Enerpac Tool Group (NYSE:EPAC) Q4 2020 Earnings Conference Call - Final Transcript

Sep 30, 2020 • 11:00 am ET


Enerpac Tool Group (NYSE:EPAC) Q4 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to Enerpac Tool Group's Fourth Quarter Earnings Conference Call. [Operator Instructions]. Afterward, we will conduct a question-and-answer session. [Operator Instructions]. As a reminder, this conference is being recorded on September 30th, 2020. It is now my pleasure to turn the conference over to Bobbi Belstner, Director of Investor Relations and Strategy. Thank you. Please go ahead.

Bobbi Belstner

Thank you, operator. Good morning, and thank you for joining us for Enerpac Tool Group's fourth quarter 2020 earnings conference call. On the call today to present the Company's results, are Randy Baker, President and Chief Executive Officer; Rick Dillon, Chief Financial Officer; and Jeff Schmaling, Chief Operating Officer. Also with us are Barb Bolens, Chief Strategy Officer; Fab Rasetti, General Counsel; and Bryan Johnson, Chief Accounting Officer.

Our earnings release and slide presentation for today's call are available on our website at enerpactoolgroup.com in the Investors section. We are also recording this call and will archive it on our website. During today's call, we will reference non-GAAP measures such as adjusted profit margins and adjusted earnings. You can find a reconciliation of non-GAAP measures to GAAP in the schedules to this morning's release. We also would like to remind you that we will be making statements in today's call and presentation that are not historical facts and are considered forward-looking statements. We are making those statements pursuant to the safe harbor provisions of federal securities law.

Please see our SEC filings for the risks and other factors that may cause actual results to differ materially from forecasts, anticipated results or other forward-looking statements. Consistent with how we have conducted prior calls, we ask that you follow our one question, one follow-up practice in order to keep today's call to an hour and also allow us to address questions from as many participants as possible.

Thank you in advance for your cooperation. Now, I'll turn the call over to Randy.

Randy Baker

Thanks, Bobbi, and good morning, everybody. We're going to start today on Slide 3. Consistent with prior calls, before we review the fourth quarter earnings, I'd like to spend a few minutes reviewing the impact the global pandemic has had on the Company. Enerpac has three priorities. Firstly, continued focus on our employee's health and safety as we navigate the crisis. Secondly, how we respond to the dramatic drop in sales while maintaining our focus on future execution of our strategy. And finally, making sure Enerpac Tool Group is an employer where all employees feel accepted and part of a Company with a very bright future.

These times have been very stressful for everyone worldwide and I want to express my sincere thanks to our entire team for their continued commitment to our Company. Currently, Enerpac has about 40% of our employees working remotely which has declined as we entered the second phase of our return to work strategy. All of our plants remain in operation with additional safety measures including temperatures checks, risk assessment and