RPM International Inc. (NYSE:RPM) Q4 2020 Earnings Conference Call - Final Transcript

Jul 27, 2020 • 10:00 am ET


RPM International Inc. (NYSE:RPM) Q4 2020 Earnings Conference Call - Final Transcript


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Welcome to the RPM International Conference Call for the Fiscal 2020 Fourth Quarter and Year-End. Today's call is being recorded. This call is also being webcast and can be accessed live or replayed on the RPM website at www.rpminc.com. Comments made on this call may include forward-looking statements based on current expectations that involve risks and uncertainties, which could cause actual results to be materially different. For more information on these risks and uncertainties, please review RPM's reports filed with the SEC.

During this conference call, references made to non-GAAP financial measures. To assist you in understanding these non-GAAP terms, RPM has posted reconciliations to the most directly comparable GAAP financial measures on the RPM website. Following today's presentation, there will be a question-and-answer session. [Operator Instructions] Please note that only financial analysts will be permitted to ask questions.

At this time, I would now like to turn the call over to RPM's Chairman and CEO, Mr. Frank Sullivan, for opening remarks. Please go ahead.

Frank C. Sullivan

Thank you Sarah. Good morning and welcome to the RPM International Inc. investor call for our fiscal 2020 fourth quarter and year ended May 31, 2020. On the call with me today are Rusty Gordon, RPM's Vice President and Chief Financial Officer; and Matt Ratajczak, our Vice President of Global Tax and Treasury, who is also taking on the responsibilities for our Investor Relations activities.

On the call today, I'll provide an overview of our performance for the quarter and an update on our MAP to Growth operating improvement program; Matt will follow me with a review of our fourth quarter financial results; and then Rusty will wrap up our formal remarks with our outlook for fiscal '21. After that, we'll be pleased to take your questions.

Leading up to the coronavirus pandemic, our business was trending towards a quarter and year of record sales and record adjusted earnings. However, as expected, our fourth quarter consolidated results were impacted by the economic fallout created by the pandemic, which to various degrees interrupted our manufacturing and distribution operations as well as the maintenance, repair and construction activities of many of our customers around the world. At various times during the quarter, we had more than 10 manufacturing facilities closed, along with multiple other sales offices and distribution centers due to government-mandated closures mostly outside of the United States and for disinfecting and cleaning facilities related to health and safety protocols.

During the pandemic, we have taken decisive action to restrict travel, limit access to our facilities and establish safety protocols and allow those who could effectively perform their jobs remotely to do so. Through it all, we have remained focused on protecting the health and well-being of our associates and their families, and are playing a role in inhibiting the spread of the coronavirus in the communities in which we operate. Thanks to our associates' efforts to follow our comprehensive health and safety protocols, nearly all of our manufacturing facilities and distribution centers have been open and