CECO Environmental Corp. (NASDAQ:CECE) Q1 2020 Earnings Conference Call - Final Transcript

May 06, 2020 • 08:30 am ET


CECO Environmental Corp. (NASDAQ:CECE) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to the CECO Environmental conference call. [Operator Instructions] Please note, this event is being recorded.

Matthew Eckl

Thank you for joining us on the CECO Environmental First Quarter 2020 Conference Call. On the call today is Dennis Sadlowski, Chief Executive Officer; and myself, Matt Eckl, Chief Financial Officer. Before we begin, I'd like to note that we have provided a slide presentation to help guide our discussion. The call will be webcast along with our earnings presentation on our website at cecoenviro.com. The presentation materials can be accessed through the Investor Relations section of the website.

I'd also like to caution investors regarding forward-looking statements. Any statements made in today's presentation that are not based on historical facts are forward-looking statements. Such statements are based on certain estimates and expectations and are subject to a number of risks and uncertainties. Actual future results may vary materially from those expressed or implied by the forward-looking statements. We encourage you to read the risks described in our SEC filings on Form 10-K for the year ended December 31, 2019.

Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that we make here today, whether as a result of new information, future events or otherwise. Today's presentation will also include references to certain non-GAAP financial measures. We reconciled the comparable GAAP and non-GAAP numbers in today's press release as well as the supplemental tables in the back of the slide deck.

And with that, I'll turn the call over to Dennis.

Dennis Sadlowski

Good morning, everyone. And thank you for joining our call. I hope that you and your loved ones have been in good health throughout the COVID-19 pandemic. And like all of you, I look forward to better times ahead.

On this call, I'll take some time at the outset to discuss CECO's response and adjusted posture to successfully navigate the COVID-19 pandemic and its economic fallout. To use a generic sports analogy, we've strengthened our defense and refocused our offense. Next, I'll summarize our first quarter performance which, with our team's strong execution, delivered solid results despite the accelerating social and economic changes and challenges emerging from the pandemic. Following that, I'll touch on our end markets and what we're seeing in the midst of the world's effort to mitigate and contain the spread of the virus. Matt will then discuss our financial details, after which I'll share a couple of examples of the work our teams continue to drive ahead despite the global economic shutdown. That will lead us into the Q&A session, where we'll address your questions.

As we jump in, I want to emphasize that CECO has already taken several decisive actions in response to these unprecedented times while maintaining our commitment to progress through superior execution. Let's begin with Slide 3, which shows our 4-3-3 Operating Strategy that successfully guided our execution since late 2017 and into much of the first quarter. The