Trinseo PLC (NYSE:TSE) Q4 2023 Earnings Call Transcript February 13, 2024 10:00 AM ET

Company Participants

Andy Myers - Director of IR

Frank Bozich - President and CEO

David Stasse - EVP and CFO

Conference Call Participants

Frank Mitsch - Fermium Research

David Begleiter - Deutsche Bank

Matthew Blair - TPH

Hassan Ahmed - Alembic Global Advisors

Laurence Alexander - Jefferies

Operator

Good morning, ladies and gentlemen, and welcome to the Trinseo Fourth Quarter 2023 Financial Results Conference Call. We welcome the Trinseo management team, Frank Bozich, President and CEO; David Stasse, Executive Vice President and CFO; and Andy Myers, Director of Investor Relations. Today's conference call will include brief remarks by the management team, followed by a question-and-answer session. The company distributed its press release along with its presentation slides at close of market Monday, February 12. These documents are posted on the company's Investor Relations website and furnished on a Form 8-K filed with the Securities and Exchange Commission. [Operator Instructions] I'll now hand the call over to Andy Myers. Please go ahead.

Andy Myers

Thank you, Audra, and good morning, everyone. At this time, all participants are in a listen-only mode. After our brief remarks, instructions will follow to participate in the question-and-answer session. Our disclosure rules and cautionary note on forward-looking statements are noted on Slide 2. During this presentation, we may make certain forward-looking statements, including issuing guidance and describing our future expectations. We must caution you that actual results could differ materially from what is discussed, described, or implied in these statements. Factors that could cause actual results to differ include but are not limited to risk factors set forth in Item 1A of our annual report on Form 10-K or in our other filings made with the Securities and Exchange Commission. The company undertakes no obligation to update or revise its forward-looking statements.

Today's presentation includes certain non-GAAP measurements. A reconciliation of these measurements to corresponding GAAP measures is provided in our earnings release and in the appendix of our investor presentation. A replay of the conference call and a transcript will be archived on the company's Investor Relations website shortly following the call. The replay will be available until February 13, 2025.

Now I'd like to turn the call over to Frank Bozich.

Frank Bozich

Thanks, Andy, and welcome to our year-end 2023 earnings call. Although this was arguably the most challenging year in our company's history and one of the most difficult in recent memory for the chemical industry, I'm proud of what we accomplished during the year to improve our cost position and strengthen our market position when global markets normalize. While unprecedented customer destocking, competitive pressure from imports into Europe and weak market demand persisted throughout the year, we didn't sit idle. We took decisive action on items within our control to liberate cash improve profitability and extend our near-term maturities to provide ample runway for the continued shift of our portfolio.