Apergy Corporation (NYSE:APY) Q4 2019 Earnings Conference Call - Final Transcript

Feb 25, 2020 • 10:00 am ET

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Apergy Corporation (NYSE:APY) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning. Welcome to the Apergy Corporation's Full Year and Fourth Quarter 2019 Conference Call. Your host for this morning's call is David Skipper, Vice President and Treasurer at Apergy.

I will now turn the call over to Mr. Skipper. You may begin.

Executive
David Skipper

Thank you. Good morning, everyone. With me today are Somasundaram, President and CEO of Apergy; and Jay Nutt, Senior Vice President and CFO of Apergy. During today's call, Soma will discuss Apergy's full year and fourth quarter highlights, as well as our market outlook. Jay will then discuss our full year and fourth quarter results, and we'll be referring to the slides posted on our website, before turning the call back to Soma to discuss the progress on our growth initiatives. And then we will open the call for Q&A. I would like to remind our participants that some of the statements we will be making today are forward-looking.

These matters involve risks and uncertainties that could cause material differences in our results from those projected in these statements. Information concerning risk factors that could affect the company's performance and uncertainties that could cause material differences to actual results from those in the forward-looking statements can be found in the company's press release as well as in Apergy's annual report on Form 10-K, and those set forth from time to time in Apergy's filings with the Securities and Exchange Commission, which are currently available@apergy.com.

Except as required by law, the company expressly disclaims any intention or obligation to revise or update any forward-looking statements. Our comments today may also include non-GAAP financial measures. Additional details on reconciliations to the most directly comparable GAAP financial measure can be found in our fourth quarter press release and slide presentation for this call, which are on our website.

I will now turn the call over to Soma to discuss Apergy's full year and fourth quarter results.

Executive
Sivasankaran Somasundaram

Thank you, David. Good morning, everyone. I would like to welcome our shareholders, our analysts and our employees to our full year and fourth quarter 2019 earnings call. Thanks for joining the call. The past year has been an eventful and transformative year for Apergy. During 2019, we executed well during a period of changing market conditions and announced a transformational merger with Champion X, which will help to propel our growth and value creation into the next decade. I'm pleased to report that Champion X performed well and met expectations in 2019. Our integration planning with Champion X is well underway and we expect to close our merger with Champion X by end of the second quarter. As we work through our integration planning, we are becoming even more excited about the future we will build with Champion X, including delivering meaningful synergies.

We will be uniquely positioned to offer customers a full suite of production optimization solutions as well as solidifying our position as a focused leader in the production segment, with greater scale, enhanced customer touch points and larger geographic footprint supported