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CEO Kurt Bitting reiterated that the strategic review is exploring a full spectrum of options to maximize shareholder value for the AMAC business and is progressing on schedule. CFO Mike Feehan explained that while the leverage ratio rose to 3.5x due to the acquisition and buybacks, it's expected to return to around 3.0x by year-end. He noted that achieving the 2.0-2.5x target may be deferred due to opportunistic share repurchases.

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CFO Michael Feehan projected ending 2024 with a net leverage ratio of approximately 3.0x and noted that a historical deleveraging pace of 0.5x per year puts the 2.0x-2.5x target within reach during 2025. He quantified the hurricane impact at a 'few million dollars' and highlighted that the $5-$10 million step-up in reliability program and turnaround costs seen in 2024 would not repeat at the same magnitude in 2025.

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EVP Robert King stated that while Brazil remains competitive, generic pricing from China has been stable for four consecutive quarters, a positive sign. CEO Chuck Magro added that the overall market is slowly improving, destocking is complete, and pricing has stabilized in most regions outside of Brazil.

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CEO Charles Magro responded that while the company evaluates all options for value creation, it is currently built around providing an integrated solution to the farmer. He emphasized the significant synergies in R&D and go-to-market strategies, stating his confidence that the integrated offering of seed, crop protection, and biologicals is a powerful and value-creating approach.

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CEO Chuck Magro explained that Corteva is ahead of schedule on its path to royalty neutrality and over-delivered on improvements in 2024, which makes the 2025 figure appear smaller but keeps the multi-year average on track. EVP Timothy Glenn added that 2025 is a transition year where royalty income growth will exceed royalty expense reduction, highlighting progress with Conkesta E3 soybeans in Brazil.

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CEO J. Erik Fyrwald detailed the progress made, including separating the business and divesting commodities. He expects to provide an update with the Q4 earnings call and achieve 'absolute clarity' in 2026. Fyrwald confirmed that there has already been 'strong proactive interest' from both private equity and strategic buyers.

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CEO Erik Fyrwald stated that reaching the low end of the guidance would likely require a significant economic slowdown. He expressed confidence that current order patterns support being 'solidly in that range' and highlighted the team's focus on driving growth through innovation and geographic diversification to achieve its guidance in any economic scenario.

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CEO Jon Erik Fyrwald expressed that he feels very good about the progress, noting that embedding R&D into the business units has created energy and a better connection to customer needs. He cited the Scent team's plan to strengthen its molecule pipeline as an example. Fyrwald believes the main impact from new projects will be seen in 2026 and beyond, but the renewed energy and stronger pipeline are already benefiting customer discussions and will help in 2025.

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EVP & CFO Steven Bender explained that while there will be improvement, not all of the $110 million impact can be added back in Q3 due to the slow ramp-up of operations, though he did not provide a specific figure. He confirmed that the new $200 million in cost savings are considered to be structural and therefore sticky.

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EVP and CFO Steve Bender acknowledged feedstock headwinds and noted that price nominations across polyethylene, PVC, and caustic are intended to address these pressures and improving demand. For the epoxy business, Bender stated that performance is improving, aided by antidumping actions, and he expects the positive trend to continue into 2025, though a full recovery may take longer.

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Jon Kemp, President of the Electronics division, explained the ICS growth rate slowed due to a tougher year-over-year comparison. CEO Lori Koch stated the insurance rights purchase was to ensure Chemours' liquidity for settlement payments and expressed high confidence in recovering the funds.

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Jon Kemp, President of the Electronics division, explained the ICS growth rate slowed due to a more difficult year-over-year comparison as the AI-driven recovery began in Q2 2024. CEO Lori Koch stated the insurance rights purchase was to ensure Chemours' liquidity for settlement payments, adding they are confident in recovering the funds.

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CEO Lori Koch stated that the new DuPont's strategy is to build around its high-growth Healthcare and Water platforms and reduce complexity over time, but declined to comment on specific speculation about the Aramids business. CFO Antonella Franzen quantified the sales pull-forward at approximately $30 million.

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CEO Lori Koch explained that the flat outlook for China's semi business is a normalization after 40% growth in 2024, which included pre-buy activity. She sized the China semi market at approximately $600 million. CFO Antonella Franzen noted continued softness in North American construction but anticipates low single-digit growth for the shelter business in 2025.

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CEO Lori Koch indicated that the strong E&I margin was not driven by one-time items and could be sustainable if the top line and productivity initiatives are maintained. Regarding Safety Solutions, she explained that after significant price increases in recent years that more than covered costs, giving back a few points on price is a strategic move to maintain market share.

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CEO Peter Vanacker indicated the decision was influenced by both factors, stating plans were adapted to 'the pace of development in the markets and especially also the prudent allocation of capital.' He emphasized the need for firm brand owner commitments before a final investment decision but did not quantify the impact on long-term EBITDA targets for the circular business.

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CEO Peter Vanacker emphasized that LyondellBasell is not a large polyethylene exporter from North America due to its differentiated portfolio and strong domestic customer relationships. EVP Kim Foley elaborated that trade flows will simply readjust, with LYB's global network allowing it to shift supply to other regions like Southeast Asia while other producers backfill China's import needs. She expressed confidence in LYB's agility to manage these shifts without significant problems.

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CEO Peter Vanacker responded that it was premature to say, as discussions for the announced October and November price increases were still ongoing. He remained hopeful for their success, citing strong underlying fundamentals including 6% year-to-date domestic demand growth, high capacity utilization, and robust export demand.

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Chairman, President & CEO Peter Huntsman stated a new plant would not come from Huntsman and that he believes the world has sufficient MDI capacity. On aerospace, he projected an impact within the next 3-5 quarters but stressed the important distinction between aircraft delivery rates and actual build rates, noting a large inventory of uncertified planes.

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CEO Peter Huntsman stated they are evaluating the maleic facility's future due to inbound inquiries and a competitive European market. For Polyurethanes, he attributed future growth to market recovery and winning back customers with a full value proposition, not just price. CFO Phil Lister added that the Geismar splitter is expected to contribute a $15 million year-over-year benefit.

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Chairman, CEO and President Peter Huntsman explained that the cost savings will primarily be in Europe, focusing on the automotive and construction sectors. He noted that more details would be provided in the Q4 call, with the majority of the savings expected on a run-rate basis by the end of the following year and a payback period of approximately one year.

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CEO Sanjiv Lamba expressed confidence in achieving positive pricing, stating that Linde has consistently done so through all economic cycles for 25 years. He noted that pricing generally tracks globally weighted CPI, with the exception of some pressure in China, particularly on helium. He reiterated that the value Linde provides to customers supports their pricing conversations.

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Matt White, CFO, clarified the FX impact on guidance. Sanjiv Lamba, CEO, detailed that U.S. manufacturing was softer in Q1, with weakness in automotive, agriculture, and mining, partially offset by fabrication and chemicals. He noted that while larger customer sentiment has recently turned more negative, this has not yet been reflected in volumes.

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CFO Matt White clarified that the guidance for a sequential contraction in base organic volumes is over and above any normal seasonal patterns. He noted that extended customer outages around holidays would be viewed as a sign of underlying weakness, not seasonality. He stressed this is a prudent assumption, and better-than-expected conditions would represent potential upside.

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Chairman and CEO Mark Costa stated the Q4 EPS outlook was 'directionally correct' and 'somewhat similar' to Q3, as a utilization tailwind would offset normal seasonality. Regarding the volume outlook, he explained that after adjusting for a $50 million utilization headwind, Q3 earnings are essentially flat sequentially with Q2. He attributed the volume decline in specialty segments to a combination of market weakness in consumer-facing areas (autos, durables) and the reversal of pre-buying that occurred in Q2 ahead of tariffs.

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Mark Costa, Board Chair and CEO, provided a segment-by-segment breakdown of tariff exposure, concluding that the impact is manageable over time through strategies like shifting production and leveraging the value of proprietary products. Regarding the Longview project, Costa expressed strong confidence in continued DOE support, arguing that the project's focus on U.S. manufacturing, waste reduction, and national security aligns well with the administration's priorities.

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Board Chair and CEO Mark Costa expressed confidence in the DOE funding, stating the project is under contract and aligns with the new administration's focus on U.S. manufacturing, supply chain resiliency, and energy independence. Regarding tariffs, he acknowledged the uncertainty but noted the current weak global manufacturing environment might limit aggressive actions, and the company's forecast does not include significant negative impacts from potential trade actions.

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CEO Mark Costa detailed the 2025 outlook, noting that while macro recovery is uncertain, customer destocking is complete. He anticipates modest growth in stable markets and significant upside in discretionary markets (auto, housing) as they normalize. Costa highlighted innovation programs like the Kingsport methanolysis facility and new cellulosic products as key accelerators. CFO Willie McLain added that cost savings beyond the typical $75 million will come from operational optimization, asset base adjustments like the Massachusetts facility shutdown, and energy efficiency initiatives.

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CEO John Romano identified sales volume and pricing as the primary drivers for the EBITDA range. He noted that while targeted volume gains are expected in India, this is offset by price erosion in other regions like Europe. Romano also confirmed that rare earth initiatives are progressing, with a related sales opportunity contributing to the second-half outlook.

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CEO John Romano clarified that 'Project newTRON' is ongoing but was more volume-dependent, while the new program focuses on structural cost improvements through technology, operational excellence, and supply chain optimization. Regarding SG&A, both Romano and CFO John Srivisal emphasized that the focus is on improving spending efficiency and resource deployment rather than significant layoffs with large associated cash costs.

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CEO John Romano confirmed they are working towards a specific, targeted cost program based on reliability and efficiency improvements, leveraging technology already implemented through the 'neutron' project. He clarified this is not a new initiative on top of 'neutron' but a pivot to extract value from the technology through operational efficiency rather than volume growth. CFO John Srivisal emphasized that these savings would not require significant new capital investment.

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CEO Kent Masters commented that while more supply capacity needs to come offline, there haven't been dramatic changes recently, though some Chinese sites have shut down for unclear reasons. He attributed recent price volatility in the speculative Chinese market to uncertainty around supply and government policies.

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CEO Jerry Masters declined to provide specific pricing details for contract sales. Regarding supply, he reiterated the belief that about 25% of global production is operating at or below breakeven, with approximately half of that volume, or around 12.5% of total supply, being actually curtailed or shut down.

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CEO Guillermo Novo confirmed that restructuring actions are ahead of schedule but explained that the P&L recognition of the $60M in manufacturing savings is complex due to average cost accounting. CFO William Whitaker specified a $12M carryover from restructuring but stated it was too early to quantify the full FY26 impact of the manufacturing savings, though a 'meaningful step up' is expected. Regarding China, Novo defended the position by highlighting their cost-effective plant, its role in the global export network, and the belief that the market will eventually recover and consolidate. SVP & GM Dago Caceres added that new, innovation-focused segments are emerging in China that play to Ashland's strengths.

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General Manager Jim Minicucci affirmed that the Personal Care business is expected to maintain profitability in the high 20s to 30% margin range, driven by portfolio optimization and cost improvements. CFO John Willis stated that Q4 earnings are anticipated to be stronger than Q3, a counter-seasonal trend, due to the timing of realizing benefits from restructuring initiatives in the latter part of the year.

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CEO Guillermo Novo declined to provide specific Q2 guidance but stated they expect a 'good pickup' in line with normal seasonality, as March typically marks the start of a stronger volume period. He identified HEC as the product most impacted by Chinese exports, particularly in the Middle East, Africa, and India, while noting the core OSD pharma market for VP&D remains more stable due to its regulated nature.

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CEO Timothy Knavish confirmed that PPG expects volume growth to accelerate in the second half, describing the trajectory as "low single digits and moving up that low single digit ladder." He expressed high confidence in this outlook, attributing it to the tangible benefits now materializing from previously announced market share wins.

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Chairman & CEO Timothy Knavish confirmed that PPG expects volume growth to accelerate in the second half of the year. He described the anticipated growth as starting at low-single-digits and progressively increasing through the end of the year, driven by the realization of previously announced market share wins.

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CEO Timothy Knavish explained that Q2 margins in Global Architectural will benefit from sequential volume improvements, noting Q1's pressure was primarily a volume issue. He expressed confidence in a Comex recovery, citing solid core retail sales and intelligence suggesting project spending will resume in H2. CFO Vince Morales added that a seasonal step-up in Europe will also provide leverage.

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CFO Vince Morales explained that Q1 margins are pressured by raw material inflation from tariffs and lower volumes. He expects margins to improve as the year progresses due to better volume performance. CEO Tim Knavish added that the Industrial Coatings segment is the most volume-sensitive, and its margins will improve significantly with the expected volume recovery in the second half of the year.

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Chairman and CEO Timothy Knavish stated that Q4 raw material costs are expected to be flat, similar to Q3. While it is too early for a 2025 forecast, he noted that PPG is entering supplier negotiations with ample upstream supply. SVP and CFO Vince Morales added that suppliers have excess capacity and are willing to work collaboratively.

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Christophe Beck, Chairman & CEO, confirmed that competitors have announced similar surcharges but noted Ecolab continues to gain market share. He stated the surcharge is working as a net positive for margins. The initiative is U.S.-only because current trade actions are unilateral; however, Ecolab is prepared to deploy similar measures internationally if reciprocal tariffs emerge.

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Christophe Beck, Chairman and CEO, recalled that the 2022 energy surcharge was a success, with an 8% announced rate peaking at a 5% realized rate before being converted into structural pricing. He expressed confidence that the same platform and approach will work well this time for the U.S.-only tariff surcharge. The key objective is to mitigate incremental costs while delivering greater savings to customers, ensuring the price increase is sustainable and ultimately becomes structural.

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Christophe Beck, Chairman and CEO, asserted that the 2% volume growth forecast is "clearly faster than the market." He pointed to the Institutional segment's 6% growth in a down market as evidence of market share gains. He reiterated that the company's focus is on accelerating this outperformance through its strategic growth initiatives while maintaining a healthy balance of volume and value pricing.

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CEO Christophe Beck reiterated the target range of 2-3%, calling it the new 'sweet spot.' He explained that Q3 is typically the lowest pricing quarter due to the absence of carryover pricing. The ability to achieve this range is based on the 'Total Value Delivered' (TVD) to customers, which significantly exceeds the price increases, making it a net positive for them and ensuring the pricing is sustainable.

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President and CEO Ken Lane responded that while the supply-demand balance for caustic soda remains tight, the market is facing short-term headwinds from tariff uncertainty, particularly regarding exports to Latin America. He noted this is causing a temporary backup in the system but expects stability to return once there is more clarity on the tariff situation, as underlying demand remains strong for a trough period.

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President and CEO Kenneth Lane stated that he does not expect to retain the spot business consistently, as it is by definition opportunistic. While he anticipates future opportunities to sell incremental volume due to market volatility and other industry turnarounds, he clarified that Olin has not contracted this volume and does not intend to.

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CFO Todd Slater explained that Olin uses a disciplined, rolling four-quarter hedging strategy, with heavier coverage in the near term. He projected that Q1 2025 natural gas and power costs would be relatively flat compared to Q4 2024, mitigating the impact of spot market volatility.

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President and CEO Kenneth Lane confirmed that U.S. epoxy import volumes in 2024 have continued to grow significantly compared to the prior year, with no slowdown observed. Regarding operating rates, Lane stated there is no change to Olin's value-first strategy; the company will not run assets harder to make up for lost volume and will remain disciplined in placing volume at preferred values.

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CEO & President Scott A. Richardson identified weakening demand in China automotive and European Engineered Materials, as well as in the Western Hemisphere's Acetyl chain. Richardson outlined a concrete plan to reach the $2 quarterly EPS target, starting from the Q3 guide and adding contributions from inventory normalization (~$0.25-$0.30) and future cost actions (~$0.10). He stated the remainder would be closed through controllable initiatives like pricing, footprint actions, and high-impact programs, noting the timeline may be slightly delayed but the path is clear.

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CEO Scott Richardson indicated that potential divestitures would be similar in size to the past Food Ingredients sale, with some smaller and some slightly larger. He stated that an equity raise is not considered necessary due to its dilutive nature, emphasizing that the company's capital structure funds acquisitions with debt and that cash is being unlocked through other actions. CFO Chuck Kyrish added that Celanese will be proactive in managing debt maturities by accessing strong debt markets to extend near-term maturities.

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COO Scott Richardson clarified that the project pipeline remains a core strength but needs to generate more volume to offset current market headwinds. CEO Lori Ryerkerk stated the Singapore plant remains economic, particularly for non-China Asia, and will be brought back online to serve as a key 'swing' production facility.

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Chairman & CEO Frank Sullivan stated the consumer environment remains challenging, with eight consecutive quarters of no or negative DIY takeaway. He noted the decline was predominantly in the Rust-Oleum business. Regarding raw materials, he reiterated that while some solvents are down, key inputs like epoxy resins, metal packaging, and propellants are up double-digits, creating a different cost basket than some peers might have.

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CEO Jim Fitterling reiterated that the mid-cycle EBITDA potential is intact but the timing is delayed, outlining components like near-term growth projects and cost savings. Regarding anti-competitive behavior, he explained it stems from trade flow redirections due to tariffs. Dow is actively managing this through its international trade team's engagement with governments and by pursuing fair trade actions under WTO rules.

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Chair and CEO James Fitterling acknowledged it as a major uncertainty, noting Dow's trade team is actively engaged. COO Karen S. Carter added that Dow is already mitigating risk by reconfiguring its supply chain, increasing exports from Canada, and leveraging its integrated production on four continents, particularly from the Middle East, to serve global markets including China.

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CEO James Fitterling clarified that the goal is to make the cost savings structural and permanent, with a mix of 75% from third-party costs and 25% from direct costs. He stated the reductions would be spread across regions under economic pressure like Europe and Asia, as well as various functions and businesses. He noted these actions are separate from the ongoing European asset review.

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James Fitterling, Chair and CEO, confirmed that the assets under review are EBITDA positive but did not provide a specific figure. He stated that while all options are being considered, he does not believe shutting down the MDI plants would be a value-creating opportunity.

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Chair, President & CEO Heidi Petz identified three key areas of concern contributing to the cautious outlook: the new residential market, which continues to be choppy; the coil coatings end market, facing uncertainty related to steel tariffs; and the DIY market, which remains softer for longer.

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Chair, President & CEO Heidi Petz identified three key areas of concern for potential further choppiness: new residential construction, the coil coatings end market, and the DIY market. She noted that while the company is staying close to these segments, its partnerships with retailers like Lowe's and Menards remain strong.

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CEO Heidi Petz described the PPG opportunity as 'ripe,' with a focus on quality sales in commercial, property management, and new residential segments. While not providing a specific number for Kelly-Moore, she stated Sherwin-Williams was very well-positioned to capture that business and expects the benefits to continue.

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Executive Heidi Petz responded that the focus is on winning 'quality sales' rather than commodity business. She contrasted the opportunity with Kelly-Moore, which she called a 'short-term share grab,' describing the PPG situation as a 'long-term' opportunity that requires earning customer loyalty over time. She declined to quantify a specific sales target.

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CEO Chrishan Anthon Villavarayan called the current 16.5% margin a strong performance from a cyclical low point, especially given weakness in the high-margin Commercial Vehicle sector. He noted that growth in the CTS business helped offset this. While he sees opportunity for upside, he wants to see sustained growth in key areas like Latin America and CTS before committing to higher long-term targets.

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CEO Chrishan Villavarayan attributed the Refinish volume decline to temporary factors like distributor destocking and the impact of high insurance rates on repairs, noting it feels like a '1 quarter, 2 quarter issue.' He stated that the underlying market is secular and that repair deferrals due to high interest rates should normalize. He also highlighted the strategic importance of the CoverFlexx acquisition for penetrating the economy segment, which captures customers seeking repairs outside of the traditional insurance framework.

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President and CEO Dr. Ashish Khandpur clarified that full-year SG&A should be flattish in absolute dollars compared to the prior year, not tracking the Q1 decline. He also stated that SEM EBITDA margins are expected to expand for the full year, as the Q1 decline was primarily due to a difficult comparison with a record quarter for the high-margin defense business in the prior year.

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Executive Melissa Schaeffer detailed the savings, noting that actions on ~2,400 individuals since FY23 are nearly complete. The FY25 actions are expected to deliver about $25 million in savings in the current fiscal year, with a full run-rate savings of around $100 million in FY26. CEO Eduardo Menezes stated that as a new CEO of 90 days, he could not precisely comment on when the company became aware of the full extent of the Alberta project's issues.

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Chief Financial Officer Melissa Schaeffer clarified that despite helium being a headwind, underlying merchant and HyCO volumes in the Americas were strong. She attributed the lower equity affiliate income to normal quarter-to-quarter fluctuations in the Jazan joint venture, stating the project's full-year contribution is expected to be on par with 2024.

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President and CEO Celeste Mastin described a steady volume progression through the first quarter without notable pull-forwards or push-outs from customers. EVP and CFO John Corkrean clarified that the full-year guidance assumes flat volume, making any further growth an upside. On capital allocation, Mastin stated that due to the current leverage, the company has temporarily slowed M&A activity and is opportunistically accelerating share repurchases.

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CFO John Corkrean clarified that EA volumes are projected to be flattish for 2025. CEO Celeste Mastin highlighted that while there are macro headwinds, EA is seeing strong growth in electronics and automotive due to innovation. For HHC, she cited continued weakness in packaging and a non-growth environment in Europe. John Corkrean added that aggressive pricing actions in HHC might lead to some planned volume attrition, which is factored into the forecast.

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CEO Celeste Mastin and CFO John Corkrean clarified that the solar business is less than 5% of total revenue, likely 2-3%, with about 60% of it in China. They reported that solar volumes were down significantly, almost by half in China. Mastin explained the weakness was due to a 'double whammy' in China: overcapacity in the end market and the redeployment of silicon sealants from the slowing construction industry into the solar market, increasing competition.

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President and CEO Joseph Berquist responded that Quaker Houghton expects raw material costs to be stable in 2025. Regarding Americas volumes, he anticipates sequential improvement from Q4 to Q1, with Q1 likely being the lowest quarter of the year before conditions improve. He clarified that new production capacity is coming online not only across Asia (China, India, Southeast Asia) but also in the United States.

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CEO Sean Keohane clarified the outlook is for a 'similarly strong level' as 2024, attributing this to a flat global auto and tire market, reasonable contract outcomes, and headwinds from factors like foreign exchange rates. He stated that base pricing was flat and regional volume shifts were as expected. Keohane also confirmed that no multi-year contracts from 2023 extended into 2025.

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