Kadant Inc. (NYSE:KAI) Q3 2020 Earnings Conference Call - Final Transcript
Oct 28, 2020 • 11:00 am ET
Michael J. McKenney
that we will remain eligible for some government assistance programs. However, as our business strengthens, the benefits from these programs in the fourth quarter will be significantly less than amounts received in the second and third quarters. We recognized $0.5 million in the third quarter and $0.9 million on a year-to-date basis of restructuring costs related to the reduction of employees across our businesses.
In aggregate, we expect these year-to-date restructuring activities will reduce our cost structure by approximately $4.1 million annually. We may incur additional restructuring costs in future periods as we continue to monitor the impact of the pandemic and the resulting global economic downturn on our businesses. Given the current uncertainties regarding what the future holds across our end markets and geographies, it's difficult to provide firm guidance at the moment. However, we've given these directional comments to help provide insight into how we see our current business environment.
That concludes my review of financials, and I will now turn the call back over to the operator for our Q&A session. Operator?