Douglas Dynamics, Inc. (NYSE:PLOW) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 10:00 am ET


Douglas Dynamics, Inc. (NYSE:PLOW) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen and welcome to the Douglas Dynamics Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Ms. Sarah Lauber, Chief Financial Officer of Douglas Dynamics. Please go ahead.

Sarah Lauber

Thank you. Welcome, everyone. Thank you for joining us on today's call.

Before we begin, I would like to remind you that some of the comments that will be made during this conference call, including answers to your questions, will constitute forward-looking statements. These forward-looking statements are subject to risks that could cause actual results to be materially different. Those risks include, among others, matters that we have described in yesterday's press release and in our filings with the SEC. Joining me on the call today is Bob McCormick, our President and Chief Executive Officer. In a moment, Bob will provide an overview of our performance then I will review our financial results. After that, we will open the call for your questions.

With that, I will hand the call over to Bob.

Robert McCormick

Thanks, Sarah. Good morning, everyone. To start with, let's discuss the most important point of our call today. Our 1,700 Douglas employees are healthy and back at work. After shutting down all of our U.S. facilities in mid-March, we began a rigorous process of creating a safe return to work environment. Upon reopening all facilities in early May, we had a 99% employee retention rate, that is something I'm very pleased to state and something that everyone at Douglas should be proud of because it took a real team effort to safely and successfully restart in May.

As we discussed on our last earnings call in early May, we have and always will, focus on protecting the health and safety of our teams first. To date, we've only had a handful of people test positive for COVID-19 out of 1,700 spread over 20 locations. This is a testament to both our employees making good choices, plus the efforts of our teams to create and implement our safe return to work plan. Probability and data trends tell us to expect more cases in the future, but this situation was a good test of our systems and protocols and everything to-date has worked as intended. I am extremely proud of the way our teams have collectively responded to the pandemic.

As an aside, after building a robust playbook, we chose to share these resources with our industry, including the National Truck Equipment Association by providing templates and examples of plans and procedures on our website for people that download and customized for themselves. The feedback has been nothing short of amazing. Today, we've had over 2,000 hits to the site from nine different countries, including England, China and Australia. We take pride in the fact that other companies are implementing the frameworks that we've developed and that we are doing our part to help everyone get back to work safely across the country.

With the pandemic discussion complete, let's