Ingevity Corporation Common Stock

My name is Adam and I'll be your operator today. If you'd like to ask a question in the Q&A portion of today's call, you may do so by pressing the star followed by one on your telephone keypad to enter the queue. I will now hand the floor to John Nyparva to begin. So, John, please go ahead when you're ready.

Thank you, Adam. Good morning and welcome to Ingevity's third quarter 2024 earnings call. Earlier this morning, we posted a presentation on our investor site that you can use to follow today's discussion. It can be found on ir.engevity.com under Events and Presentations. Also, throughout this call, we may refer to non-GAAP financial measures, which are intended to supplement, not substitute, for comparable GAAP measures. Definitions of these non-GAAP financial measures and reconciliations to comparable GAAP measures are included in our earnings release and are also in our most recent form, 10-K. We may also make forward-looking statements regarding future events and future financial performance of the company during this call, and we caution you that these statements are just projections and actual results or events may differ materially from those projections as further described in our earnings release. Our agenda is on slide three. Our speakers today are Luis Fernandez Moreno, our interim CEO, and Mary Dean Hall, our CFO. Our business leads, Ed Woodcock, President of Performance Materials, Rich White, President of Performance Chemicals, and Steve Hume, President of Advanced Polymer Technologies, are available for questions and comments. Luis will start us off with some highlights for the quarter. Mary will follow with a review of our consolidated financial performance and the business segment results for the third quarter. Luis will then provide closing comments and discuss 2024 guidance. With that, over to you, Luis.

Thanks, John, and good morning, everyone. Please turn to slide five. Let me begin by saying how excited I am to be here to help Ingevity continue to execute on our business strategies to maximize profitability, including the repositioning of our performance chemical segment. The team has done much of the heavy lifting to set this segment up for success. We've exited lower margins, cyclical end markets. We've reduced our physical footprint to optimize costs and diversify our raw material stream. And we have exited long-term supply contracts, which have hindered our ability to manage the cost and timing of key raw material purchases. These efforts have not been easy. I have been a member of the Ingevity Board since the day we became public And I can say that the Board has been and continues to be supportive of this strategic direction. I know that many of you have been keenly focused on our actions in the performance chemical segment the last several quarters, understandably so. At the same time, I want to ensure our other segments, performance materials and advanced polymer technologies, get the attention and focus they deserve. Together, these three segments give us scale and diversity around geographies and in markets. In addition to my focus on executing the business strategies underway, one of my first tasks will be to review our portfolio of businesses to bring a fresh look to our overall corporate strategy. Ingevity has many things to be proud of. And you see this in our third quarter results, which Mary will go over in detail. Performance Materials continues to deliver profitable sales growth at top quartile margins in what some consider a soft auto-production environment. APT maintains solid EBITDA margins despite mixed changes and pricing pressures as inflation began to cool down while global industrial demand remained weak. And our performance chemical segment saw margin improvement even as we worked through high-cost CTO inventory and were negatively impacted by adverse weather conditions in North America, in the key North America regions of our road technologies product line. This quarter gives you a glimpse of what this company can do, even in the face of headwinds like slow industrial demand, weather impacts, and consuming high-cost CTO inventory. My focus in the upcoming quarters will be on execution to ensure our efforts and resources are focused on delivering the improved results we all expect. Although it has only been four weeks, I am even more excited now about the future of Ingevity. With that, I'll turn it over to Mary to review the financials for the quarter.