REV Group, Inc. (NYSE:REVG) Q3 2020 Earnings Conference Call - Final Transcript

Sep 09, 2020 • 10:00 am ET


REV Group, Inc. (NYSE:REVG) Q3 2020 Earnings Conference Call - Final Transcript


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Greetings and welcome to the REV Group, Inc. Third Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to turn the floor over to Drew Konop, Vice President, Investor Relations and Corporate Development. Thank you. Mr. Konop, you may begin.

Drew Konop

All right. Thanks, Doug. Good morning and thanks for joining us. This morning, we issued our third quarter fiscal 2020 results. A copy of the release is available on our website at Today's call is being webcast and a slide presentation, which includes a reconciliation of non-GAAP to GAAP financial measures is also available on our website. Please refer now to slide two of that presentation.

Our remarks and answers will include forward-looking statements, which are subject to risks that could cause actual results to differ from those expressed or implied by such forward-looking statements. These include, among others, matters that we have described in our Form 8-K filed with the SEC this morning and other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all. All references on this call to a quarter or to a year are to our fiscal quarter and our fiscal year, unless otherwise stated.

Joining me on the call today are our President and CEO, Rod Rushing; as well as our CFO, Mark Skonieczny. Please turn now to slide three and I'll turn the call over to Rod.

Rod Rushing

Thank you, Drew and good morning, everyone. And thank you for taking the time to join our call today. I'm going to begin with some initial comments around our operating conditions over the past several months and then we'll move to an overview of our third quarter results.

Reflecting on our second quarter, we faced the initial impacts of the COVID-19 created a lot of uncertainty across our enterprise. We experienced supply chain shortages, increased absenteeism. We had interruptions to our demand. The challenge presented by the pandemic required us to really think -- rethink about how we run our operations. We took a lot of safeguards to protect our employees, including mask requirements, spacing protocols. We had some temporary shutdowns. We were clean throughout the day and we applied facility-wide testing as necessary. It also includes a suspension of our normal production activities within our recreation segment during the months of April and May. The day-to-day, it was really, really difficult on our employees. And I really want to thank them for their commitment to our customers and our shareholders, but also for the safekeeping of one another during the difficult time that we journeyed through.

Our fiscal third quarter, our manufacturing operations began to normalize, at least in the new COVID environment. We saw our demand stabilize in certain segments, but there were still quite a bit of uncertainty related to school attendance and working-from-home policies, as well as pressures on municipal budgets