Modine Manufacturing Company (NYSE:MOD) Q4 2020 Earnings Conference Call - Final Transcript

May 29, 2020 • 09:00 am ET


Modine Manufacturing Company (NYSE:MOD) Q4 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Modine Manufacturing Company's Fourth Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to your host, Ms. Kathy Powers, Vice President, Treasurer, Investor Relations and Tax.

Kathleen T. Powers

Good morning and thank you for joining our conference call to discuss Modine's fourth quarter and full year fiscal 2020 results. I am here with Modine's President and CEO, Tom Burke; and Mick Lucareli, our Vice President, Finance and Chief Financial Officer. We will be using slides for today's presentation, which can be accessed either through the webcast link, or by accessing the PDF file posted on the Investor Relations section of our website On slide 2 is our notice regarding forward-looking statements. This call may contain forward-looking statements as outlined in our earnings release as well as in our company's filings with the Securities and Exchange Commission.

With that, it is my pleasure to turn the call over to Tom Burke.

Thomas A. Burke

Thomas A. Burke -- President and Chief Executive Officer

Thank you, Kathy and good morning everyone. First, I'd like to start by extending my well-wishes to everyone and I hope you have all remain safe and healthy during the crisis. The world is a vastly different place since Modine reported its third quarter earnings in early February. Fiscal 2020 was a very challenging year for Modine but we ended on a positive note with Q4 results coming in ahead of our expectations. Our main focus during this period of uncertainty was the protection of our employees, customers and shareholders. I'd also like to highlight the press release that we issued last week regarding the amendments to our credit facilities. This was a key proactive measures we took as a part of our COVID-19 plan. Mick will summarize those details during his report.

Today on this call Mick and I will provide an overview of the fourth quarter and full year results for fiscal 20, an update on the status of our automotive exit and sale process, a segment update including challenges and opportunities resulting from the pandemic and current market environment, the description of the actions we are taking to protect our employees and the business and response to the current economic environment and the global crisis. And finally, a brief overview of the state of our markets and expectations for the next few months. Let's start with the actions we've taken so far to protect our people and facilities. As you all know, the COVID-19 crisis began early in our fiscal fourth quarter in China and then moved into Europe and then the Americas. We have implemented the necessary steps to mitigate the risk in our manufacturing locations and administrative offices worldwide.

We have remained in compliance with health organization and governmental orders in countries where we operate. This led to a number of our locations being temporary closed, either due to government mandate or