Curtiss-Wright Corporation (NYSE:CW) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 10:00 am ET


Curtiss-Wright Corporation (NYSE:CW) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Curtiss-Wright's Second Quarter 2020 Financial Results Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Jim Ryan, Senior Director of Investor Relations. Thank you, and please go ahead, sir.

Jim Ryan

Thank you, Dede, and good morning, everyone. Welcome to Curtiss-Wright's second quarter 2020 earnings conference call. Joining me on the call today are Dave Adams, our Chairman and Chief Executive Officer; and Chris Farkas, our Vice President and Chief Financial Officer.

Our call today is being webcast and the press release as well as a copy of today's financial presentation is available for download through the Investor Relations section of our Company website at A replay of this webcast also can be found on the website.

Please note today's discussion will include certain projections and statements that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are not guarantees of future performance. We detailed those risks and uncertainties associated with our forward-looking statements in our public filings with the SEC. As a reminder, the Company's results include an adjusted non-GAAP view that excludes first year purchase accounting costs associated with acquisitions, onetime transition costs associated with the relocation of the DRG business, restructuring costs in 2020 and a non-cash foreign currency translation loss associated with the substantial liquidation of a foreign legal entity. Reconciliations for current and prior year periods are available in the earnings release at the end of this presentation and on our website. Any references to organic growth exclude the effects of restructuring, foreign currency translation, acquisitions and divestitures unless otherwise noted.

Now I'd like to turn the call over to Dave to get things started. Dave?

David C. Adams

Thanks, Jim. Good morning, everyone. I'll begin today with an update of how the COVID-19 pandemic is impacting our business and then provide some highlights of our second quarter results. Chris will then provide a more detailed review of our second quarter financial performance as well as our reinstated full year guidance. Finally, I'll return to wrap up our prepared remarks before we head into Q&A.

Curtiss-Wright, like so many other companies, has been greatly affected by the pandemic. Throughout this challenging environment, we've maintained an unwavering commitment to keep our employees safe. We continue to follow comprehensive health and safety protocols across all of our facilities, including the necessary investments in equipment and resources to minimize disruption to our business.

I'm pleased to report that all of our manufacturing sites are operational today. Further, I'm proud of our team's agility in responding to this dynamic situation. The acceleration of our initial restructuring plans and incremental austerity measures have been and will continue to be highly effective in mitigating the sharp reduction in commercial revenues. These actions, along with the strength of our defense markets, provides us the confidence to reinitiate our full year 2020 guidance.

Turning to