Valmont Industries, Inc. (NYSE:VMI) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 09:00 am ET


Valmont Industries, Inc. (NYSE:VMI) Q2 2020 Earnings Conference Call - Final Transcript


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Hello. And welcome to the Valmont Industries Second Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions]. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It's now my pleasure to introduce your host, Renee Campbell, Vice President, Investor Relations and Corporate Communications. Ms. Campbell, please go ahead.

Renee Campbell

Thank you, Kevin. Good morning and welcome to the Valmont Industries Second Quarter 2020 Earnings Call. With me on today's call are Steve Kaniewski, President and Chief Executive Officer; Avner Applbaum, Executive Vice President and Chief Financial Officer; and Tim Francis, Senior Vice President and Corporate Controller.

This morning, Steve will provide a brief summary of our second quarter results, a COVID-19 business update, and commentary on our strategy and long-term business outlook. Avner will review our second quarter financial performance and provide an update our third quarter outlook, with closing remarks from Steve. This will be followed by Q&A.

A live webcast of the slide presentation will accompany today's discussion and is available for download from the webcast or on the Investors page at A replay of today's call will be available for the next seven days.

Please note that this conference call is subject to our disclosure on forward-looking statements, which applies to today's discussion and is outlined on Slide 2 of the presentation. It will also be read in full at the end of this call.

I would now like to turn the call over to our President and Chief Executive Officer, Steve Kaniewski.

Stephen G. Kaniewski

Thank you, Renee. Good morning, everyone, and thank you for joining us. Before reviewing our strong second quarter results, I'd like to start with a couple of comments. Since the beginning of the COVID-19 pandemic, we have worked very hard to keep our employees safe and have leaned on our core values and resiliency as a company to guide us.

I want to start by thanking our 10,000 employees globally for their extraordinary efforts this quarter. They have worked tirelessly during this pandemic to deliver solid operational and financial results. They've demonstrated agility by quickly adapting to new ways of working and communicating, endure disruptions to their normal routines and remain flexible despite closures of some of our international facilities. I'm extremely proud of how our teams have been managing through this crisis, while taking care of our customers, themselves and their families.

I'm also grateful to our global customers, suppliers and stakeholders for their ongoing flexibility and understanding during these unprecedented times.

When we held our last earnings call three months ago, the challenges of the pandemic were just beginning to emerge and we were aware of only a few positive cases in our workforce. Since then, there have been additional cases, although the current infection rate of our employees remains less than 0.5% of our total workforce. I'm happy to report that all those who have tested positive are either recovering or have fully recovered.

Importantly, to date, we've