Worthington Industries, Inc. (NYSE:WOR) Q4 2020 Earnings Conference Call - Final Transcript

Jun 25, 2020 • 10:30 am ET


Worthington Industries, Inc. (NYSE:WOR) Q4 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to the Worthington Industries' Fourth Quarter and Fiscal Year-end 2020 Earnings Conference Call. [Operator Instructions] I would now like to introduce Marcus Rogier, Treasurer and Investor Relations Officer. Mr. Rogier, you may begin.

Marcus A. Rogier

Thank you, Christine. Good morning everyone and welcome to Worthington Industries' fourth quarter fiscal 2020 earnings call. On our call this morning, we have John McConnell, Worthington's Chairman and Chief Chief Executive Officer; Andy Rose, Worthington's President; and our Chief Financial Officer, Joe Hayek.

Before we get started, I'd like to remind everyone that certain statements made today are forward-looking within the meaning of the 1995 Private Securities Litigation Reform Act. These statements are subject to risks and uncertainties and could cause actual results to differ from those suggested. We issued our earnings release earlier this morning. Please refer to it for more detail on those factors that could cause actual results to differ materially. Today's call is being recorded and a replay will be made available later on our WorthingtonIndustries.com website.

At this point, I will turn the call over to John for some opening comments.

John P. McConnell

Thank you, Marcus. As you read in our announcement last night, I have decided to transition out of the position of Chief Executive Officer, effective September 1, I'll remain Executive Chairman. Andy Rose has been appointed by the Board to become our next CEO commencing on the same effective date and retaining the position of President. These actions are the culmination of a well-thought through succession plan. It has been my privilege to lead this company as CEO for the past 27 years. I'm proud of our employees who come and work hard everyday to make a difference, especially in these challenging times.

Our company is in a great position to grow and I believe that the next decade will bring exciting opportunities. I'm confident that Andy and the entire leadership team, perhaps the strongest in our history, will deliver on those opportunities. I'll now turn the call over to our CFO, Joe Hayek to review the fourth quarter in detail. Joe?

Joseph B. Hayek

Good morning, everyone. John, I know I speak on behalf of all of us at Worthington when I say how grateful we are for how you've led this company and for the impact that you had on us collectively and on so many of us as individuals. We're looking forward to your continued leadership as our Executive Chairman.

I'll now spend a few minutes reviewing the quarter and then we'll turn the call over to Andy. This quarter presented us and companies everywhere with unprecedented challenges. We continue to face significant uncertainty related to the coronavirus and associated shutdowns. These dynamics had a significant impact on demand and on our results. While the negative impacts of COVID-19 are easy to see, it has also brought out the best in our people. Across Worthington, we are very proud of the way our teams have supported each other, their communities, our customers and our business by keeping