Worthington Industries, Inc. (NYSE:WOR) Q3 2020 Earnings Conference Call - Final Transcript

Mar 26, 2020 • 10:30 am ET


Worthington Industries, Inc. (NYSE:WOR) Q3 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Worthington Industries' Third Quarter Fiscal 2020 Earnings Conference Call. All participants will be able to listen-only until the question-and-answer session of the call. This conference is being recorded at the request of Worthington Industries. If anyone objects, you may disconnect at this time. I'd now like to introduce Marcus Rogier, Treasurer and Investor Relations Officer. Mr. Rogier, you may begin.

Marcus A. Rogier

Thank you, Michelle. Good morning, everyone, and welcome to Worthington Industries' third quarter fiscal 2020 earnings call. On our call this morning, we have John McConnell, Worthington's Chairman and Chief Executive Officer; Andy Rose, Worthington's President; and our Chief Financial Officer, Joe Hayek.

Before we get started, I'd like to remind everyone that certain statements made today are forward-looking within the meaning of the 1995 Private Securities Litigation Reform Act. These statements are subject to risks and uncertainties and could cause actual results to differ from those suggested. We issued our earnings release earlier this morning. Please refer to it for more detail on those factors that could cause actual results to differ materially. Today's call is being recorded and a replay will be made available later on our worthingtonindustries.com website.

At this point, I will turn the call over to John for some opening comments.

John P. McConnell

Well, thank you, Marcus, and thanks to those who have joined us today for our third quarter earnings conference call. Our performance in the third quarter was very good and we'll, of course, review our financial performance, but we expect that much of your interest will be on the effects of the coronavirus and its immediate and longer-term impacts on our business and our employees. And we're prepared to discuss its effects to the best of our knowledge as of today.

Let's get started with our CFO, Joe Hayek, as he reviews our performance in the third quarter. Joe?

Joseph B. Hayek

Thank you, John and good morning, everyone. When our Q3 ended, which was just four weeks ago, the world was a different place. So to start, we want to recognize that while earnings calls are an important aspect of our responsibility as a public company, a lot of what we talk about in the past tense today has less relevance than normally would. The COVID-19 virus and the steps being taken to mitigate its spread having significant negative impacts on our society and our economy. We are grateful for and humbled by the work being done by countless individuals working to stem the spread of the virus. We are doing whatever we can to help contribute and we are now as ever mindful of our philosophy and our belief that people are our most important asset. Spirit, ingenuity, and dedication of our people is remarkable, and it has been on full display over the last few weeks. It is a source of pride for all of us in this trying time for the U.S. and across the globe.

I'll now go through a summary of the quarter. Andy will provide