Koppers Holdings Inc. (NYSE:KOP) Q3 2020 Earnings Conference Call - Final Transcript

Oct 26, 2020 • 11:00 am ET

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Koppers Holdings Inc. (NYSE:KOP) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Leroy M. Ball

as we continue to clamp down on cost for the year as shown on Slide 46, which details actions meant to mitigate the impact of COVID-19. We've identified between $12 million and $14 million in SG&A savings and have reached $9 million of those savings through September of 2020 by managing costs in compensation and benefits, travel and entertainment, and legal and consulting fees.

Now, as discussed on prior calls to emerge stronger post pandemic, on Slide 47, you can see we remain relentlessly focused on these few critical initiatives, which have already contributed importantly to our success in managing through these challenging times. By continuing to focus on increasing market share across business segments, adding new products, processes and markets to our portfolio, and optimizing our facilities, we believe we can continue to build upon the strong foundation we've built over the past six years. In addition, the sale of non-core businesses such as KJCC, closed properties such as Follansbee, KCCC, and Denver and other related assets should generate additional cash as well.

In summary, 2020 has proved to be a key inflection point for our Company. Key milestone occurred with the completion of the sale of our KJCC joint venture as we announced on September 30. By exiting this business and further streamlining our portfolio, we've taken one more giant step towards significantly improving the stability and quality of our earnings profile moving forward. Additionally, we continue to validate the strength, durability, and resilience of our business model that benefits from being a major player in serving diversified niche end markets and being designated in the central business supporting critical industries that must continue in almost any circumstance. Even in an unprecedented environment due to the ongoing pandemic, we're achieving record levels of performance, which is a testament to our Koppers' team members around the globe who I wish to thank for their extraordinary efforts to carry us through these challenging times.

At this point, I would like to open it up for any questions.