Donaldson Company, Inc. (NYSE:DCI) Q3 2020 Earnings Conference Call - Final Transcript

Jun 02, 2020 • 10:00 am ET


Donaldson Company, Inc. (NYSE:DCI) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. And welcome to Donaldson's Fiscal 2020 Third Quarter Earnings Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions].

I would now like to hand the conference over to your first speaker today, Brad Pogalz, Director of Investor Relations. Thank you. Please go ahead, sir.

Brad Pogalz

Thanks, Julianne. Good morning, everyone. Thank you all for joining Donaldson's third quarter 2020 earnings conference call. With me today are Tod Carpenter, Chairman, CEO and President of Donaldson; and Scott Robinson, Chief Financial Officer. This morning, Tod and Scott will provide a summary of our third quarter performance, including an overview of how we are navigating the complexities created by the coronavirus pandemic.

I want to remind everyone that we issued a Business Update press release on April 28, which included some details that we will reference on this morning's call. During today's call, we will also reference non-GAAP metrics. We included a reconciliation of GAAP to non-GAAP metrics within the schedules attached to this morning's press release.

Finally, please keep in mind that any forward-looking statements made during this call are subject to risks and uncertainties, which are described in our press release and SEC filings.

With that, I'll now turn the call over to Tod Carpenter. Tod?

Tod E. Carpenter

Thanks, Brad. Good morning, everyone. I hope that all of you and your families are staying safe as we deal with these unprecedented times. One thing the pandemic has brought to light is the hard work of everyday heroes. So I want to express our profound appreciation for the frontline workers that keep the world moving forward and that includes thousands of Donaldson employees.

I'm always impressed by our employees. But I'm particularly proud of their performance during the pandemic. Every day, they show up with relentless customer-first attitude, which is more important than ever as we support critical markets like agriculture, transportation, and food and beverage. To my Donaldson colleagues around the world, thank you for everything you do.

Since the outbreak began, our decision making has been guided by three priorities, supporting the health and safety of our employees, delivering on our customer commitments and doing our part in reducing the transmission of the virus. Providing a safe work environment is always a top priority, but we intensified our efforts. We have significantly limited business travel, implemented a thorough cleaning regimen in factories and office spaces, instituted remote work policies for all that are able and introduced COVID-related paid leave while promoting existing employee assistance programs.

Our crisis response team reviews these protocols regularly and we adjust when appropriate. Social distancing practices and enhanced cleaning schedules will be in place for the foreseeable future and we are reopening our offices in various locations around the world. The pace of bringing our employees back to the office will be dictated by guidance from health experts along with our own assessments of workplace readiness. We are taking a cautious approach and we will