Element Solutions Inc. (NYSE:ESI) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET
Company Participants
Varun Gokarn - Senior Director, Strategy and Finance
Benjamin Gliklich - President and Chief Executive Officer
Carey Dorman - Executive Vice President and Chief Financial Officer
Conference Call Participants
Joshua Spector - UBS
John Roberts - Credit Suisse
Kieran de Brun - Mizuho Securities
Stefan Diaz - Morgan Stanley
Rock Hoffman - Bank of America
Jonathan Tanwanteng - CJS Securities
Christopher Kapsch - Loop Capital Markets
David Silver - CL King
Operator
Good morning, ladies and gentlemen, and welcome to the Element Solutions Q1 2023 Financial Results Conference Call. Today's call is being recorded and all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
Thank you. I will now turn the call over to Varun Gokarn, Senior Director of Strategy and Finance. Please go ahead.
Varun Gokarn
Good morning, and thank you for participating in our first quarter 2023 earnings conference call. Joining me are our Executive Chairman, Sir Martin Franklin; CEO, Ben Gliklich; and CFO, Carey Dorman.
In accordance with Regulation FD, or Fair Disclosure, we are webcasting this conference call. Any redistribution, retransmission or rebroadcast of this call in any form without the express written consent of Element Solutions is strictly prohibited.
During today's call, we will make certain forward-looking statements that reflect our current views about the company's future performance and financial results. These statements are based on assumptions and expectations of future events that are subject to risks and uncertainties. Please refer to our earnings release, supplemental slides and most recent SEC filings for a discussion of material risk factors that could cause actual results to differ from our expectations and predictions. These materials can be found on the company's website at www.elementsolutionsinc.com in the Investors section under News & Events.
Today's materials also include financial information that has not been prepared in accordance with U.S. GAAP. Please refer to the earnings release and supplemental slides for definitions and reconciliations of these non-GAAP measures to comparable GAAP financial metrics.
It is now my pleasure to introduce Element Solutions' CEO, Ben Gliklich.
Benjamin Gliklich
Thank you, Varun and good morning, everybody. Thank you for joining.
In the first quarter, Element Solutions delivered on its financial commitments. We grew adjusted EBITDA sequentially and reported results in line with our guidance, despite continued softness in electronics end markets and Asian economies more broadly. Portfolio diversification and cost containment softened the impact of decline in key end markets like mobile. Our organic sales performance reflects the consumer electronics malaise that began in the middle of last year and has driven broad-based volume declines across the industry.