SPX Corporation (NYSE:SPXC) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 04:45 pm ET


SPX Corporation (NYSE:SPXC) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the SPX Corporation Second Quarter 2020 Earnings Conference Call.

[Operator Instructions]

I would now like to hand the conference over to your speaker today, Paul Clegg, VP of Investor Relations and Communications. Please go ahead, sir.

Paul Clegg

Thank you, and good afternoon, everyone. Thanks for joining us.

With me on the call today are Gene Lowe, our President and Chief Executive Officer; and Scott Sproule, our Chief Financial Officer. The press release containing our second quarter and year-to-date results was issued today after market close. You can find the release and our earnings slide presentation as well as a link to the live webcast of this call in the Investor Relations section of our website at spx.com. I encourage you to review our disclosure and discussion of GAAP results in the press release and to follow along with the slide presentation during our prepared remarks. A replay of the webcast will be available on our website until August 6th.

As a reminder, portions of our presentation and comments are forward-looking and subject to safe harbor provisions. Please also note the risk factors in our most recent SEC filing, including our disclosures related to the ongoing COVID-19 pandemic. Our comments today will largely focus on adjusted financial results. You can find detailed reconciliations of historical adjusted figures to their respective GAAP measures in the appendix to today's presentation.

Our segment reporting structure combines the results of our Heat Transfer and South African operations into an All Other category, which is excluded from our adjusted results. Our adjusted earnings per share also excludes non-service pension items, amortization expense and investment true-up and onetime costs associated with acquisitions.

Finally, we will be conducting virtual meetings with investors during the third quarter, including our participation in the Ideas Conference on August 27th, and the Vertical Annual Global Industrials Conference on September 9th and the Sidoti Fall Conference on September 23rd.

And with that, I'll turn the call over to Gene.

Gene Lowe

Thanks, Paul. Good afternoon, everyone. Thanks for joining us.

I hope that all of you and your families remain healthy and that you're managing through this challenging environment. On the call today, we'll provide you with a brief update on our overall results and segment performances for the second quarter. We'll also discuss the impacts of COVID-19 pandemic, and our current view of the key deliverables -- the key variables driving the second half of 2020 and beyond.

Now I'll touch on some of the highlights from the quarter. Our performance in Q2 exceeded our expectations on a number of fronts despite some clear headwinds. The benefits of our diverse end markets and of our strong business system were apparent during the quarter as many of our businesses experienced strong results, while we saw the impact of the pandemic expand elsewhere in our portfolio. We ended the quarter with an even stronger balance sheet and additional liquidity. We are well positioned to continue our growth