Snap-on Incorporated (NYSE:SNA) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 10:00 am ET


Snap-on Incorporated (NYSE:SNA) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the Snap-on Second Quarter 2020 Results Investor Conference Call. Please note that today's call is being recorded. And at this time, I would like to turn the conference over to Sara Verbsky, VP of Investor Relations. Please go ahead.

Sara M. Verbsky

Thank you, Kathy, and good morning, everyone. Thank you for joining us today to review Snap-on's second quarter results which are detailed in our press release issued earlier this morning. We have on the call today, Nick Pinchuk, Snap-on's Chief Executive Officer; and Aldo Pagliari, Snap-on's Chief Financial Officer. Nick will kick off our call this morning with his perspective on our performance. Aldo will then provide a more detailed review of our financial results. After Nick provides some closing thoughts, we'll take your questions.

As usual, we've provided slides to supplement our discussion. These slides can be accessed under the Downloads tab in our webcast viewer as well as on our website,, under the Investors section. These slides will be archived on our website along with the transcript of today's call. Any statements made during this call relative to management's expectations, estimates or beliefs or otherwise state management's or the company's outlook, plans or projections are forward-looking statements, and actual results may differ materially from those made in such statements.

Additional information and the factors that could cause our results to differ materially from those in the forward-looking statements are contained in our SEC filings. Finally, this presentation includes non-GAAP measures of financial performance, which are not meant to be considered in isolation or as a substitute for their GAAP counterparts. Additional information, including a reconciliation of non-GAAP measures, is included in our earnings release and in our conference call slides on Pages 14 through 16, both can be found on our website.

With that said, I'd now like to turn the call over to Nick Pinchuk. Nick?

Nicholas T. Pinchuk

Thanks, Sara. Before we get going, I want to thank the members of the Snap-on team. It's clear in this turbulence that they are among the special contributors who keep society intact when our days are dark and in that essential challenge, we're prioritizing the health, safety and well-being of our associates, franchisees, customers and communities. Working from home, and when that's not possible, and there's a number of those instances, distancing; using personal protective equipment, cleaning deep and often, staggering shifts and brakes, paying quick attention to symptoms and pursuing contact tracing. We worked hard to stay safe. But throughout this time, we're also invested in -- investing in a continuing stream of essential new products -- we've also invested in a continuing stream of essential new products, reinforced our brand and strive to maintain our team. The people of Snap-on are a great advantage. We're working hard to preserve them in the turbulence, and we'll continue to do so. For our franchisees, we're active in helping, reaching out on a regular basis to understand their needs and those of their customers. When