Lydall, Inc. (NYSE:LDL) Q1 2020 Earnings Conference Call - Final Transcript

May 12, 2020 • 10:00 am ET


Lydall, Inc. (NYSE:LDL) Q1 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Lydall Q1 2020 earnings call. All participants will be in listen only mode. After speaker's presentation there would be a question and answer session. [Operator instructions] Please note, the event is being recorded. Now, I'd like to turn the conference over to Mr. Brendan Moynihan, vice president of investor relations. Please go ahead.

Brendan Moynihan

Good morning. Thank you, Nick. Good morning, everyone, and welcome to Lydall's first-quarter 2020 earnings conference call. Joining me on today's call are Sara Greenstein, president and chief executive officer, and Randy Gonzales, executive vice president and chief financial officer. Sara will begin the call with a high-level overview of the quarter and how Lydall is addressing the dramatic impacts of the COVID-19 pandemic. Randy will follow with a review of our financial performance and discuss the key business drivers by segment.

Sara will then conclude the call with a brief discussion of the state of the business as we see it midway through the second quarter. At the end of their remarks, we'll open the line for questions. Please note that we are conducting the call remotely. So, when we do open the line, please address your questions directly to Sara or Randy, so they can respond accordingly. Our quarterly earnings release was issued along with the filing of our quarterly Form 10-Q. Both are available on our investor relations website and can be used as reference for today's call, along with the Q1 2020 earnings conference call presentation, which can be found at in the investor relations section.

As noted on Slide 2 of this presentation, any comments made on this conference call that may constitute forward-looking statements are made available pursuant to the safe harbor provision as defined in the securities laws. Please also refer to the cautionary note concerning forward-looking statements within Lydall's Form 10-Q for further information. In addition, we will be referring to non-GAAP financial measures during the conference call. A reconciliation to GAAP financials can be found in the appendix of the presentation I just referenced.

With that, I'll turn the call over to Sara.

Sara Greenstein

Thank you, Brendan. Good morning, everyone, and thank you for joining us. In late February, during my first earnings call as Lydall's new CEO, I talked about what attracted me to Lydall and the qualities that I believed would position us for a success. I mentioned Lydall's unmatched ability to develop value-added engineered materials and specialty filtration solutions capable of adapting and scaling to meet customers' specific business demands. And I highlighted the great community of Lydall employees throughout the world, all of whom share an unparalleled commitment to our customers.

During the two and a half months since, as the world has changed in previously unimaginable ways, my view of Lydall has not changed. In fact, I am even more convinced that these qualities differentiate Lydall from our competitors. As the novel coronavirus, COVID-19, escalated into a global pandemic in March, its impact was deeply felt across virtually