Stoneridge Inc. (NYSE:SRI) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:00 am ET


Stoneridge Inc. (NYSE:SRI) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Stoneridge Second Quarter 2020 Conference Call. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Mr. Matt Horvath, Director of Investor Relations. Thank you, please go ahead, sir.

Matt Horvath

Thank you. Good morning, everyone, and thank you for joining us to discuss our second quarter results. The release and accompanying presentation was filed with the SEC yesterday evening, and is posted on our website at in the Investors section under Webcasts and Presentations. Joining me on today's call are Jon DeGaynor, our President and Chief Executive Officer; and Rob Krakowiak, our Chief Financial Officer.

Before we begin, I need to inform you that certain statements today may be forward-looking statements. Forward-looking statements include statements that are not historical in nature and include information concerning our future results or plans. Although we believe that such statements are based upon reasonable assumptions, you should understand that these statements are subject to risks and uncertainties and actual results may differ materially. Additional information about such factors and uncertainties that could cause actual results to differ, may be found in our 10-Q, which has been filed with the Securities and Exchange Commission under the heading Forward-Looking Statements.

During today's call, we will also be referring to certain non-GAAP financial measures. Please see the appendix for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. After Jon and Bob have finished their formal remarks, we will then open up the call to questions. I would ask that you keep your question to a single follow-up.

With that, I will turn the call over to Jon.

Jonathan B. DeGaynor

Thanks, Matt, and good morning, everyone. This morning, we are going to discuss our performance during the quarter as well as some exciting news for the company. However, before we get started, I want to take a minute to recognize the fact that the global health crisis we are experiencing, just more than impact the bottom line for the company. It also directly impacts our employees and their families.

We sought to protect our employees to the greatest extent possible. For example, we have partnered with local authorities to construct a field hospital in Manaus, Brazil and have instituted rapid COVID testing capabilities in our Juarez, Mexico facility. Our employees around the world have allowed us to continue to make progress as a company and to support our customers. I want to personally thank them for their dedication to Stoneridge during this challenging period.

I will now begin on Page 3. On our first quarter call, we outlined several actions we were taking to respond to current market conditions and position the company for future growth. During the second quarter, we executed on those actions, resulting in strong operating performance despite significant revenue headwinds. We continue to focus on controlling the things that we can and responding efficiently and effectively to external factors.

In the second quarter, despite