Orion S.A. (NYSE:OEC) Q2 2024 Earnings Conference Call August 2, 2024 8:30 AM ET

Company Participants

Christopher Kapsch - Vice President of Investor Relations
Corning Painter - Chief Executive Officer
Jeff Glajch - Chief Financial Officer

Conference Call Participants

Chris Perrella - UBS
Daniel Rizzo - Jefferies
Jon Tanwanteng - CJS Securities
John Roberts - Mizuho

Operator

Greetings, and welcome to the Orion SA Q2 2024 Earnings 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, Chris Kapsch, Vice President of Investor Relations. Thank you. You may begin.

Christopher Kapsch

Thank you, Sachi. Good morning, everyone, and welcome to Orion's conference call to discuss both second quarter 2024 results and to provide a mid-year update on some strategic context, which we believe will be helpful for the investment community to consider. This is Chris Kapsch, new to leading Orion Investor Relations efforts. I know many of you from prior roles and look forward to working with you in this new capacity.

Joining our call today are Corning Painter, Orion's Chief Executive Officer; and Jeff Glajch, our Chief Financial Officer. We issued our 2Q earnings after the close yesterday. We have posted a slide presentation to the Investor Relations portion of our website. We will be referencing this deck during the call.

Before we begin, I am obligated 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 Securities and Exchange Commission, and our actual results may differ from those described during this call. In addition, all forward-looking statements are made as of today, August 2. The company is not obligated to update any forward-looking statements based on any new circumstances or revised expectations. All non-GAAP financial measures discussed during this call are reconciled to the most directly comparable GAAP measures in the tables attached to our press release.

And with that, I will turn the call over to Corning Painter.

Corning Painter

Thank you, Chris. Before walking through the detailed deck, let's skip to Slide 4 and go right to the heat. Why our Q2 EBITDA was below expectations? And what is our path forward? You will see our revised 2024 guidance midpoint is now $25 million to $30 million below the expectations we set at the beginning of the year. Lower-than-expected Rubber segment volumes and adverse cogeneration are the major factors.