W R Grace & Co (New) (GRA) Q4 2019 Earnings Call Transcript

W R Grace & Co (New) (GRA) Q4 2019 Earnings Call Transcript

Hello everyone and thank you for joining us today for Grace's fourth quarter and full year 2019 earnings call.. With me this morning are Hudson La Force; Grace's President and Chief Executive Officer; and Bill Dockman; Senior Vice President and Chief Financial Officer.. And three, we made tremendous progress on our strategic growth initiatives in 2019, strengthening our foundation for long-term growth.. Q4 earnings and EPS were at the high end of our revised outlook range, and cash flow was at the high end of our original February 2019 outlook.. But given the uncertainties related to the Coronavirus, we are reducing our outlook slightly and widening our outlook range.. We expect lower customer demand based on the weak manufacturing environment at the end of last year.. In our refining technologies business, we expect weaker demand due to significantly higher than normal refinery turnarounds in Q1, while we expect total refinery turnarounds for the full year to be about flat with 2019, they are up more than 60% for our customers in Q1.. We have adjusted our outlook for the potential effects from the Coronavirus, including sales to China customers and customers outside of China.. The disciplined approach reduces earnings in