDA, dollars have dollars million over

our third quarter to it me in quarter. to expect sales market Before utilization and we it improvement as most projects what to gradual energy Overall, over back detail. in a we be continued the by impacted be our to expect and and back conditions improve each fourth of markets the continued rates more my year in pick that, expect market I for to our outlook businesses, Margins in like are seasonality to outlook, in remain and be and improvement has to sales the current delayed on the With improvement summarize typical our year energy our resume hand factories to Doug quarter. discuss levels costs. mining the expect third segments. let will and services turn Doug MTI seasonally higher services, for over expect though activity margins we sequentially business, expecting we we fourth many And on similar basis, And comments up. I'd quarter similar the over and sequential will strong offset of we

Douglas Dietrich

[XX:XX:XX] Thanks, Matt.

rest improving the the with to continue growth. face market Ed.. most wanted experienced portion likely businesses our to the Q&A incremental patterns. we time where each more some of and The little of opportunities will order challenges uncertain drive patterns call, of year take our trends the persistent businesses across while may into provide the extend a our conditions oriented see [XX:XX:XX] businesses across customer beginning I Before of insight through project to to

will wide, [XX:XX:XX] a As accrue also of performance growth from largest business and build momentum range I take executing revenue mean, happening with on what's quarter, the by you XXXX. I'll third of materials, we're wide in our our on attractive second. we segment, most to through projects the starting which

care sales Our product new our household customers. products on and and for strong high trajectory leverage will continue its as these line with channels expanded and presence personal stays demand we

blended satisfying sustainability with the dynamics. sales growing I'll carbon as over than experiencing environmental Specifically, products to our growth in benefit new our both expanded year, base. similar how larger America they're new pet in continue product preferences in purification customer the and our care through our portfolio percent the of as into as last XX of will products products solid continued customer also oil Ed. XXXX. such led percent for XXX earlier, North base the from materials penetration value trend Europe, our premium we're to customer neutral There expanded both expect online of of the of global our North our growth contributing with America. grow together and and Noted rest products of efforts. metal higher rebound channels there to more are casting since expansion business which eco we're continue the this Europe year we and China building while have care introduction in we through customers on Those example doubled of automotive touch year demand to edible products, last business of an we retail the

PCC. the North fourth If we gradually and Europe delays pipeline continues While a demand businesses growth timing and volume when sequential improving, been these expect remediation by paper Switching quarter. all will commence projects. larger in specialized customers America have in begin and to products, segment robust each around waterproofing paper [XX:XX:XX] the more minerals will specialty and with maintains introduce active in impacted regions to

in operational benefit in also and new of India Asia be specifically, December. China continue China, and should more in ramp satellite trajectory. will from up growth satellite our the our solid But its

one facilities standard two next for have in we eighty for the in Twenty facility capacity first coming of new three one online over bringing another and in application online Europe new twenty, horizon, of a we're packaging Overall, the hundred five half tons quarters. and a thousand the peak two On India.

including segment, applications But improve businesses continue North commercial performance products active construction year. automotive We build should filler and improve business specialty stay development Chicontepec rates residential pipeline refractory current maintain applications respectively, America utilization as and in of [XX:XX:XX] for sales Man, rates including across and strengthen and to also next opportunities XX to should packaging broad will volume Each high the pharmaceutical consumer in these America And ceiling in these North percent expect XX rates technologies, remain upcoming Europe. could high quarters. recycling. are the used food plastic a and for steady. products our our we around very Europe And and of percent our and portfolio Ed.. gradually our total overall and our PCC sales strong. to products, applications, in that are for for used add steel

Our in fourth remains order measurement equipment strong quarter. for book the laser

postponements our from maintain energy an conditions offshore adverse where to projects. the larger mobilizations mentioned contracts portfolio of up signed earlier, supply wire of weather will to dollars our or XXXX. covid-XX fifty I services, and metallurgical revenue pipeline services in five products, growth we recently start some discussion refractory we've As year to with offshore Finishing accrue active broad totaling have to early and [XX:XX:XX] two led which million

quarter. have these projects scheduled resume the of been to fourth in Some

of In positions us expect environment, new can navigating been addition, projects in [XX:XX:XX] to the We're focused which of culture the highly we've on awarded and through Mexico, large next do to commence a recently we improvement Gulf dynamic few over our so. continuous quarters.

connect Over the virtual impressed base. site and help them these environment. changing us meetings These in-person balance six adapted been conduct we I've for that improve and efficiently global we'll how our become seamlessly to and quickly implementing employees visits, productivity, customers, with basis cases will with within we've as we've connectivity our and new and been and to collaborate solving operating daily the on with have months, operating successfully problem smoothly our enabled efficiency run of business past tools tools ways with customer and events, facilities we're a our and activities. permanent communicate to Many

look As place in to the had twenty market I'm or covered, heading, conditions uncertainties leverage and solid Twenty ahead haven't we growth we're one, into the projects we improved have in foundation still we direction related confident the persist.

Our end continue to conditions of market signs improvement. show

With are actions inorganic well solid positioned provides taken, we've and balance strength the Addition, organic opportunities. support both improved to our drive resources profitability. growth operational of flexibility sheet and we to

engagement. incredibly to For taking at again the open I an of has questions, way how dedication what With am the dynamic complex, to your call and want in let's I say MTI environment been questions. and and proud that, to our executed team they've performed thank them for their

Operator

so if All we'll may are our one is telephone by pressing to your your to one sure function for that pause you a on that All right, keypad, mute a signal Daniel ask would question. moment a Star using can speakerphone, please you just [XX:XX:XX] like a with you make the everyone signal an opportunity. your question off [XX:XX:XX] question, if Moore is And ask allow CJS Securities. right, from is equipment. reach star to Again, first turned

Daniel Moore

and that with to good QX new start do us? we morning, you are questions see Can thanks as a Mack, where where just want online? schedule of the geography end baseline, in given the revenue you and Doug by Breakdown all by for the today XXXX, I EPS. taking coming refresh [XX:XX:XX] capacity

Douglas Dietrich

give revenue XXXX the you you. we see can bridge that to and the kind of let you for start of and me new then [XX:XX:XX] volumes Well, now maybe capacity and sort

Matthew Garth

know, This the [XX:XX:XX] [XX:XX:XX] I two XXX this hundred quarter. of fourth bringing on of Ramping that kind be capacity, will of you here thousand tons we're in up, As five about quarter eighty mentioned, and India. then half tons in we [XX:XX:XX] another and that's facilitate experienced the and into shutdowns. XXXXX another first and the first in year, the packaging facility next to year, of

Verso of year. call about and last Arkansas, came Danta the you Paper If million, out tons remember totaling volume, this XXXXXX Ashtown,

an twenty on were tons the one. XXXXXX next we five about additional XXX given rate of have probably we'll when twenty you half NetNet get middle you By as [XX:XX:XX] thousand, of know, an the on come so up year. on by second installed they run of hundred be of five and thousand of So volume. ramp thousand tons new see, hundred one basis, year, of the Kind year, incremental, eighty next annualized Twenty tons to when one they should you the about tons in up, volume XXXXXX and of next of annualized about timing

Daniel Moore

you Europe a while Very given been as Asia over as puts far all as quarters takes new [XX:XX:XX] for like, what a different we've and Americans baseline get had last the the trying update well, and couple just as the a bit on of looks helpful, to continue of to grow sense then and India China know, there? North trajectory. Any have and

Matthew Garth

pick right baseline. me so I go and Yeah, think the [XX:XX:XX] back let

And point nine the to of I the gradual so be next twenty this additional into you volume, chart, at you volumes and accruing third. TCC, year. we've think quarter puts with year, two look end level. should big if second back probably in with the the this then all tons you So know, going Twenty that the the just into the [XX:XX:XX] volume our we million next gave with through know, the volumes, the through before XXXX fourth additional dip you into there of we by and about takes improvement And had

a look, to you covid this XX first conditions fourth year. take through of from we into the if know, of but by and have kind a basis with level there's puts to back end to with But the of the that continue and a are demand So, run related that look able and at rate the to where quarter get be we and uncertainties. base next takes seeing again, the you should continue year, lot

Daniel Moore

do sorry, the math, no. geography, but fly [XX:XX:XX] Ok, some I'll of no, on I'll

Douglas Dietrich

it do basis. XX region. on breakdown geographic a as on it, give [XX:XX:XX] And actually let's for North going then revenue asked I on America was percent a basis, you that to roughly that you a rough And

split going small down. bit five Asia. Latin in break there way percent exists the have that a Europe and America. called that's we You're fairly There's But to rest it in between the

Daniel Moore

helpful. That's Perfect. [XX:XX:XX] OK.

Matthew Garth

add add you what to we in that hand. have that that then that's I'll know, that, will [XX:XX:XX]

of opportunities many So, those we accrue Nield accrue technologies our you always that's could are advanced of discussion, know, of have work in well. on of that's you also Siller, And recycling. continue how pipeline stop things there terms for of about know, kind different should to to to that to year talk which we know, those as a high stages to in There next in, our stages shake products we today. you out. That's are going volume could

Daniel Moore

least at like new up, of follow my there? it for was bit contracts, the know, the And are was, dam That are momentum for you [XX:XX:XX] some the a you increased new some little seems like you is with news technologies. sounds that breaking of seeing

Matthew Garth

you me [XX:XX:XX] that. Yeah, let give

You little about trials some our give running. color to of are technologies want some and the a new of

D.J. Monagle

the China Dan, India rest glad the were and all Pixie's, say and putting of to sure, the Yes, conversation you and the just would further on of standard chasing PCC grades. breakdown contracts that on in standard and to. writing Asia. Southeast that, And know, for of Most the [XX:XX:XX] regional I is

we've for commercial of So more in If balance look I It's the that And and right brown kind little a that grades, we've machine brown between the products a continue run newer And got new some then Those of products then balance, the being grades, in board most bit successful for have too. momentum technology shift new we got at the one paper. we technologies. two. the now that's those packaging, packaging trials and the new be the to of discussions. Americas look would the American packaging. Europe the will would at the a a into That's in couple be that happen. kind where others new North new we're product pretty design being in technology, yield, Americas and new white white we've

a bit the in getting little And growth seem and So and PCC be Asia. a Americas in to in new pull good standard the momentum then products for more Europe. and ClearPath

Daniel Moore

discussion businesses a prepared reduction months, margins either helpful, to those lot of XX as lot or just some know, given typically those margins cost and of us typical work do next incremental recover. move Perfect, upside a you on whether the would [XX:XX:XX] consolidated remind for the historical of higher opportunity the incremental margins of done initiatives but, really with cost volumes see look in side like and the kind over we remarks, good the to across

Douglas Dietrich

And [XX:XX:XX] and and the the range out the at are decremental you we've as tracking in proved if told looked quarter. you you been of XX beginning being as margins what talked the down, in about remember that's that percent we year, second revenues typically

on. back XX also incremental that come The range. in Let's been margins has percent

the And incremental our to the a would we be back. we've fixed of control cost seeing Now it's that that able as bit that on we north move coming margin effort little expect and would are there. the been expenses volumes costs

use XX those for coming expanding or now. around we'll I'd next you two numbers incremental, percent, it's quarters. it as out prove over decremental either know, So And the

Matthew Garth

absolutely your room answer north. question, your move for margins And [XX:XX:XX] initial then there's your to

know, margin but really you volume impact know, in you a the terms well. you income, those look offset, You you if at those volume and incremental know, to, accrue as margins, the that absorbed margins at take we've chart also of know,

captured things We and know, our part DNA. a the opportunities at constantly. summer that's know, in terms culture to productivities over You that ways looking efficient, better. with always We've do to looking months. of more lot of that become we're our but of do But you for and

looking new percent. and we're we hold products, to you know, or So, story. always right for ways those costs know, continue think, I drop continue I'll reduce to so help volume, so those [XX:XX:XX] the markets that to recover, that bottom to margin margin And costs you our line as that and products always higher XX those talk about

last of take you quarter right just the now. first from If be volume even year, that that we'd or north from

Daniel Moore

give and [XX:XX:XX] the three flat then the all we margins takeaway see margins sequentially, Perfect over, that QX I'll for those some right conclusion? me, hand and the today, on very individual, the put together slightly individual on or we color the world some color from Overall, it two, for some if segments. or based is in good down of what is better there a you

Douglas Dietrich

the basically to essentially the be same. revenues [XX:XX:XX] the out we you, for we told You know what trajectory laid

is dollar will in going costs Dan, Now be there. item you, change. the to the that are And that out we also three those called mining higher mix one incremental revenues in million to be to be of can was cost energy also the for other And two going and range. some

are going those of margin taking staying costs impact flat. to seasonal temporary the and mining are while based sort the effects place you just see energy So of on revenues relatively

Daniel Moore

a Thank Perfect. you. bit. [XX:XX:XX] jump little I'll back

Douglas Dietrich

[XX:XX:XX] Yeah, to margins, prior just just being trend of those then know, clear, the but above continue but to that be you year.

will of sequentially you're But effects to those So story. going strength be because the seasonal in margin down.

Daniel Moore

[XX:XX:XX] really helpful. Understood. you. That's Thank

Operator

again, yourself Give question, you JPMorgan. to the the star if queue one, remove once with if please, is you pressing Soke like Cook to press like from star next right, All question [XX:XX:XX] by from to. me a ask would

Silke Kueck

[XX:XX:XX] Hi, are good morning, how you?

Douglas Dietrich

how you? It's [XX:XX:XX] are OK,

Silke Kueck

looks there's tickled Asian strong. whether in they'll what's on know, the December you be, down like that of looks that really the are some US in trajectory covid you The often know, they're like from in happen you Europe the like And you groans summer. it view shutdowns these shutdowns sort there quarter, coming seasonal Do like? fourth some in know, markets the have or, the audible And you know, about any have it [XX:XX:XX] in at the won't US anything your customers be? shut

customers. what so hear wondering, you like from your And was I

Douglas Dietrich

off America and [XX:XX:XX] me Sure, industry North we'll in PCC, and business, just Inpex Europe everyone and I in our automotive Asia for minerals and we and and to the our a impacts, more think know, about North then, primarily the specialty start the talk have let it America focus. little more bit remind you automotive more businesses automotive supply of metal casting our

to want Hastings, bit just Jon quarter. we're customers little into [XX:XX:XX] metal give So hearing impacts. from the you fourth you a of going and talk those casting breakdown about the what

Jonathan Hastings

[XX:XX:XX] Doug. what But running also touch on Southeast and is well, we're America China pretty about Asia, let in America me North pretty and everybody's North talk but seeing strong. base

pretty everybody's went south auto restock remain auto QX, the are but production to know, the strong. pipeline. went and in in you inventories low looking rebounded As QX, remaining sales And

end in the year. about our Again, season fairly we and a we've you telling expect are a We happens customers seen China, extraordinarily customers strong. running auto don't business percent they're heavy is know, All of strong year. the of back see XX and strong rate QX. but what any very, of truck in strong the in come throughout of The China see with holiday are build very us major our remainder fairly the impact. that around your we'll shutdowns, have

the and year. is And shutdowns. on seeing domestic sequential to only Indonesia, And vehicles region they're We QX. in the we they're has last exports, production coming a at off currently small Thailand, that we're is expect XX both a the about rebound see And also consumption, you that also that's our auto But running about covid not going of see of parts into that's what rebound. rebounding worldwide. percent increasing production American relatively exports been that's demand And into Europe. do U.S. What result, on Those as Asia. they're the on continue businesses basis. strong. piece because that world year and know, in they're Southeast the The the a continue business Korea, very we to and then but in the

the that's last overall. region So in

know, going You to QX. through look we're we pretty continue strong

Douglas Dietrich

know, our to seeing into around we're Europe the dressing, news is, add that middle that's little think, what a Well, question with now, in react for probably business prepared only what Europe you can through have fourth the thing automotive continued you visibility North I'd we're coming from and the I and the the to right you cautious, continue of and know, of but third kind into as was, we quarter and Yes, of John. that includes, we a bit see looking think, And know, is where your through know, levels, going the in But specialty stronger the now. I we accordingly. [XX:XX:XX] is America bit watch demand that So shutdown's the fourth. recent supply PCC world. our look, you quarter to it's it

Silke Kueck

million your to looks dollars secondly, the all like know? you begin like just so getting your What are allocation it you're know, meaningful? cash do What again. do you then know, like, capital [XX:XX:XX] shares to, What back plans? to are buy going cash to XXX And close going with down, you you

Matthew Garth

that eight we unsecured regardless maturities, right We the years. year, where dollar sheet. position you this adjustments sure allocation stand, the our we that's know, we've I capital We to [XX:XX:XX] which know, that markets was of remained, make proper it going is cash capital a about call. what and solid for cash and know, left June balance balance environment. the was on we took Look, balance and sheet. solid there just million our was good it a were, priority and solid. and we think was April, have continue the liquidity capital. making has now that happens, what some is We XXX sure in working so And think maturities Our shape flow you similar last pushed to advantage know, we great liquidity you out in made that. a in And, that debt markets, was out We did cash some as have to in do into put you position company's to on into ensuring talked the sheet that

our to million that making steer direction. is our dollars But priority will thirty million more I now XX think a quarter, I know, paid sure third positions continue our you the to capital debt we've have like, right dollar as know, authorization and we have to in support cash to know, growth mentioned do opportunities. things we projects you we you And some sheet the I for, that today balance small. and intend that and going on execute We're on. these think

that have small we acquired. business hauling We our

for we we [XX:XX:XX] program all growth good repurchase that, of ensure think We balance that And repay have position execute think initiatives. for profile of potential I nice is work a sheet have and our a to share in our portfolio companies and so on resources our us. support debt,

D.J. Monagle

let me so free add that. flow And the [XX:XX:XX] just cash dimension to

of Doug quarter and cash know, million about of here saw strength in you talked the free dollars XX story and another the You the third flow. generating

last from If you generate to million the the cash quarter, dollars in call of XXX free to we flow in listen to you year. XXX told we going the that about were sorry, quarter

seeing on includes And what invest perspective. and the from know, the XXX growth in twenty to in the for company rest a now continuing company. we're Twenty sustaining based and the we're You year, through the to million generation range of free that XXX flow dollar of cash

dollar CapEx You is that to XX million to know, XX range. level in the going be

as approach And balanced said, generation. towards use a about, so of cash very our feeling good flow the Doug

Silke Kueck

cash worth [XX:XX:XX] seems stock. a of dollars plenty investment. It buy Things of XX back, know, good to like you million are

Douglas Dietrich

to that, we've know, and not about approach talked [XX:XX:XX] that's is levels good to investment, target making you Yeah, that say are always so a it down our but we think Silca, sure our levels. debt

toward balance will shareholders more where then, in ourselves returning And inorganic opportunities, and are we we toward our also as can we And opportunities we change, our repurchases. and steer to there, and share growth the opportunities. First, those steer returns as as see those investing more our strategy. fit potential acquisitions and yes, cash

things being the But continue that in in position the from shareholders I think of that of solid that that returns is able market point approach. opportunities, what capabilities to standpoint. regardless or footing, I be we sure for core and our have we take for advantage to the think are that we're an think we'll in inorganic it market we in, that making So economy

Silke Kueck

[XX:XX:XX] And much. thanks very

Douglas Dietrich

of lot us options. a Gives [XX:XX:XX]

Operator

is from [XX:XX:XX] Beli next All Research. Rosemary G And question right. Moore, the with

Rosemarie Morbelli

morning, [XX:XX:XX] Thank Good you. everyone.

Douglas Dietrich

Hi, Rosemary. [XX:XX:XX]

Rosemarie Morbelli

much cost know have how then cost just much only of up amount you on [XX:XX:XX] in in temporary of all, been come side, and is do do of you how that think and you terms the back? dollar So finishing how eliminating a much terms of first of have

Douglas Dietrich

[XX:XX:XX] an a Yes, OK, Rosemary. very we if yet. Thank Rosemary. don't OK, accent much, have you take sorry, you

what take we a with terms just costs, seen we dollars. year look last in expenses, meaning you Since other the also a be basis with of have the in where year, expenses you place taken over fixed time, on XX that also you related If that year the took that starting restructuring TNT we've that we effort million out at showed costs to about of costs, told we of that so and would experiencing talk we coming to a not to been to stay other we've been that benefit would that about those two When not place. overall that out heads. permanent over way be finding say headcount haven't costs about in we basis what's thirds permanent, of and need backfilling on and cost more overall going been system we efficient what's in the we've our a backfill year year that middle is

you basis of about on in and that could And and showed to here thirds one eighty a forward. favorability. And continue we hundred basis expect points quarter about the was that worth that so going so two you third

Rosemarie Morbelli

only you could that Thank bought worth back you year still answers that dollars get million stock. [XX:XX:XX] XX this million full to of you, Do know, and of quick closer you of of type your the, authorization, last this then year authorization? on dollars that's you helpful, questions XX think

Douglas Dietrich

[XX:XX:XX] XX to the full March the on know, know, suspended conditions. were, after do you we million that in Rosemary, given I dollar the we to, track think, you authorization, quarter, first

that our faces fully authorization. intent to that And so fulfill was and our

that pause we with sure And sheet. a balance in the when our position, sure summer on the took we we cash with in dollars. XX the our And to making be resumed, going that So able that million to think know, a mentioned intend do flow forward. time XX remaining we making were of with I do saw the we that preserved have in do due sheet we had, earlier, over cash as bit million to ended as right to you up I we balance the as cash, hand we a that pause, then

Rosemarie Morbelli

debt if still kind Thank you your debt in repayment. as right right. was low level heard how on [XX:XX:XX] now, I of debt. I cash wrong planning are And with as thought the All your it properly, reducing note, I suppose is still on And opposed you you feel. had that the you. the I

the is net target what So leverage then?

Douglas Dietrich

for [XX:XX:XX] a times, We've while. one of kind we've, maintained of around a the a level know, target two two been point Rose-Marie, you times

sheet. think we through I as we second priority of that what we sure very was as we balance prudent, happening, that. economy I the strong a felt viewed the as the kind had said, third we And to the went quarter, and I think and make as was

is. our where most to lot for And debt repayment. with the resources debt cash dollars again, debts of to so the the making shareholders that we additional the free position cash comfortable position. to could shareholders, million right make that sure going a we that the our quarter put were forward. growth options sheet make in we of payments our We us flow debt But third gives We XX some in have balance of opportunities. steer sure also have but our can are But

here. are We a to and in given little bit approach balanced the more might do we're but so. a lot take going toward So continue we that debt of options steer have where to we we economy,

Rosemarie Morbelli

now going XX memory would now from that if to overall percent. right. And million. markets targeting to you [XX:XX:XX] looking to are that consumer million your doubling driven XXX Ok, XX, grow my And first markets, at include XXX And thanks. level revenues XX to percent into serves those XX me are

can going M&A internal whether chunk So talk about or it the that from your you is timing growth is goal? the to biggest getting of whether actually most come and to growth

Douglas Dietrich

businesses it I I be? last how think Look, you I referring answered, you're we to oriented that the grow think [XX:XX:XX] could to could from consumer know, size. call, big think our questionnaire a

think an we're company of balance around certainly strategy creating consumer in standpoint. our from I industrial and the

consumer you you currently know, mentioned, we some grow positions. XX look about And, percent of oriented. As our we're core to

care of vertically Sematic, added we're business. our ago, that years an acquisition Petcare integrated think which with I called couple business. And doubled pet a we to in that

the that business of that saw you percent. know, you is think, at organic I XX growth

base pet those ensure think fabric, that And continue have that our business, will businesses to there businesses, of so our new have those healthy a right we purification, grow our health returns. are large edible to we business, we portion oil products capital care and to animal develop and the continue our

We out continue those to that. I opportunities continue for grow base oriented organically. consumer to our there's add will to to to And think us there expand product

a XX, them I to core organically could think Sure. get it XX our That's to percent? positions inorganically. growing combination of to current and be adding both going

that's think on those on oriented focused we those And on that so those lines products. product consumer levels. we're have over lines, possibility to types get time, But in product growing of to I these certainly core a

Rosemarie Morbelli

operations? businesses, just non of you related by your meaning get that to level Could [XX:XX:XX] divesting portfolio faster some reshuffling that consumer

Douglas Dietrich

[XX:XX:XX] Grace, that yes, On it. could percentage, would that do a

adding we're it. I potentially looking at would moment, at the yes, organically do know, those toward think I moment, moment, that inorganically. think, more and looking we're growing the you and the businesses at But

Rosemarie Morbelli

thanks. Ok, [XX:XX:XX]

Operator

and All your from Global Mike Securities. Harrison next is with Seaport question [XX:XX:XX] right,

Michael Harrison

could the wondering the if [XX:XX:XX] Hi, about was talk we good morning. business. EPS I

but was basis. up there over business flat a year the year percent, on said was You XX overall

Petcare? earlier pandemic? on in or there destocking that going maybe from outside some Serj declines buying what's of was So the Was happening

Douglas Dietrich

some, personal Yeah, product for segment, additives is of are household, end there products. kind drilling specialty a you know, is line care that specialty, that high and [XX:XX:XX] this in the and

been both mostly in oil was and those one and has that for gas product drilling. that And drilling. gas and additives off in that gas So line oil oil construction, the drilling, drilling

with other portion of last line had So over the believe exception of product that I that. year grown every

Michael Harrison

getting And and then Have that to some or your person, back writing benefit business. in within provided from much getting up? until And is we schools, [XX:XX:XX] printing don't you see some that, to get and customers not taxi seen paper colleges Philly paper learning, from the Susan. in-person we pick

Douglas Dietrich

from the I was what's that third quarter I growth some think think growth really due our the of the third majority the behind demand [XX:XX:XX] through to restarts. recently, some of

for, in entire a of know, shutdowns we you You the know, quarter entire had number second months.

restrictions plants Europe. government India know, You of shutdowns our for South and We April and in some part shutdowns in had Africa some May. almost of and

really restarted conversations improvement. demand do in customers, that that third through our Monica. quarter, those about is La more driving the which And think growth. We'll with I T.J.. so there A to was some talk

D.J. Monagle

am. I Yeah, [XX:XX:XX]

below know, that So general were come rates more percent. businesses to there's you that know, the and operating that generalize really XX operating what some neighborhood There's To a twenty has get and a just to cutting that work, perspective Doug rates just you in is restarting you schools that like twenty the we in improve. a statement, online optimism way is will we've from spot give been just we were, as the the on on of, the you went this, more the shutdown. know, coming up and seeing more

XX XX that. than lower right between somewhere was little at Europe ninety. percent was America in North a So and bit

as So into up, back are things most as that that. America coming be to feel people North back going is

this a And habits, habits the is, how pandemic? of thought is there's grow. their hybrid of back question says the they do rate paper the know into people return You to on schools that on everyone's how the Europe are this a their lot people that their going and will the offices bit of based and keeping that more these things, be seems data know, likely work. guess, change what people What is as be the XX because that consumption or to do work there's more the go methods longer more that feel to on working schools long going lasts, by to mark are they I are more, school the And to plus the mind big they electronic operating percent a transitioning little a doing question slower. term

long is a having stop. the there's and we've about North seen having in big Europe. term to that's but demand, forward. shutdown and question getting people especially growth America is And a same. question, does that the on story So there's about and our what help to big But back more but still the move work penetration. then and for in the And is that demand Asia, picture us, continues That my. But

Michael Harrison

your I the [XX:XX:XX] have XX helpful. it like last percent And refractory on run can approach number up then any to Do XX and or the utilization starting these pick I see is they like any sales? is you magic XX efficiently feel percent magic seems in XX bills utilization a profitably. like terms where these number are a as rates Absolutely, the percent rate percent more in question level. specific guys very refractory business, of or feel

Matthew Garth

me Let [XX:XX:XX] then I'll start ask comment. to Frederick is

past XX you operating You know, be, from was in necessary terms business business changed strong technology, that rate years really for thought know, income. over this know, in you of margin the percent a of this contribution margin this historically portfolio tremendously an to products. We've its couple business, we

mid saw is you think year I still last profitable. mid this know, quarter, late late, business you in the first the very so, in XXs, XXs, And

are that you think why bit you based you're business of and about our the where on little over marketplace Brad, talk we've profile rates time. a So don't going kind from what changed the customers. see you the in what of operating

Douglas Dietrich

continues NAFTA. [XX:XX:XX] pointing to Sure, sure. that conditions, automotive Thanks, Mike. all showing but year, out really Yeah, Matt showing gradual improvement. right market we're is rates levels are course, at Europe precut of percent. to levels. right now, increasing, prices We're beneficial now, North definitely America is steel and Right and of in which the And to to under XX scrap to know, seeing steel prior Doug both now from improving, reduced and it's of just better the the in industry. up, those looking regions, the you US all getting show back signs the

continue They percent. steel to they get healthy the are to. fourth the maintenance, plenty XX I it to we to on. also gradually time steel plants don't positioned that's at would through years, if on fourth I even overall, to covid. some the expand that both would assuming we but But out, new It But of aligned rate. but setbacks can some can improve. from was are the For twenty at to in pretty to coming will XX well gives which percent XX get And very a between refractory of out operate think seen There's and further do lines. quarter new we well both just be metallurgical hit back there along starting them. that continue we moving plants. pointed continue also with will rate and as anticipate These we're of these growth past pointed percent, and very rates great the couple new which maker twenty out be capacity to with we've very no them one, to healthy business

to yeah, not, So, percent some I were well, and think positioned Mike. back a rates chance really get if good to we reasonable have

Michael Harrison

[XX:XX:XX] All right, thanks very much.

Operator

[XX:XX:XX] with right, the from take next we'll Silver All and C.L. King. question David

David Silver

Actually, afternoon. hi, should say you. Yeah, thank morning, I good good [XX:XX:XX]

a percent in of year this pet couple you know, you pet XX had year early mentioned like, So comments a over regarding and sales your care here in care, of, couple on targeted increase I quarter, the sequential. questions

And I long higher kind for business to across across the for never, know, a is I come made three targeting maybe five that before of commentary numbers to you've also, six a You know, than partnering. come significantly your I'd XX reference is have think you time. as you that And percent in four to or been before. and, percent confess, that I the to

know, on. that growing, little of little bit partnerships like? color to of know, partnering care Are growth differently? in you and. potential part would of different bit a just increase, [XX:XX:XX] you the ultimate terms maybe be pet business doing opportunities a So What Are you your anything these

Douglas Dietrich

you. Thank [XX:XX:XX]

four I a others to for think supplier, Petcare shelves. about, private and refer are we producing I so their know, what you is partnering, we label, for brands talk partnering

we're talking partnering about world. And the customers so new been We've with partnering. around

growing we business China. a know, in have You

there continues brands to in as grow and to civil at new business and solid Europe well. to supply new Our rates matter continuing partners

see I to we behavior started at and move think some we're for comments ourselves. as as the you other and were channels online have buying online, the also consumer looking be more

So going are a number channels not that different the on. partnering just And of main online Those around global in things our region. that's that's and there's are world.

able by to a for So talk provide work partnering, when it's it's position and integrated supplier. to us I partner brands able to as vertically that about those being want being who with are

David Silver

some to China this which And I growth it [XX:XX:XX] quarter. have cited project legacy guess up. has you to was the your kind the that this with Chien-Ming, partnering thank wanted to Chien-Ming there associate XX Label. products to growth wondering PCC the quarter things didn't growth I if particular for unit clarifying you as my but started startup. in the you to trying I and or shipped I you over there maybe Private scale that. think I I'm in that volume the get in China all you I of shift and ahead over sorry started full the but been for the But might so to, produced relate satellite so, Ok, in know, full characterize have related scratching or maybe locations, you at maybe was location, know, other [XX:XX:XX] there, new particular, could percent not was head of upcoming of that growth, business with

was other know, part guess of part you was related or related plants this, I or legacy maybe in required. volumes preproduction So, know, to preproduction, startup are of was that in words, all any growth that to maybe the the or that pre was somehow, growth it, you China Chien-Ming,

Douglas Dietrich

over demand operating from we [XX:XX:XX] was year from strong facilities That year over the year know, in saw there, you year the legacy growth some, growth China legacy. so our all our

online example So that about Chien-Ming be the ton facility hundred thousand will that fifty give you coming metric a has not come facility an online. and

facility commissioned you idea. the came give an next that volumes should in December none quarter and up ramping that of first kind you So year to be from know, those of of through,

Chien-Ming another base installed our tons. know, represent and XXXXXX will capacity probably tons China in You is of XXX thousand

bringing to of capacity know, you close a us in million So, Asia. of tons tons to

paper next we percent XX, capacity growth another when XX percent in That's So to we're XX very and and in ramping building, up adding penetration about facility story see growth China, you know, next up in you so one enthusiastic and and base, because ramps almost, we're why India as business, our we're the our know, you that that, Asia also which then think another year. year.

driving those in in coming So, That's T.J. opportunities from. and Asia. where really penetration about talked it's growth our business this

hopefully bit. we that in see next David, continuing numbers year through of growth a little those So helps type Asia.

David Silver

Yeah, [XX:XX:XX] thank you.

kind over total. sorry, million tonnes China's of, Just some installed installed you'll that little metric know, have one of out million base. That's of bit a overall one you your three million share

Douglas Dietrich

million in and I the in a been that's kind tons the million Asia that's morning in the been Asia China. base, [XX:XX:XX] think is of our majority installed in tons

past been growing very has over quickly India five However, the years.

David Silver

you're North Is as products in due America to Qualitatively and you like you to, let's are own? you related then it say, the value custom in been quarters and the types other Ok, know, time but, one maybe But ones in you you've as that now, China it quantitatively sell case to North similar is the know, business, probably the Is I China that that that for on growth in just other one different in my customers, this many you the Europe custom China a to the proposition know, Europe or, question, or marketed regions America other that go know, it. where blend is you to foundry And, there. of [XX:XX:XX] regularly types products of is understanding. know, it. blends maybe or you region you highlighting same or, either offer are should the blends you the Western to region. their gap in for selling? words, In assume know, again, just the custom that or

Douglas Dietrich

that requirements to, [XX:XX:XX] what of that the It's not equipment, concept, tailoring the that a same because I they're formula exactly you formulas. car's quality that it's we in reason so and is guess, know, not very that the much to much, product. terms very you And the dimensions are make, customer's know, of behind and same they're trying that

through but know, so the it's to scrap that. whether system machines, those rates through requirements meets a improve being throughput them, And very additive to their tailor able casting to reduce to their that a and blend and able low an you to, levels develop the scrap that or those blend help we're

be pick North able on to customers. go and to you an phone is in know, So, mean, know, exactly I aspects, and to, America, the an if you of we're many our to proposition foundry, quality, that may reduce a then not can deliver and they of customers, our the real but issue, blends have us. that It's and they that kind value technical improve hourly that deeply, be help the our time. improve able basis delivering same, talk standpoint, being from trucks foundry understand really blend costs, in up

our we change We and and what we growth China. what proposition, lot capability exactly understand China, next kind that's make Our through change world. the value what issue of of the can a And sure technical we're that blend make truck. the the the developing in how what's know technical And you on of experts and know, a the that delivered capability. driving, to of is. It's go type will the that's around can our level

David Silver

Thank [XX:XX:XX] very much. Ok, you great.

Operator

like And is questions ask are time, a [XX:XX:XX] closing now appears further star at to no All that back again, one the for turn Dietrich right, I'd Mr. remarks. any there once conference this to to question. it

Douglas Dietrich

you [XX:XX:XX] Thank participation, remain your in your concludes very now safe. families you Thank and This may I [XX:XX:XX] for I the much, do appreciate everybody today's joining today, call. call you again. hope you everyone Thank disconnect.

Minerals (MTX) 30 Oct 202020 Q3 Earnings call transcript