Tennant Company (NYSE:TNC) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 11:00 am ET


Tennant Company (NYSE:TNC) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, my name is Christine, and I will be your conference operator today. At this time, I would like to welcome everyone to Tennant Company's 2020 Second Quarter Earnings Conference Call. [Operator Instructions]

Thank you for participating in Tennant Company's 2020 second quarter earnings conference call. Beginning today's meeting is Mr. William Prate, Senior Director of Global Financial Planning and Analysis and Investor Relations for Tennant Company. Mr. Prate, you may begin.

William Prate

Thank you Christine. Good morning everyone and welcome to Tennant Company's second quarter 2020 earnings conference call. I am William Prate, Senior Director of Global Financial Planning and Analysis and Investor Relations. Joining me today are Chris Killingstad, Tennant's President and CEO; Dave Huml, Chief Operating Officer; and Andy Cebulla, our interim CFO. Today, we will update you regarding our second quarter performance and our broader business impact of the coronavirus pandemic.

Chris will brief you on our operations, Dave will discuss progress we're making on our enterprise strategy and Andy will cover the financials. After our remarks, we will open the call to questions.

Please note a slide presentation accompanies this conference call and is available on our Investor Relations website at investors.tennantco.com.

Before we begin, please be advised that our remarks this morning and our answers to questions may contain forward-looking statements regarding the Company's expectations of future performance.

Such statements are subject to risk and uncertainties, and our actual results may differ materially from those contained in the statements. These risks and uncertainties are described in today's news release and the documents we filed with the Securities and Exchange Commission.

We encourage you to review those documents, particularly our safe harbor statement for a description of the risks and uncertainties that may affect our results. Additionally, on this conference call, we will discuss non-GAAP measures that include or exclude certain items.

Our 2020 second quarter earnings release includes the comparable GAAP measures and a reconciliation of these non-GAAP measures to our GAAP results. Our earnings release was issued this morning via Business Wire and is also posted on our Investor Relations website at investors.tenneco.com.

Now I'll turn the call over to Chris.

Chris Killingstad

Thank you, William and thank you everyone for joining us today. The global health crisis affects us all. And we hope you are staying safe and healthy. And it's a 150-year history, Tennant has demonstrated a deep commitment to customer service. We honor that commitment by providing the equipment, parts and service our customers' need to keep the facilities clean and safe during this pandemic.

Our top priority is the health and safety of our employees, customers and business partners. In discussing today's financial results, we will provide as much context as we can about what we're seeing and how we're responding to a continues to be a fluid and unpredictable situation.

While our second quarter revenue was down year-over-year, we are encouraged by the fact that the decline was significantly less in June than in April and in May. Furthermore, our July