Wabtec Corporation (NYSE:WAB) Q1 2020 Earnings Conference Call - Final Transcript

May 04, 2020 • 10:00 am ET


Wabtec Corporation (NYSE:WAB) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Wabtec Corporation First Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Kristine Kubacki, Vice President of Investor Relations. Please go ahead.

Kristine Kubacki

Thank you. Good morning, everyone, and welcome to Wabtec's first quarter 2020 earnings call. With us today are President and CEO, Rafael Santana; CFO, Pat Dugan; and Senior VP of Finance, John Mastalerz. Today's slide presentation, along with our earnings release and financial disclosures, were posted on our website earlier today, and can be accessed on the Investor Relations tab on wabteccorp.com.

Some statements we're making are forward-looking, and based on our best view of the world and our business today. For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and presentation. We will also discuss non-GAAP financial metrics, and encourage you to read our disclosures and reconciliation tables carefully, as you consider these metrics. Before we begin, I'd like to extend wishes of health and safety to everyone on the line as we continue all to manage through this COVID-19 pandemic.

And now, I will turn the call over to Rafael.

Rafael Santana

Thanks, Kristine, and good morning, everyone. We appreciate you joining us today. We had a solid first quarter that was only possible due to the perseverance of our employees working in conjunction with customers, suppliers and key stakeholders. These are unprecedented times that have forced us all to flex and adapt. And for that, I want to sincerely thank our Wabtec team members in our factories, and in the field supporting our customers, as well as all of those working remotely for all that they're doing to deliver in the face of incredible change.

The COVID-19 crisis reiterates the appreciation for the work our team members do everyday, supporting essential rail services that are critical to overcome this crisis. Their work around the world has allowed our sites to remain largely operational, although we had some facilities down in places, including China, India and Europe.

As a company, operating in the midst of this pandemic, there are some key essential priorities I'd like to highlight to you. So please turn to slide three. First, we are committed to protecting the health and safety of our workforce, and we are taking significant efforts across our plants and sites. In many cases, we're going above and beyond the CDC's recommendations or any local government requirements. These actions include daily temperature checks at many of our facilities, limiting Class IV[Phonetic] activity by rotating schedules, removing noncritical staff from factory floor, restricting access to work areas, enhanced social distancing, deep cleanings and increased disinfection efforts, among other activities.

Second, we're focused on maintaining our operational capabilities. Roughly eight weeks ago, we assembled a COVID response team, comprised of global