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Azz (NYSE:AZZ)
Q3 2019 Earnings Conference Call
Jan. 8, 2019 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

See all our earnings call transcripts.

Prepared Remarks:

Operator

Good morning, ladies and gentlemen, and welcome to the AZZ Inc. third-quarter fiscal-year 2019 financial results conference call. [Operator instructions] Please note that this event is being recorded. At this time, I would like to hand the conference over to Joe Dorame of Lytham Partners.

Please go ahead, sir.

Joe Dorame -- Managing Partner of Lytham Partners

Thank you, Denise. Good morning, and thank you for joining us today to review the financial results of AZZ Inc. for the third quarter of fiscal-year 2019 ended November 30, 2018. As Denise indicated, my name is Joe Dorame, managing partner of Lytham Partners.

On the call, representing the company are; Mr. Tom Ferguson, chief executive officer; and Mr. Paul Fehlman, chief financial officer. After the conclusion of today's prepared remarks, we will open the call for question-and-answer session.

Please note, there is a slide presentation for today's call, which can be found on AZZ's Investor Relations page under Financial Information at Before we begin with prepared remarks, I would like to remind everyone that certain statements made by the management team of AZZ during this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, except for the statements of historical fact, this conference call may contain forward-looking statements that involve risks and uncertainties, some of which are detailed, from time to time, in documents filed by AZZ with the U.S. Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended February 28, 2018. Those risks and uncertainties include, but are not limited to, changes in customer demand and response to products and services offered by the company, including demand by the power generation markets, electrical transmission and distribution market, the industrial market and the metal coatings markets, prices of raw material costs, including zinc and natural gas, which are used in hot-dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves; foreign and domestic; customer requested delays of shipment; acquisition opportunities; currency exchange rates; adequate financing; and availability of experienced management and employees to implement the company's growth strategies. The company can give no assurance that such forward-looking statements will prove to be correct.

These statements are based on information as of the date hereof, and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. With that, let me turn the call over to Mr. Tom Ferguson, chief executive officer of AZZ. Tom?

Tom Ferguson -- Chief Executive Officer

Thank you, Joe. Welcome to our fiscal-year 2019 third-quarter earnings call, and thank you for joining us this morning. We finished the third quarter on positive note, achieving yet again double-digit growth on both the top and bottom lines. Our businesses are operating on a firm foundation as cash from operations improved by 56% to $60.4 million for the nine-month period.

While we continue to make progress across most of our businesses in terms of customer focus and we're fairly pleased with the improvement from last year, we were impacted by both the increasing cost of labor and materials. In spite of this, our businesses, in most cases, responded well in attracting new customers and opportunities. As we noted on the last call, we expect to maintain positive traction as we look to complete fiscal year 2019 on a strong note. We have finalized our in China and this gives us more confidence in our ability to manage through the trade uncertainties.

We also finalized the joint venture in Saudi Arabia and our new facility is under construction, which provides us local capability and an improved position to pursue more service opportunities. While our new metal coatings initiatives are still running below our expectations, we are making real progress on them. We also remain highly active on the M&A front as we look to strengthen our core businesses and streamline our portfolio. We feel comfortable with our full-year earnings guidance still it's only a couple months left in the year, we're narrowing the range to $1.95 to $2.20 per diluted share.

Metal Coatings third-quarter performance was mixed, with strong sales but weaker than expected margins, with higher cost zinc continues to run through our sales, and both scale and semiskilled labor is proving difficult to find and also more expensive. The impact of having used more temporary contract labor has had a negative impact on both our direct cost and productivity. Overall, we were only able to offset about half of the negative impact of zinc and direct labor cost with improved price realization. We have taken several steps to improve our retention, but the caliber of labor and broad process discipline.

We are rollout of our Digital Galvanizing Solutions, which we call to ensure we are providing high-quality product with the optimum level of labor input and improved customer service. We remain committed to our Alternate Coatings initiatives, but building demand for Galvabar slower than expected in the Midwest. And we need to bring more productivity and expertise in-house. We have several initiatives under way to expand our offerings, our customer base, geographic coverage and operational expertise.

The Energy segment benefited from having a more normalized turnaround season for Welding Solutions despite the continuing challenges in the nuclear segment. The electrical platform has a solid backlog to work with, but had some impact from projects schedules moving as well as still seeking replace the nuclear backlog with new business in medium supplies. Our focus for electrical is improving cost to serve and achieving leverage from having five business units that build electrical With the in China and the JV in Saudi, we believe we will have more effective platform structure that allows us to have a highly competitive product offering it's important by cost-effective sales and operating structure. Sales has had little impact on our business, but the increasing cost of direct labor is impacting our margins for term businesses in spite of pushing price increases.

As we look forward, we see reasonable demand in most areas that our Metal Coatings business serves. While we have continued to increase prices, we have not yet been able to fully offset the majority impact from higher zinc and labor costs, but we are making good progress. They're focused on improving productivity and efficiency, while also continuing to improve price realization to offset these increased costs. Our focus in both business segments as we prepare for fiscal year 2020 is on optimizing our cost to serve, while delivering outstanding customer service.

With that, I'll turn over to Paul Fehlman to discuss the financials in more detail.

Paul Fehlman -- Chief Financial Officer

Thanks, Tom. For the third quarter of fiscal year 2019, we reported net sales of $239.5 million or $31.4 million increase, which was 15.1% higher than the third quarter of fiscal 2018. Operating income for the third quarter of fiscal 2019 was $22.8 million, $21.2 million higher than the third quarter of fiscal 2018, which included special charges to both cost of goods sold and SG&A as fully described in 10-Q filed with the SEC this morning. Before the fully diluted EPS grew to $0.59 per share compared to a loss of $0.01 last year, our backlog finished at $307.8 million, which was up 8% versus the third quarter of last year.

Our book-to-bill revenue ratio finished the third quarter $0.88 compared to 0.86% in the third quarter last year. And we currently expect to ship 54% of the backlog outside of the U.S. compared to 28% in the same quarter last year. Gross margins for the quarter were 20.8%, 590 basis points higher than the 14.9% gross margin for the third quarter of last year.

SG&A finished at 11.3% of total sales compared to 14.2% for the third quarter of last year. As a result, we generated third quarter operating margins of 9.5% compared to 0.7% in the third quarter of last year. We generated strong cash flow from operations of $60.4 million, which improved by $21.7 million or 56% in the first nine months of fiscal 2019 compared to cash flow performance from the same period a year ago, primarily due to higher net income. On a comparative basis, our quarterly interest expense rose 6.1% year over year or about $200,000, mainly as a result of rising interest rates, which was somewhat offset by a reduction of Our effective tax rate increased to 17.8% compared to third quarter late last year.

As for our third-quarter segment results, third-quarter revenues in our Energy segment were up 23.4% to $132 million compared to the third quarter of the prior year. Operating income of $11.5 million rose $23.6 million compared to the prior-year loss. Gross margins in the Energy segment grew to 21.2% compared to 5.6% in the third quarter of last year. Operating margins for the third quarter were $8.7 compared to negative 11.3% in the third quarter last year.

In our AZZ Metal Coatings segment, third-quarter revenues were $107 million, a 6.3% increase compared to the third quarter of last year. Operating income fell 15.5% to $18.3 million compared to $21.7 million in the same period last year, generating operating income margin of 17% compared to 21.4% in the third quarter of last year as a result of cost realized quarter higher than prior year despite slightly sequentially as well as increased cost. With that, I'll turn it back over to Tom for his concluding remarks. Tom?

Tom Ferguson -- Chief Executive Officer

Thank you, Paul. We remain moderately optimistic about fiscal-year 2019, and we are gaining confidence in our outlook after three solid quarters of performance. As noted earlier, we are narrowing our guidance for fiscal 2019, with earnings to being in the range of $1.95 to $2.20 per fully diluted share and annual sales in the range of $940 million to $960 million. We're experiencing generally stable market conditions, and we feel confident about our organizational changes and realignment activities.

Additionally, we are executing on our strategic initiatives to drive improved operational performance and pursue new growth markets and products. To reiterate, we are initiatives focused on managing commodity costs and improvement, labor hiring and retention. We are also very intent on improving focus on our core businesses that are critical to our success in the future. We will continue to focus on driving performance for the balance of this year and positioning AZZ for a stronger and better fiscal-year 2020.

With that, I'll open it up for questions. 

Questions and Answers:

Operator

Thank you, sir. [Operator instructions] And the first question will be from John Franzreb of Sidoti & Company. Please go ahead.

John Franzreb -- Sidoti & Company, LLC -- Analyst

Good morning, Tom and Paul. How are you doing? Actually, I want to start with the exact same first question I had last quarter. Could you just talk a little bit about the zinc dynamic in Metal Coatings. Last quarter you said it's six months before you can fully work through those high cost we had in the beginning of the year where quarter later and its have a more profound effect impact, and I would remotely expect this compared to last quarter.

Can you just speak about what's going on there?

Tom Ferguson -- Chief Executive Officer

Yes. I think the key thing here is we [Inaudible] is starting to flow out of our and metal continue at a pretty good clip as we finish out this year and get into the first quarter of next year. So it was kind of a clearly quick ramp up, and just because of the flows through over it's taking a little longer to get it out than we probably normally anticipate. But also keep in mind, we got about 16 to 20 million pounds of zinc that we move through our kettles every quarter.

And when they run about a quarter of $0.25 a pound higher, that just has a significant impact on you. And while we are pushing zinc productivity and efficiencies pretty well, we haven't been able to do that enough to offset that kind of a significant increase. And we've also had good performance on our price realization. But in this case, also keep in mind, labor is more expensive, tougher to find, more expensive.

We'll focus now on improving our retention because getting people experienced and being able to retain them is a critical part in driving productivity for us

Paul Fehlman -- Chief Financial Officer

John, this is Paul. Just to cover more things. What Tom said is absolutely right. The zinc price did roll over in the third quarter -- lower cost per pound in the third quarter than the second quarter, but it was -- it still well up from last year in the same quarter, the third quarter.

The other thing is, if you go back and take a look at the last quarter conference call what we were indicating is we expect it to really see the change during the fourth quarter as the first real indication of change. So it's a little fuzzy exactly how much lead time you need to clear the highest price stuff out of the backlog, but I think we have pretty much fourth quarter rather than third quarter premium was [Inaudible]

John Franzreb -- Sidoti & Company, LLC -- Analyst

Paul, are you locked in to annual contracts when you buy zinc? How much is some sort of annualized contracts versus buying on the spot market?

Paul Fehlman -- Chief Financial Officer

There were different contracts purchased last year that -- at the end of last year to start of this year, that have continued to this year. And most of them the are based on, I think, as you know, actually discussed, whatever the spot rate is, but we don't go too far into.

Tom Ferguson -- Chief Executive Officer

Yes. I think, John, the thing to keep in mind, usually, the buying cycle is right at the first of the calendar year and you so we've had some contracts locked in. We don't feel real good about -- I feel better about the the new keep doing in terms of purchasing, so we've had a little bit longer duration with that higher cost than anything we've been logged.

John Franzreb -- Sidoti & Company, LLC -- Analyst

OK. And then just moving quickly to the energy side of the business. Can you talk a little bit about what you're seeing, not only in the turnaround environment overall, especially the important spring season approaches for you? But also, if you kind of narrow it down to what you're seeing in the [Inaudible] marketplace, there seem a lot of concern what happened given the recent split in commodity prices.

Tom Ferguson -- Chief Executive Officer

Yes, I guess, there is -- you had a lot of questions wrapped up in that one, John. I appreciate that. We did have a better, much better refinery turnaround season. A lot of our initiatives in pursuing better international projects also has been paying off.

We see that continuing naturally the winter months in North America for turnarounds and outages, it has to be slower. So we anticipate -- we've anticipated that in our guidance. For the spring, working pretty strong. I think our folks on the industrial side, there are seeing a lot of activity, a lot of good coating, we've got some engineering orders in, in isolate of international opportunities as we are facing the spring.

So at this particular point, we feel pretty good. So unless something changes, which can happen and refineries decide to once again, we're feeling pretty good about the first quarter or the spring season. In terms of the power outages, less so. I think, nuclear has continued to be a smaller and smaller piece of our activity in Welding Solutions.

We still do have the nuclear logistics piece, and we structured them to perform pretty well at this level of activity. So we're not seeing anything that gives us significant concern as we look at the spring. On the side, as you know, we've only got a couple of businesses that are exposed to that. We structured them for good profitability at a reasonably low-level of opportunity.

So we've been there. We feel pretty good. Then on the electrical enclosures and switchgear businesses, we're working pretty hard to find leverage points. As I mentioned, there is five facilities that are building closures, two of those also do switchgear, but the enclosure piece and the fabrication piece tends to be a pretty good piece of the value add.

So we're doing a lot of things there that I think are going to pay off in the future. We've seen a better market there with I think, what's left, we were to what one maybe of capacity and then we got out of bankruptcy. We're feeling pretty good about that part of the market. So our focus now is what do we do to improve the North American activity for high-voltage bus.

We've got good backlog internationally, particularly China. We are seeing some activity in Saudi Arabia that makes us feel better as we look forward into next year for both me and and high-voltage bus. Did I get them all?

John Franzreb -- Sidoti & Company, LLC -- Analyst

Great. You got a lot of that, Tom. Thanks. I'll let somebody else chime in.

Operator

[Operator instructions] The next question will come from Noelle Dilts of Stifel. Please go ahead.

Noelle Dilts -- Stifel Financial Corp. -- Analyst

Thanks. Good morning. So I just wanted to go back to coating and dig into the margins just in a slightly different way. If you look at the year-over-year margin compression, I think about 440 basis points, can you give us a sense of how much of that is the headwind from zinc? How much is labor? And then how much the drive from new product line? Also, is there anything that you might think as more onetime in that compression? And I think the bigger question is really, when you look at margins moving forward into the fourth quarter and into next year, how quickly could we maybe start to see a rebound as some of that things comes off?

Tom Ferguson -- Chief Executive Officer

Yes. I think the -- you look at -- it depends on how we want to cut this because we did -- we looked at is what we brought with price, which I'd say the team has done a pretty well. Reorganize sales effort has paying dividend there. And I think that it's been hearing by significantly higher cost on zinc.

To kind of frame it, normally about half of our cost increase comes out of zinc alone. And in this case, just because of the labor market, some of the wage increases we've had to do and some of the productivity issues, it's labor and overhead has been a little bit higher impact than normal. So call it about 40% of it. And then maybe 10% on this new initiatives where we got depreciation and operating expenses when we are not fully absorbed yet and continue to chase that.

So 50%, 40%, 10%, I think is kind of rough cut. I think the zinc productivity, we feel good about what the team has done in terms of zinc productivity, but what we've suffered is on the labor productivity side. So we've got some more work to do there. I think is going to help us, but quite frankly, that's -- that's still even though it's in all of our plants now getting it up to full utilization and getting benefits out of it.

It's probably still a couple of quarters away. What you will see going to next year is the zinc in a lot of our larger plants, zinc cost has started to drop off pretty well. So we feel better about as we go into next year. We've got good line of sight of it.

In terms of the labor, that something we've -- we're putting a lot of work around, a lot of effort. I think it gets better because we are doing the things we need to do to improve that retention of what I'll call semiskilled labor. And where we have that good retention is in the plant management and structures, so we feel very comfortable about our plant management and we do lose a couple of woodwinds not do to normal attrition, but due to health issues and things like that. So -- but I think our bench is better, so we feel better about our ability to plug and play as we go forward.

Noelle Dilts -- Stifel Financial Corp. -- Analyst

OK. That's helpful. And then can you just give us some sense of some of the trends that you're seeing in the coatings end market? Generall, in industrial, kind of what you're seeing in downstream PND, etc., just generally to give us a feel for kind of the elements of the growth that you're seeing there?

Tom Ferguson -- Chief Executive Officer

Specific to coatings or kind of more of the coatings and also the electric side?

Noelle Dilts -- Stifel Financial Corp. -- Analyst

Specific to coatings, I think you touched on some of the electric. Certainly, we'd be happy to hear more if you have more on the electrical side as well.

Tom Ferguson -- Chief Executive Officer

Yes, I think -- I'm going to give you a general overview and Paul probably chime in here because he is looking at charge and he will have more specifics. I think on the industrial side, we've seen some petrochemical refinery kind of projects down in Gulf. Still not enough to offset the kind of the level of capacity that's down there, even though we closed the plant in New Orleans to reduce the capacity that's available out there. But we have seen some activity, and that's the kind of thing those tend to be they use a lot of steel.

They are intending to buy domestic steel now and -- which means we get an opportunity galvanize it versus coming in pregalved. still very active, and of course, that affects both our coatings business as well as our electrical business. So we feel really good about the trends there. I think there is still several quarters plus of good activity levels.

But the industrial fabrication activity has been good. I think as we look around where we're located, we've -- we're seeing good activity levels. The thing that has shifted a little bit on us is solar. Some of the solar fabrication has moved from the West back toward the East again.

So we pick up some of that, but it does effect some of our plants in the West. So overall, solar is fine. It's just that it's moved a little bit and where we've got some significant capacity, it's moved away from those plants. So that probably more peculiar to where we're located than general trend in the market because solar overall has been, OK.

And we had actually seen some better activity. It just fell in the wrong places for us. But as we look at next year, I think we're seeing good activity in that solar and other power gen area. Paul, you want to add to that?

Paul Fehlman -- Chief Financial Officer

Yes. No, as Tom said, you're right. Solar is still up over the last two years, hasn't quite gone back to its level it's highest year in '16, but we've been pretty clear that over the last few years. And generally speaking about construction, industrial construction, those are up nicely.

In fact, all of our end markets are up year over year, which is good to see, just a general health in that market. We, of course, like to see highways spend, but that takes money coming from the government and we certainly encouraged that to put more into bridge and highway, but that's actually up over year as is as pointed out and even recreational. So we are seeing positive trends almost across the board.

Noelle Dilts -- Stifel Financial Corp. -- Analyst

OK. Great. Thank you so much. You guys also called out China, just maybe some general concern there as we look forward, and you've obviously picked a lot of work there over the past year.

Are you seeing -- is there kind of a general concern? Are you seeing any changes in behavior or kind of how the products are being bid? You give us a feel for where you are seeing generally as it relates to China right now?

Tom Ferguson -- Chief Executive Officer

It's pretty normal. I think, market share is always just such a big piece of our current backlog that our movement of the project by a month can impact a quarter for us. And so that's our biggest level of caution. What we feel better about is more control of holding on facility over there where we can be more flexible about what we produce in U.S.

versus what we produce in China. It also allows us to take advantage of some of the lower-cost components in China and not have to import as much. So I think our caution will continue to abate as we kind of work through the existing backlog. We feel good about the contracts that we have negotiated.

Feeling bit about the terms we have in the contracts and backlog probably 18 months ago. So we call it out mainly because it's such a big piece of our backlog and can move the needle pretty readily, just projects move in a month.

Noelle Dilts -- Stifel Financial Corp. -- Analyst

OK. And then just a couple of more housekeeping-related questions. Given that you have been investing in initiatives, any thoughts on how we should think about CAPEX as we move into 2020? And then second, SG&A came in below my estimate, but pretty well controlled in the quarter. Any opportunity? Or how you're thinking about further reduction in there? And do you think SG&A could come in below 13% of sales next year?

Paul Fehlman -- Chief Financial Officer

Well, on the SG&A question, I'll go right there. I mean we moderated with the stock prices and how our performance has been. You see that has affected some of the long-term incentives as well as short-term. And we wanted to be large off just in kind of cost of and we understand headquarters that we always maintain a lot of vigilance over those cost, but we don't grow the overhead to fast for initial business year.

And so it's mostly coming out of the employee cost the headquarters here. So, yes, we'll keep a very close eye on SG&A and that from after.

Tom Ferguson -- Chief Executive Officer

I think we made some -- on the CAPEX side, we made some pretty big bets in that we called out, and we also the big bets on Leno and also on Galvabar facility in Oklahoma. So those are behind us. Those really big onetime CAPEX thing. Not that we're not going to have some growth CAPEX, but we're looking at how we manage that better on the Galvabar side as you look at another facility, we think we can do it a lot more efficiently and may even have a different approach on that.

So I think maintenance capital pretty normalized as we look forward in the next year. We've fixed some operating issues. Over the past couple of years, we have taken out for locations that we are underperforming. So we feel pretty good.

Not that we may not still find some opportunities to consolidate plants where it makes sense, I just want to treat that now is something we do on a regular basis as customers move and markets flip around, we'll continually look at that, where do we need to be. And then also on the acquisition front, some of the things we're looking at is to be able to probably do a better job of adding facilities as adjacencies to where we already serve rather than adding our within own backyard and duplicating capacity. So I think, we maintain some of the ways we're looking at what we acquire, where we acquired it. I don't see it's building any new are high big galvanizing plants any time in the future -- in the near future, anyways, particularly next year.

Operator

And the next question will be follow-up from John Franzreb of Sidoti & Company.

John Franzreb -- Sidoti & Company, LLC -- Analyst

I was wondering, given your increased confidence in the contracts on the energy side and given the lower input costs that you're getting on the Metal Coatings side, and given -- also on the energy side, your expectations on improved spring season. What do you confident in happening first, sustainable double-digit operating margin in Energy or a 22% operating margin in Metal Coatings?

Tom Ferguson -- Chief Executive Officer

Yes, I think -- given our backlog and some of the things that have transpired in that electrical sector, I think, there are couple of years away from getting back to double-digit. We are not ready to put our guidance in fiscal 2025, yes, we haven't.

John Franzreb -- Sidoti & Company, LLC -- Analyst

I didn't say

Tom Ferguson -- Chief Executive Officer

But, yes, we are focused on developing that story. In terms of Metal Coatings, I think the big front popped back above 20, we are working back toward 22. I think that come I look forward in the next year, we'll focus more on consolidating margins and improving margins than we are on continuing growth. So we're going to be much more focused on that operating improvement in terms of margins for next year for Metal Coatings.

So I think that comes first. I think we got a good plan on the electrical side to drive margin improvement. But just given the nature of the backlog and kind of where the competitive the market has been, and it's -- we don't have any high find business units that are up in that 20%, 25% operating margin range. And we don't anticipate that happening like it was a few years back.

So I think that comes I can. I do think will make margin improvement in electrical and anticipate that as we go into next year.

John Franzreb -- Sidoti & Company, LLC -- Analyst

OK. Fair enough. And you said you don't plan on filling any new catalyst. What does that say about potential M&A activity? Again, actually on both sides of the business?

Tom Ferguson -- Chief Executive Officer

I think Metal Coatings, when it comes to galvanizing, we're always going to be fairly aggressive. Like I said, we're going to be little more careful not buying things that are going to tremendous overlap with existing capacity. But wherever we can find some, call it, to where we already served, we're going to be very, very, use term but we are -- let's just say very focused on making sure we attract those. On the powder coating side, we've got a very narrow range that we look at for what we're interested in, in terms of size and margin capability.

So we'll continue to look at those. I like some of the things we've had on ongoing initiatives around that with an investment banking firm for us. So we'll continue to look at those, but we're being very disciplined about it. Those kind like EPC, there's not a tremendous number of amount there, but there is few, and so we're very interested in those.

On the electrical side, you've heard me said before, I tend to liking closures and switchgear because it tends to be bigger stuff. You're not at the mercy of low-cost imports and we are domestic business in that. So there is a couple out there that became available, we'd be interested. So I don't want to preclude an electrical acquisition.

On the Welding Solutions side, we're not anticipating anything out there.

John Franzreb -- Sidoti & Company, LLC -- Analyst

Got it, And just one last question, and if I missed this, I What are we think about tax rate not only for this year, but maybe on a go-forward basis?

Paul Fehlman -- Chief Financial Officer

Well, every time we call on our tax continues to go out and tax filing some pickup in there, I would say for next year at this point, we will have put our guidance, but I would just say will stick 21% next year until further notice.

Operator

And ladies and gentlemen, that will conclude our question-and-answer session. I would like to hand the conference back to Tom Ferguson for his closing comments.

Tom Ferguson -- Chief Executive Officer

Thank you, Thank you all for participating on today's call. And I want to have a whole lot at add. So we look forward to talking to you, again, at the conclusion of our fourth quarter. Thank you.

Operator

[Operator signoff]

Duration: 38 minutes

Call Participants:

Joe Dorame -- Managing Partner of Lytham Partners

Tom Ferguson -- Chief Executive Officer

Paul Fehlman -- Chief Financial Officer

John Franzreb -- Sidoti & Company, LLC -- Analyst

Noelle Dilts -- Stifel Financial Corp. -- Analyst

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