Applied Industrial Technologies, Inc. (NYSE:AIT) Q4 2020 Earnings Conference Call - Final Transcript

Aug 12, 2020 • 10:00 am ET


Applied Industrial Technologies, Inc. (NYSE:AIT) Q4 2020 Earnings Conference Call - Final Transcript


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Welcome to the Fiscal 2020 Fourth Quarter Earnings Call for Applied Industrial Technologies. My name is Michelle and I will be your operator for today's call. [Operator Instructions].

I will now turn the call over to Ryan Cieslak, Director of Investor Relations and Treasury. Ryan, you may begin.

Ryan D. Cieslak

Thanks Michelle and good morning to everyone on the call. This morning, we issued our earnings release in the supplemental investor deck, detailing our fourth quarter results. Both of these documents are available in the Investor Relations section of

Before we begin, just a reminder, we'll discuss our business outlook and make forward-looking statements. All forward-looking statements are based on current expectations, subject to certain risks, including the potential impact from the COVID-19 pandemic, as well as trends in sectors, and geographies, the success of our business strategy and other risk factors. Actual results may differ materially from those expressed in the forward-looking statements. The company undertakes no obligation to update publicly or revise any forward-looking statement. In addition, the conference call will use non-GAAP financial measures, which are subject to the qualifications referenced in those documents. Our speakers today include Neil Schrimsher, Applied's President and Chief Executive Officer; and Dave Wells, our Chief Financial Officer.

With that, I'll turn it over to Neil.

Neil A. Schrimsher

Thanks Ryan, and good morning everyone. On behalf of our entire team at Applied, we hope you and your families are healthy, safe and managing well. I'll start today with a brief operational update, including our ongoing actions in response to the COVDI-19 pandemic, as well as what we're seeing across our business in this fluid environment. Dave will follow with a summary of our financials and some specifics on our fourth quarter and outlook, and then I'll close with some final thoughts.

I first want to take a moment to thank our entire Applied team for their strong effort and support throughout our fiscal 2020. I'm proud of what we've accomplished and how we've responded. Particularly over the past several months as we face an unprecedented environment from the pandemic and manage to slower demand, within our core end markets. It's inspiring to see how we've stepped up to the challenge collectively, and remain focused on driving value across our customer and supplier base. Our top priority remains the well-being of our associates, customers, suppliers and business partners, as the COVID-19 pandemic continues to evolve. We have quickly adapted our operations, and embedded various safety measures, allowing us to swiftly adjust to our customers' requirements and solidify our supply chain. All our operations and facilities have remained open, and fulfillment at our distribution centers and local service centers remains efficient.

Our operating model and sales team has shown tremendous flexibility. Effectively leveraging virtual communication platforms, system investments made in recent years, and our multi-channel capabilities. The resilient nature of our value proposition is apparent across many facets of our company. From the motion control products we provide for critical break-fix MRO applications throughout essential industries, such as