DuPont de Nemours, Inc. (NYSE:DD) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET

Company Participants

Chris Mecray - VP, IR

Ed Breen - CEO

Lori Koch - CFO

Conference Call Participants

Jeff Sprague - Vertical Research Partners

Scott Davis - Melius Research

Steve Tusa - JPMorgan

Mike Leithead - Barclays

John McNulty - BMO Capital Markets

David Begleiter - Deutsche Bank

Aleksey Yefremov - KeyBanc Capital Markets

Josh Spector - UBS

Vincent Andrews - Morgan Stanley

Frank Mitsch - Fermium Research

Arun Viswanathan - RBC Capital Markets

Operator

Good day, and welcome to the DuPont Specialty Products USA LLC Third Quarter 2023 Earnings Conference Call. [Operator Instructions] And finally, I would like to advise all participants that this call is being recorded. Thank you.

I'd now like to welcome Chris Mecray to begin the conference. Chris, over to you.

Chris Mecray

Good morning, and thank you for joining us for DuPont's third quarter 2023 financial results conference call. Joining me today are Ed Breen, Chief Executive Officer; and Lori Koch, Chief Financial Officer. We have prepared slides to supplement our remarks, which are posted on DuPont's website under the Investor Relations tab and through the webcast link.

Please read the forward-looking statement disclaimer contained in the slides. During this call, we will make forward-looking statements regarding our expectations or predictions about the future. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements.

Our Form 10-K, as updated by our current and periodic reports, includes detailed discussion of principal risks and uncertainties which may cause such differences. Unless otherwise specified, all historical financial measures presented today are on a continuing operations basis and exclude significant items we will also refer to other non-GAAP measures. A reconciliation to the most directly comparable GAAP financial measure is included in our press release and presentation materials and have been posted to DuPont's Investor Relations website.

I'll now turn the call over to Ed.

Ed Breen

Good morning, and thank you for joining our third quarter 2023 financial review.

This morning, we announced third quarter results, and delivered solid earnings accomplished through strong operating execution by our teams despite ongoing volume headwinds, including channel inventory destocking and continued weak demand in China. We reported sequential operating EBITDA growth of 5% and margin improvement of 140 basis points in the third quarter.