Spectrum Brands Holdings, Inc. (NYSE:SPB) Q1 2019 Earnings Conference Call Transcript

Feb 07, 2019 • 09:00 am ET


Spectrum Brands Holdings, Inc. (NYSE:SPB) Q1 2019 Earnings Conference Call Transcript


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Good morning. My name is Natalia, and I will be your conference operator today. At this time, I would like to welcome everyone to the Spectrum Brands Fiscal 2019 First Quarter Earnings Conference call. All lines have been placed on mute to prevent any background noise. After the speakers' prepared remarks, there will be a question-and-answer period. (Operator Instructions) As a reminder, ladies and gentlemen, this conference is being recorded today, Thursday, February 7.

Thank you. I would now like to introduce Mr. David Prichard, Vice President of Investor Relations for Spectrum Brands. Mr. Prichard, you may begin your conference.

David Prichard

Thank you, operator, and welcome to Spectrum Brands Holdings fiscal 2019 first quarter earnings conference call and webcast. I'm Dave Prichard, Vice President of Investor Relations for Spectrum Brands and your moderator for our call today. Now, to help you follow our comments, we have placed a slide presentation on the Event Calendar page in the Investor Relations section of our website at spectrumbrands.com. This document will remain there following our call.

So if you start by turning to slide two of the presentation, you will see that our call will be led today by David Maura, our Chairman and Chief Executive Officer; and Doug Martin, our Chief Financial Officer. David and Doug will deliver opening remarks and then they will conduct the Q&A session.

If we turn to slide three, and also slide four, we want to note that our comments today do include forward-looking statements, including our outlook for fiscal 2019 and beyond. These statements are based upon management's current expectations, projections and assumptions and are by nature uncertain. Actual results may differ materially. Now, due to that risk, Spectrum Brands encourages you to review the risk factors and cautionary statements outlined in our press release dated February 7, 2019, and our most recent SEC filings and Spectrum Brands Holdings most recent 10-K. We assume no obligation to update any forward-looking statement.

Also, please note that we will discuss certain non-GAAP financial measures in this call. Reconciliations on a GAAP basis for these measures are included in today's press release and 8-K filing, which are both available on our website in the Investor Relations section.

With that, I will now turn the call over to our Chairman and CEO, David Maura.

David M. Maura

Hey, thank you, Dave, and thanks, everybody, for joining us today for this call. Before jumping to our Q1 results, which I guess, I need to tell you to turn to slide six. I want to highlight some of our strategic achievements. We are exiting a period of significant transition and we are now entering a period of stability with meaningful operational opportunities.

In January, we made major progress in completing our transformation into a meaningfully less leveraged and much more focused consumer products company with materially increased financial strength and flexibility to drive our long-term growth ambitions.

We closed on the divestiture of both our Global Battery and our Lighting businesses, and we also sold our Global