[Applause] Food is one of the most beautiful parts of our life and one of the most powerful vehicles for change in our world. But we find ourselves at a fundamental turning point in human history, a fork in the road. And we have two options to pursue with regards to how we grow our food, what we grow, and the systems we grow our food within.Here's our choice. Option one is to continue with the current industrialized food system. In this system, we tear down all the trees.We grow one type of crop as far as t ...

Financial Data and Key Metrics Changes - The company reported Q3 adjusted earnings per share of $1.9, which was down 1% compared to the same period last year and in line with Q2 results [6][16] - Operating cash flow for the quarter was strong at $249 million, funding capital expenditures and enabling $64 million returned to shareholders [7][17] - The company’s cash balance at the end of the quarter was $239 million, with a liquidity position of approximately $1.4 billion [17] Business Segment Data and Key Metrics Changes - Reinforcement Materials segment EBIT was $128 million, down $8 million year over year, primarily due to an 8% decline in global volumes [18][19] - Performance Chemicals segment EBIT increased by $2 million year over year, driven by higher gross profit per ton, despite an 8% decline in global volumes [20] Market Data and Key Metrics Changes - Volumes in Asia Pacific were down 11%, while volumes in The Americas decreased by 9%, with Europe experiencing a 4% increase [19] - The battery materials segment saw a 20% increase in contribution margin compared to the same period last year, with a focus on differentiating products for the EV market [11][12] Company Strategy and Development Direction - The company announced an acquisition of Bridgestone's reinforcing carbons plant in Mexico for $70 million, expected to be accretive in the first year [7][9] - Sustainability is a core focus, with the company receiving a platinum rating from EcoVadis for its sustainability leadership [10] - The company aims to build a leadership position in battery materials, targeting high-value segments in both China and Western economies [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a challenging macroeconomic environment, reaffirming the full-year EPS guidance of $7.15 to $7.5 [27][29] - The company is focused on executing operational excellence and optimizing its supply chain to mitigate the impacts of tariffs and lower demand [28][29] Other Important Information - The company expects to maintain a competitive dividend yield and has plans for share repurchases between $150 million to $200 million in fiscal 2025 [25][29] - The company has completed a new unit in Indonesia and expanded CNT capacity in China, supporting its growth strategy [25] Q&A Session Summary Question: Relationship between tariffs and demand in North America - Management discussed the dynamic nature of tariffs, noting that passenger car tires from Southeast Asia have tariffs in the 19% to 29% range, while those from China are around 70% [34][35] Question: Volume differences in The Americas - Management confirmed that volumes in The Americas were down 9% year over year, with North America and South America experiencing different market conditions [41][42] Question: Impact of tariffs on inventory levels - Management indicated that tire inventories appear balanced, with some budget brands having elevated levels, but overall, the situation seems to be stabilizing [54][55] Question: Network optimization initiatives - Management explained that network optimization efforts are broad and aimed at improving product mix and cost efficiency, which should favorably impact operating leverage [63][66] Question: Corporate cost reductions - Management attributed a $12 million improvement in unallocated corporate costs to a mix of headcount actions and lower third-party spending [69][70] Question: Carbon black volumes in The Americas - Management noted that elevated tire imports have negatively impacted local production levels, but there are signs of stabilization and potential improvement in the future [73][75]

Sustainability - Hedera claims to be the most sustainable public network [1] - Hedera emphasizes energy efficiency and responsibility [1] - Hedera is built for a greener digital future [1] Technology & Tools - Hedera Guardian is an open-source toolkit for ESG assets like carbon credits, promoting trust, transparency, and traceability [1]

What do you do when you return to a place that no longer feels like home? When no one is expecting you, and there’s no path laid out, but something inside you keeps moving. Seyrans story is about searching for identity, learning to live with discomfort, and building the kind of space that wasn’t handed to you, but can be created by you. Seryan Yenokyan is an Armenian youth worker, environmental activist, and mentor passionate about empowering young people to become changemakers. He is pursuing a degree in S ...

Financial Data and Key Metrics Changes - The company reported record sales of $963 million, up 30% year-over-year, with organic growth of 9% driven by both volume and price [12] - Adjusted EPS grew 28% to $0.86, exceeding guidance [14] - Adjusted operating income increased 18% year-over-year, with a return on sales of nearly 21% [8][14] Business Line Data and Key Metrics Changes - Systems Protection sales increased 43% to $632 million, with organic growth of 10% [14][16] - Electrical Connections sales rose 11% to $331 million, with organic sales up 7% [16] - Infrastructure vertical led with organic sales growth over 20%, while commercial residential sales were up mid-single digits and industrial sales were down slightly [8][16] Market Data and Key Metrics Changes - All key geographic regions experienced growth: Americas up 9%, Europe up 10%, and Asia Pacific up low single digits [9] - The backlog increased more than fourfold compared to the previous year, driven by strong demand in data centers and power utilities [6][10] Company Strategy and Development Direction - The company is focused on becoming a higher growth electrical connection and protection company, with a significant shift towards the infrastructure vertical, which is expected to account for over 40% of sales [25][26] - Investments are being made in data solutions to support the AI build-out, with a focus on innovative power and cooling solutions [27][29] - The company is prioritizing growth initiatives, including new products and acquisitions, while maintaining a strong balance sheet [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance and growth outlook, particularly in data centers and power utilities [10][11] - The company raised its full-year sales guidance to reflect strong Q2 results, expecting reported sales growth of 24% to 26% [21] - Management acknowledged the dynamic tariff environment but emphasized their ability to manage pricing and productivity to offset impacts [10][87] Other Important Information - The company launched 50 new products in the first half of the year, contributing over three points to sales growth [8] - Free cash flow for the quarter was robust at $74 million, with a healthy balance sheet supporting disciplined capital allocation [18][19] Q&A Session Summary Question: Timing of converting backlog and its duration - Management indicated that the backlog is expected to convert into sales through 2026 and beyond, driven by growth in the data center solutions business and recent acquisitions [36][37] Question: Concerns about disintermediation in liquid cooling - Management clarified that they partner with hyperscalers to provide complete system solutions or specific products, maintaining strong relationships despite market changes [38][41] Question: Performance of commercial residential segment - Management noted healthy performance in the commercial residential segment but remained cautious about the overall industry outlook, expecting it to be flattish for the year [47][49] Question: Backlog growth and expectations for the second half - Management confirmed that backlog has grown significantly, particularly in the systems protection business, which is expected to grow ahead of the electrical connections segment [54][55] Question: Price recovery from tariff impacts - Management stated that they expect to recover tariff impacts through pricing and productivity, with a focus on maintaining healthy margins [85][87] Question: Modular data centers and integration of other products - Management indicated that they are integrating other OEMs' equipment into their modular data center offerings, which will enhance their capabilities over time [90][91] Question: Growth opportunities in international markets - Management attributed outperformance in international markets to a focus on high-growth verticals and strong distribution partnerships [117] Question: Margin protection amid inflation and tariffs - Management confirmed that they have mechanisms in place to adjust pricing in response to tariffs and inflation, ensuring margin protection through long-term contracts [119]

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Financial Data and Key Metrics Changes - The company reported EPS of $1.55, up 36% from Q1, and sales of $529 million, an 8% sequential increase [5][16] - Operating income reached $79 million, a 25% sequential increase, with an operating margin of 14.9%, up 200 basis points from Q1 [5][17] - Free cash flow was $34 million, with total liquidity at nearly $700 million, reflecting a $150 million increase year-over-year [27][29] Business Line Data and Key Metrics Changes - Consumer and Specialty segment sales were $278 million, up 4% sequentially, with Household and Personal Care sales at $127 million, up 3% sequentially [19][20] - Specialty Additives sales were $150 million, down 5% year-over-year but up 4% sequentially, driven by seasonal demand in residential construction [21] - Engineered Solutions segment sales were $251 million, up 12% sequentially, with High Temperature Technologies sales at $178 million, down 3% year-over-year but up 5% sequentially [23][24] Market Data and Key Metrics Changes - The North American cat litter market has been slower, leading to increased competitive dynamics, while the global pet litter market shows positive long-term growth [7][8] - The North American steel market remains stable, while the European steel market is weak, impacting sales in that region [11][24] - Demand in the Environmental and Infrastructure product line has stabilized, but overall project activity is lower than historical levels [14][25] Company Strategy and Development Direction - The company is focusing on capacity expansion for high-growth products, including sustainable aviation fuel and animal health solutions, with projected revenue growth of $100 million from these initiatives [15][27] - Investments are being made in new facilities and upgrades to improve efficiency and reduce production costs [8][20] - The company is committed to sustainability, achieving significant reductions in emissions and waste, and plans to outline new long-term goals in the next sustainability report [32][34] Management's Comments on Operating Environment and Future Outlook - Management noted that while market conditions are not robust, they are executing initiatives to support near-term demand across multiple product lines [14][30] - The outlook for Q3 anticipates stable sales and income, with potential upsides balanced by macroeconomic uncertainties [30][31] - Management expressed confidence in the second half of the year being stronger than the first half, driven by ongoing growth initiatives [31] Other Important Information - The company returned $22 million to shareholders in Q2, maintaining a balanced approach to capital deployment [28] - The balance sheet remains strong, with a net leverage ratio of 1.7 times EBITDA, below the target of two times [29] Q&A Session Summary Question: Insights on Household and Personal Care segment growth - Management indicated that while there is improvement, the pet care market has been slower, leading to competitive pricing and promotional activities [40][41] - Smaller products in the segment are growing at double-digit rates, which are expected to drive overall growth [42][43] Question: Drivers of better operating income performance in Engineered Solutions - Strong productivity and effective supply chain management contributed to better-than-expected operating income [51][52] - Management noted ongoing macro uncertainties but expressed confidence in maintaining similar margin performance [54][55] Question: Capacity for larger acquisitions - The company is open to considering larger acquisitions and has a strong balance sheet to support potential deals [58][60] Question: Schedule for new PCC satellites - Three new satellite facilities are expected to come online in the next seven to eight months, including expansions in Asia [64][66] Question: Outlook for steel production and MINSCAN penetration - The U.S. steel market is stable, while the European market remains weak, with ongoing efforts to penetrate the MINSCAN technology in both regions [70][73]

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