Navistar International Corporation (NYSE:NAV) Q3 2020 Earnings Conference Call - Final Transcript

Sep 09, 2020 • 09:00 am ET


Navistar International Corporation (NYSE:NAV) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. And welcome to Navistar's Third Quarter Earnings Results Conference Call. [Operator Instructions]

I would now like to turn the call over to Marty Ketelaar. Please go ahead.

Marty Ketelaar

Good morning, everyone. Thank you for joining us for Navistar's Third Quarter 2020 Earnings Conference Call. Today we will discuss the financial performance of Navistar International Corporation for the fiscal period ended July 31, 2020.

With me today are Persio Lisboa, President and Chief Executive Officer; Walter Borst, our Executive Vice President and Chief Financial Officer. After concluding our prepared remarks, we will take questions from participants.

Before we begin, I'd like to cover a few items. A copy of this morning's press release and presentation slide have been posted to the Investor Relations page of our website for reference. The non-GAAP financial measures discussed in this call are reconciled to the U.S. GAAP equivalent and can be found in the press release that we issued this morning, as well as in the appendix of the presentation slide deck.

Today's earnings press release, investor presentation, and our prepared remarks include forward-looking statements about our expectations for future industry and financial performance and the Company expressly disclaims any obligation to update these statements. Actual results could differ materially from those suggested by our comments made here.

For additional information concerning factors that could cause actual results to differ materially from those included in today's presentation, please refer to our most recent SEC filings. We would also refer you to our Safe Harbor statement and other cautionary notes disclaimer presented in today's material for more information on this subject.

As you know, on January 30, 2020, we received an unsolicited offer from TRATON to purchase the remaining shares of the Company for $35 per share in cash. Navistar's Board of Directors is evaluating this offer and we have no further updates for you at this time. Today's call will only cover our third quarter results and we won't respond to any questions regarding the TRATON offer.

With that, I like to turn the call over to Persio Lisboa for opening comments. Persio?

Persio V. Lisboa

Thank you, Marty. Good morning, everyone and thank you for joining us today. It's a pleasure to talk to you today and this is my first call, where I'm addressing you as a new CEO of Navistar. I want to thank our loyal customers, employees, dealers and partners for their support and their dedication to Navistar and our brands.

Before discussing the quarter, I want to spend a few minutes outlining some of my thoughts as CEO. I am a believer in our Navistar 4.0 strategy and its goals, having developed many of its founding principles. Today, I'm committed to accelerating the pace of progress towards those goals. And we are excited to share with you that our strategy is progressing very well.

The development of our next generation of trucks and buses is an initiative we call Project Compass [Phonetic]. This initiative is on track