American Vanguard Corp. (NYSE:AVD) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 04:30 pm ET


American Vanguard Corp. (NYSE:AVD) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the American Vanguard Second Quarter 2020 Conference Call. [Operator Instructions]

I would now like to turn the conference over to your host today, Bill Kuser, Director of Investor Relations. Thank you. You may begin.

William A. Kuser

Well, thank you very much, Latania, and welcome, everyone, to American Vanguard's Second Quarter and Midyear Earnings Review. Speakers today will be Mr. Eric Wintemute, the Chairman and CEO of American Vanguard; and also Mr. David Johnson, the company's Chief Financial Officer. Also assisting in answering any of your questions, Mr. Bob Trogele, the company's Chief Operating Officer. American Vanguard will file our Form 10-Q with the SEC tomorrow. This document provides additional detail to the results that we will be discussing in this call. Before beginning, we should take our moment for a usual cautionary reminder. In today's call, the company may discuss forward-looking information.

Such information and statements are based on estimates and assumptions by the company's management and are subject to various risks and uncertainties that may cause actual results to differ from management's current expectations. Such factors can include weather conditions, changes in regulatory policy, competitive pressures and various other risks that are detailed in the company's SEC reports and filings. All forward-looking statements represent the company's best judgment as of the date of this call, and such information will not necessarily be updated by the company.

With that said, we turn the call over to Eric.

Eric Wintemute

Thank you, Bill. Good afternoon, everyone. We appreciate your continued support of American Vanguard. In our last call, we gave you our first impression of the coronavirus pandemic, which had begun to spread into the United States partway through the first quarter. As part of the critical infrastructure, we were permitted, indeed, expected to continue operating in the midst of a global pandemic, the likes of which we had not seen in over a century. In order to operate without disruption during the first quarter, we had to adapt. Where we could do so, we shifted from in-person to remote work. Where we had to maintain physical operations as in our factories, we implemented COVID protocols to keep the workplace safe and healthy. At the same time, we learned to do business remotely while constantly checking on supply chain stability, logistics and customer demand. Fast forward to the second quarter, the pandemic has become the norm. We, and our suppliers, peers and customers, have become more accustomed to doing business through Zoom meetings, webinars and e-mail. We continue our efforts to ensure that internal communication was frequent and continuous. In fact, I continue to hold weekly 2-hour state of the company calls with over 40 of my key managers during which I solicit input on operational challenges, sales opportunities and regional developments to ensure that we are all moving in the same direction. In addition, on a daily basis, our pandemic working group advises the workplace regarding COVID-related news, government orders, research and company protocols.

During the second quarter, the pandemic shifted