Orion S.A. (NYSE:OEC) Q4 2023 Earnings Conference Call February 15, 2024 8:30 AM ET
Company Participants
Wendy Wilson - Head, IR
Corning Painter - CEO
Jeff Glajch - CFO
Conference Call Participants
Josh Spector - UBS
Daniel Rizzo - Jefferies
Jon Tanwanteng - CJS Securities
Lydia Huang - JPMorgan
Operator
Greetings, and welcome to Orion S.A. Full Year 2023 Financial Results Conference 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, Raju. Good morning, everyone and welcome to Orion's conference call to discuss our 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 a 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 on today's call are forward-looking statements. These statements are subject to the risks and uncertainties as described in the company's filings with the SEC, and our actual results may differ from those described during the call.
In addition, all forward-looking statements are made as of today, February 15, 2024. 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.
In 2023, we delivered another year of record-adjusted EBITDA, our third year of growth. As good as that is, we are not satisfied. If demand had not cooled off over the year, our results could have been in line with or even beaten our initial guidance. When Jeff takes you through the EBITDA waterfall on Slide 9, you'll see just how impactful the 2023 contract round was and how the slowing underlying markets impacted us.
The good news is, as we predicted, we achieved our goals for the 2024 rubber pricing cycle despite relatively weak demand in our key markets. I believe this sets us up well for the 2025 cycle, which will be negotiated later this year. Our customers remain cautious about 2024 volume, and our guidance reflects that. I'll explain more about that later on the call.