Apergy Corporation (NYSE:APY) Q1 2020 Earnings Conference Call - Final Transcript

Apr 28, 2020 • 10:00 am ET


Apergy Corporation (NYSE:APY) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning. Welcome to Apergy Corporation's First Quarter 2020 Conference Call. Your host for today's call is David Skipper, Vice President and Treasurer at Apergy. I will now turn the call over to Mr. Skipper. You may begin.

David Skipper

Thank you. Good morning, everyone. With me today are Soma 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 first quarter highlights as well as our market outlook, Jay will then discuss our first quarter results before turning the call back to Soma for summary comments, and then we will open the call for Q&A.

During today's call, we will be referring to the slides posted on our website. 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 a material difference 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 a material difference 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 at 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 first 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 first quarter results.

Sivasankaran ("Soma") Somasundaram

Thank you, David. Good morning, everyone. I would like to welcome our shareholders, our analysts and our employees to our first quarter 2020 earnings call. Thanks for joining the call. I'd like to begin by discussing our response to the COVID-19 pandemic. This is a fast-moving crisis on a scale we have not experienced before. This crisis has touched every family and impacted every business. During this period, ensuring the health and safety of our employees is paramount. Additionally, Apergy's businesses are classified as critical infrastructure, therefore, our manufacturing and field locations continue to operate and support the vital oil and gas infrastructure around the world.

In order to protect our employees during this period, we have mobilized our crisis response team and have adopted a comprehensive response plan, the details of which are included on slide five of the presentation. Our response plan includes taking precautions consistent with the local, state and national government health authority guidelines, including the Centers for Disease Control and Prevention and the World Health Organization. Equipping our employees with additional personal protective equipment and enacting social distancing procedures, including staggering shifts, implementing rotating work schedules and modifying workspaces and break