Kadant Inc. (NYSE:KAI) Q3 2020 Earnings Conference Call - Final Transcript

Oct 28, 2020 • 11:00 am ET


Kadant Inc. (NYSE:KAI) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter 2020 Kadant Inc. Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your first speaker for today, Mr. Michael McKenney, Chief Financial Officer. Thank you. Please go ahead.

Michael J. McKenney

Thank you, Anne. Good morning, everyone, and welcome to Kadant's third quarter earnings call. With me on the call today is Jeff Powell, our President and Chief Executive Officer. Before we begin, let me read our safe harbor statement. Various remarks that we may make today about Kadant's future plans and expectations, financial and operating results and prospects are forward-looking statements for purposes of the safe harbor provisions under Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those outlined at the beginning of our slide presentation and those discussed under the heading Risk Factors in our annual report on Form 10-K for the fiscal year ended December 28, 2019, and subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements we make during this webcast represent our views and estimates only as of today.

While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so even if our views or estimates change. During this webcast, we will refer to some non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is contained in our third quarter earnings press release and the slides presented on the webcast and discussed in the conference call, which are available in the Investors section of our website at www.kadant.com. Finally, I wanted to note that when we refer to GAAP earnings per share or EPS or adjusted EPS on this call, we are referring to each of these measures as calculated on a diluted basis. With that, I'll turn the call over to Jeff Powell, who will give you an update on Kadant's business and future prospects. Following Jeff's remarks, I'll give an overview of our financial results for the quarter.

We will then have a Q&A session. Jeff?

Jeffrey L. Powell

Thanks, Mike. Hello, everyone. Thank you for joining us this morning to review our third quarter results and discuss our outlook for the remainder of the year. Since our last earnings call, the world has continued to be impacted by the COVID pandemic. An increasing number of cases in Europe and the U.S. continue to create depressed economic activity and uncertainty around the world. I'll begin by discussing how this impacts our operations and our third quarter financial results. The effects of the global pandemic made the third quarter another challenging quarter in terms of predicting demand and overall business levels. As we