Orion Engineered Carbons S.A. (NYSE:OEC) Q3 2023 Earnings Conference Call November 3, 2023 8:30 AM ET

Company Participants

Wendy Wilson - Head, Investor Relations

Corning Painter - Chief Executive Officer

Jeff Glajch - Chief Financial Officer

Conference Call Participants

Josh Spector - UBS

Chris Kapsch - Loop Capital Markets

Jon Tanwanteng - CJS Securities

Kevin Estok - Jefferies

Jeff Zekauskas - JPMorgan

Kyle Mowery - Grizzly Rock Capital

Operator

Greetings, and welcome to the Orion's Third Quarter Financial Results Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Wendy Wilson, Head of Investor Relations. Thank you, Wendy. You may begin.

Wendy Wilson

Thank you, Alicia. Good morning, everyone and welcome to Orion's conference call to discuss our third quarter 2023 financial results. I'm Wendy Wilson, Head of Investor Relations.

With me today are Corning Painter, Chief Executive Officer and Jeff Glajch, Chief Financial Officer. We issued our press release after the market closed yesterday and we also posted our slide presentation to the Investor Relations portion of our website. We will be referencing this presentation during the call.

Before we begin, I'd like to remind you that some of the comments made today on today's call are forward-looking statements. These statements are subject to the risks and uncertainties as described in our filings with the SEC, and our actual results may differ from those described during our call.

In addition, all forward-looking statements are made as of today, November 3. The company is not obligated to update any forward-looking statements based on new circumstances or revised expectation.

All non-GAAP financial measures discussed during this call are reconciled to the most directly comparable GAAP measures in the table attached to our press release.

I will now turn the call over to Corning Painter.

Corning Painter

Thank you, Wendy. Good morning, everyone and thank you for joining our call today. As you can see on slide three, we remain on track for another year of growth and record results in 2023.

We delivered third quarter adjusted EBITDA of $77 million and adjusted diluted EPS of $0.49, the second highest third quarter results we've ever posted for both figures. Beyond this, we also reported nine-month record adjusted EBITDA of $266 million, up 7.5% and adjusted diluted EPS of $1.76. Our nine-month adjusted EBITDA of $266 million is just $1 million short of our entire 12-month adjusted EBITDA just two years ago in 2021.