Huttig Building Products Inc. (NASDAQ:HBP) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 11:00 am ET
Jon P. Vrabely
U.S. national employment rate improved during the second quarter, from 14.7% in April to 13.3% in May to 11.1% in June, recent data indicates that as the virus spiked in June and July, the improving unemployment trends could stall. In addition, other macroeconomic indicators, such as the historical decline in GDP during the quarter of 9.5%, a potential spike in renter evictions and homeowner foreclosures, a general uncertainty on the level and duration of continued government stimulus as well as all of the other variables that impact the residential construction market lead us to believe that the near-term future will continue to be somewhat volatile. While we are generally pleased with our second quarter results, our view is that we won the first battle of what is going to be a long war, and by no stretch of the imagination are we declaring victory. We will continue to utilize all of the macroeconomic and industry data available to us as we adjust our plan, but our primary focus will remain on aggressively managing every controllable aspect of the business while simultaneously continuing to implement our key strategic initiatives. Managing through the crisis to date, we successfully established a solid foundation that positions us to be fluid and aggressive in executing and amending our plan as circumstances warrant.
Equally important, we achieved efficiencies in several key areas of the operations that we expect to be sustainable and have proven to each other that we can achieve our goals when we pull together as a team. I cannot be more pleased with the manner that all of our associates have pulled together to steer the company through this crisis, and I'm very proud of our entire organization.
Operator, we will now take questions.