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Norbord Inc (NYSE:OSB)
Q4 2019 Earnings Call
Feb 5, 2020, 11:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good day everyone and welcome to Norbord Inc.'s Fourth Quarter and Year-end Earnings Conference Call. As a reminder, today's call is being recorded and webcast on Norbord's website at www.norbord.com. Norbord's discussion today may include certain projections and forward-looking statements regarding Norbord's business, future actions, and expected results. These statements are subject to known and unknown risks, and future results may differ materially. For further information on known risks, please see the caution regarding forward-looking information statement in Norbord's February 4th, 2020 Annual Information Form and the cautionary statement contained in the forward-looking statements section of Norbord's Management's Discussion and Analysis dated February 4th, 2020.

And now I'll turn the call over to Peter Wijnbergen, President and Chief Executive Officer. Please go ahead, sir.

Peter C. Wijnbergen -- President and Chief Executive Officer

Thank you, Bryce, and good morning, everyone. Welcome to our Q4 and year-end 2019 conference call. I'm joined today by Robin Lampard, our CFO; Heather Colpitts, our Director of Corporate Affairs; and Robert Winslow, our Vice President of Investor Relations and Corporate Development. This morning, I'll comment briefly on 2019 and the markets, then Robin will review the financials before we share our outlook for 2020 and take your questions. 2019 was a challenging year for Norbord. Our financial results were disappointing as US housing activity lacked prior year levels through most of the year, only turning positive in November, and this slowdown was reflected in lower North American OSB demand. Further, the slowing industrial sector in Germany put downward pressure on the very high panel prices we have been enjoying in our European markets. In Q4, we delivered adjusted EBITDA of $27 million and an adjusted loss of $0.13 per share, leaving full year results at $138 million and a $0.37 loss per share respectively.

In North America, we took decisive action during the year to align our production with weaker housing-related demand, indefinitely curtailing 100 Mile House PC mill and Line 1 at our Cordele, Georgia mill. When added to the maintenance work, we typically schedule across our mills during the slower winter months. This resulted in 222 mill days of downtime in Q4, which represented almost 20% of our available production days.

This compares with 70 mill days of downtime in Q3 and 131 days in Q4 of 2018. Now on the plus side, consolidation of downtime allowed us to more efficiently allocate production volumes as the year progressed, resulting in record annual production of two mills and lower unit manufacturing costs.

Our European business had a solid year even as panel prices weakened, generating adjusted EBITDA of $64 million, about 50% above our 15-year average and representing the third best ever year for the segment of our business.

Our experience says that there is a much stronger link between crisis and cost in Europe. With prices having rolled over from the peak, we expect the wood costs to follow suit and have already seen some improvement during Q4.

We have also seen in the past that lower OSB prices in Europe drive faster substitution against imported plywood. We are in the early innings of ramping up production at our expanded Inverness, Scotland mill and have an estimated four-year pipeline of growth ahead of us to meet increased customer demand. I'll talk about our outlook in a moment, but first Robin, over to you for some financial comments.

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Thanks, Peter. This morning I'll provide some quick additional color on our Q4 North American segment results as well as some guidance on a few items I know you'll be looking to update in your 2020 model. As you have seen, our results [Technical Issue] this quarter. As Peter already highlighted, we curtailed significant production volume in Q4. Combined with the six fewer fiscal days, this resulted in 17% lower year-over-year shipment volume in North America.

Since our 2019 fiscal quarter reset is now behind us, thankfully we won't have to talk about fiscal day count differences for the next several years. Looking forward to 2020, as a reminder, we typically have significant seasonal cash outflows in Q1. This year, some of the cash outflow from our usual seasonal [Indecipherable] ongoing capex investments and the $12 million dividend the Board just declared, will be offset by a significant tax refund we are expecting to receive.

So I would point you to the taxes receivable number on our balance sheet at year-end. In terms of 2020 capex, I'll confirm the guidance we gave last quarter with a paired back budget of $100 million. This will be allocated across our mills for normal maintenance work as well as to reduce manufacturing costs and ensure we can continue to support growth in our specialty product sales.

This budget includes the completion of the Inverness Phase 2 investment as well as continued investment at our Chambord, Quebec mill in preparation for an eventual restart. We have not yet made a restart decision in Chambord and we will only do so when it is [Indecipherable] customers require more product. We continued to take a balanced approach to capital allocation in 2019. We reinvested more than $140 million in our mills and returned $130 million in cash to our shareholders through a combination of dividends and share buybacks, including $5 million during Q4 under our renewed normal course issuer bid.

As of today, we have 3.8 million shares remaining under our CIB, and we will continue to look for opportunities to buy back stock when the price is significantly below our view of intrinsic value. Our balance sheet remains solid as we head into 2020. You'll recall that last summer we termed out our 2020 senior secured notes to 2027 and upsized the principal by $110 million to increase our liquidity.

We finished 2019 with $272 million of liquidity and a debt to cap ratio of 40%, which remains well below our revolver covenant. We remain committed to returning excess cash to shareholders, and our variable dividend policy gives us the flexibility to prudently balance capital allocation decisions with the inherent cyclicality of our business. As you will have seen, our Board maintained variable dividend at CAD0.20 per share for the quarter, payable on March 23rd. And with that, back to you, Peter.

Peter C. Wijnbergen -- President and Chief Executive Officer

Thank you, Robin. So looking ahead, underlying US housing market fundamentals are encouraging. US housing starts continue to improve with experts' current forecast averaging 1.33 million starts for 2020, which represents a 3% increase over 2019. Further, the seasonally adjusted annual pace of permits, the more forward-looking indicator, was up nearly 6% year-over-year to [1.42 million] [Technical Issue].

Builders have seen early success adapting their offerings, the growing demand for lower costs, entry-level homes, hence mortgage interest rates remained near multi-year lows.

These factors are -- positively impact -- housing activity and OSB demand as we enter the prime spring building season. And as of yesterday, Random Lengths' regional prices are up between 10% and 18% over Q4 average level.

We have significant upside potential in an improving housing market. And I'm increasingly encouraged by the outlook.

Outside of new home construction, we see continued solid growth in other OSB end users. Our big box OEMs remain strong and we continue to focus on our ambitious growth targets for [Technical Issue] products.

In Europe, our panel business is poised for [Technical Issue] above average results, as [Technical Issue] should start to offset declining panel prices and the OSB ramp up -- will continue to ramp up Inverness to meet growing OSB demand. Combined with our solid balance sheet and liquidity, [Technical Issue] is well positioned for the year ahead.

And with that, we will move onto to questions. So I will turn things back to the operator, who will open up your lines.

Questions and Answers:

Operator

Thank you. [Operator Instruction] We will take our first question from John Babcock with Bank of America. Please go ahead.

John Babcock -- Bank of America -- Analyst

Good morning, I guess, I just want to start out, you mentioned that there were 222 mill down days during the quarter. Could you give us a sense as to whether that was any more weighted toward the front or back half of the quarter?

Peter C. Wijnbergen -- President and Chief Executive Officer

Good morning, John. No, I mean for..

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

I mean, [Speech Overlap] the one thing -- that is obvious is that we closed down Cordele Line 1 halfway through the quarter. So obviously that was highly weighted into the back half of the quarter. And then typically our maintenance sets would be more weighted toward the end of the quarter.

John Babcock -- Bank of America -- Analyst

Okay, thank you for that. And then also with regards to OSB prices, I was wondering if you could kind of provide your own commentary on what is driving prices lately, if this is kind of more demand driven or if you are also seeing kind of tightness on the supply side. I mean generally wanted to get your views on that.

Peter C. Wijnbergen -- President and Chief Executive Officer

Yes. Well, I mean, obviously it is difficult for me to comment on the supply side other than what-own operation, but we have talked past over about the fact that we have seen continued very low inventory levels throughout the system, really for most of last year. We think that that remains unchanged.

I think building conditions have been very favorable, because we haven't had a lot of bad weather compared to previous years at least so far this year, or even into the fall. And so that is combined with I think very strong outlook for housing as demand has been good. And so we should have seen that is thick through to supply chain, I think.

John Babcock -- Bank of America -- Analyst

Thank you. And then with regards to Europe here quickly, I mean it looks like shipments were down a fair bit during the quarter, maybe I missed this from your commentary, but you know, was that primarily demand-driven or were there any issues that at Inverness, which I knew you had talked a little bit about last quarter, what can you kind of add to that?

Peter C. Wijnbergen -- President and Chief Executive Officer

Well I men in Europe, we have a little bit of same thing that we do here, we tried to just load in some downtime at year-end, there is typically also a lot of our European customers take that sort of fear around Christmas and New Years off, that is sort of a much more baked in, I think in Europe than it is typically in North America, so the result were sort of a slow period for about a couple of weeks there around year-end. Beyond that I wouldn't read too much about else into it. Robin do you have..

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

I would also just-bout the fiscal day time difference. So six fewer days in Q4 2019 versus Q4 2018, so that is about 6% right there.

John Babcock -- Bank of America -- Analyst

Okay. And are you seeing any signs of pricing turning the quarter in Europe?

Peter C. Wijnbergen -- President and Chief Executive Officer

Well, it is early going in that sort of price adjustments, you know that really sort of started, -- I think we started mentioning that in Q3 of last year. You know so far we are pleased with the sort of demand uptick that we are seeing which we typically would expect after the Christmas break. So I'm [Technical Issue] outlook at the moment.

John Babcock -- Bank of America -- Analyst

Thank you. That is all I have.

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Thanks John.

Peter C. Wijnbergen -- President and Chief Executive Officer

Thank you.

Operator

[Operator Instruction] We will take our next question from Paul Quinn with RBC Capital Markets. Please go ahead.

Paul Quinn -- RBC Capital Markets -- Analyst

Yes, thanks very much. Good morning, guys.

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Good morning Paul.

Peter C. Wijnbergen -- President and Chief Executive Officer

Good morning Paul.

Paul Quinn -- RBC Capital Markets -- Analyst

Hey I thought at start in Europe here. Peter, you mentioned the ramp Inverness is going to be four years, which specific markets are you targeting with that extra volume? And then the lumber guys are all talking about the European spruce bark beetle and the impacts there, just wondering if that has lowered cost for some of your European competitors and that might be a little bit of a headwind for that extra volume from Inverness.

Peter C. Wijnbergen -- President and Chief Executive Officer

Good question, yes. So first of all, I think, as we have mentioned in the past, more than 70% of our European sales are focused on the UK. That is also the case for the bulk of the additional volume that we expect to produce from our Inverness mill. At the same time that mill is now capable of supporting growing demands on the continent in our typical continental markets. I would say that there has definitely been pressure in the middle of-Europe as result of this pine beetle thing. I don't know can you still hear us?

Paul Quinn -- RBC Capital Markets -- Analyst

Yes.

Peter C. Wijnbergen -- President and Chief Executive Officer

Okay. Sorry. There is some weird electronic noise. And what we have seen so far is harvest levels in central Europe that are more than double what they typically are as people trying to cut that timber before it is destroyed and-that has had an impact on costs of that wood and availability, you know plenty of availability. And that probably has led to some downward price movements in -- that has probably contributed to the downward price movement we have seen on the continent for our products here over the last six months.

You know the flip side, you know certainly we are seeing-we are not in the middle of that market, but we are sort of on the fringe with our Belgium mill-see wood cost trending down there as well.

You know the flip side is that harvest volumes that is sort of so significant clearly declined within probably about a year. I'm sure over the long-term or longer term I would say, there will be a significant constrains on wood supply in Central Europe that will have the opposite effect.

Paul Quinn -- RBC Capital Markets -- Analyst

So it sounds like a minor headwind in the short-term, but a very favorable in the medium and long-term.

Peter C. Wijnbergen -- President and Chief Executive Officer

Yes, that is certainly how I'm thinking about it right now.

Paul Quinn -- RBC Capital Markets -- Analyst

Okay. And then, on your capex plans, you mentioned investments to support production of specialty products and export. Just wondering if you can help us understand what some of those investments would include.

Peter C. Wijnbergen -- President and Chief Executive Officer

Yes, I mean, we have talked recent-over the last year, we have talked about investments in our finishing ends, so in particular one thing I mentioned was that last quarter or one before it was state of the arts, sanding line that we just completed in our Alabama mill. So those kinds of investments that we will continue to focus on as we grow into that better understanding of what industrial customers require. And, it opens up a new avenue of potential sales for people who are looking at very tightly controlled thickness variance as well as much better surface quality.

Paul Quinn -- RBC Capital Markets -- Analyst

Okay. And then just lastly just on a repair model shipments were up 19% year-over-year, just what is driving that straight?

Peter C. Wijnbergen -- President and Chief Executive Officer

Well, it is an interesting question, right, because you know, I think overall a Home Depot and Lowe ' s are not showing dramatic total sales increases, certainly not 19%, you know we are always aware that there is some price sensitivity at the retail level. So OSB pricing as you know last year were particularly low, and as a result there is probably some extra volume that got sold because you know OSB is-low price panels in the store. But even if I compare our sales last year to 2017, we are still seeing significant growth there, probably not quite 19%, but more like 10% or slightly over 10% in that comparison.

I think you know in particular Home Depot has been very focused on a growing their total volume sales and our and other wood related to our building material related products as they try to penetrate more strongly with the larger renovating retailer.

Paul Quinn -- RBC Capital Markets -- Analyst

Alright. Thanks for the help.

Peter C. Wijnbergen -- President and Chief Executive Officer

Sorry Paul, I meant renovating contractor and not retailer, yes.

Paul Quinn -- RBC Capital Markets -- Analyst

Yes, alright. Okay. best of luck.

Peter C. Wijnbergen -- President and Chief Executive Officer

Thanks Paul.

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Thanks Paul.

Operator

We will take our next question from Sean Steuart with TD Securities. Please go ahead.

Sean Steuart -- TD Securities -- Analyst

Thanks. Good morning everyone.

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Good morning Sean.

Peter C. Wijnbergen -- President and Chief Executive Officer

Good morning.

Sean Steuart -- TD Securities -- Analyst

A couple of questions. It feels like North American or US demand in particular is picking up more quickly now. And the question with respect to capacity management decisions, in the past you have referenced capacity additions and your thinking around that are more closely tied to I guess underlying demand trends and then it was big prices. Any updated context on what type of demand backdrop you would need to see to restart Chambord and I guess potentially Line 1 at Cordele as well and thoughts on sequencing of those potential restarts?

Peter C. Wijnbergen -- President and Chief Executive Officer

Yes, thank you Sean. I'm glad that we are actually able to talk about this challenge now rather than the other way around, but we have typically talk about needing six months lead time to start a curtailed mill. And that remains the case for both Chambord on 100 Mile House. So it is really the 2021 demand outlook that we are looking at to make that decision.

We could be more nimble with the Georgia a Line 1 operation, because you know Line 2 is still fully operational and the management team as a result is still in place. So if we see demand sustained above expectations this year, that is a more short-term options, however, the labor markets in the US remains very tight and we have know that all or at least most off the 50 plus employees we had to lay off, have found other employment.

Sean Steuart -- TD Securities -- Analyst

Okay. Thanks for that detail. Question on input prices, you gave some context in Europe, but in the quarter it looks like input prices were a modest headwind both year-over-year and quarter-over-quarter. Any detail you can give us with respect to cost trends in North America early in 2020?

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Yes, I mean it has only been a few weeks so far, Sean. But if you look last year in the variance sales in the MD&A, you can see the numbers are pretty small on the input price spent at that consolidate-so we really haven't seen a lot of movement one way or another in the business in the recent few quarters. So, I guess you are guess is good as mine going forward, but it really hasn't been much of a factor.

Peter C. Wijnbergen -- President and Chief Executive Officer

I would add in North America, really wood costs are most important input price. We have talked for years now about the fact that those prices on the fund in the aggregated has remained fairly even. And though, we will continue to see fluctuations here and there, we don't at the moment anyways for a significant change there.

The resin price is sort of our second most important cost input you know have fairly flat. There are indirectly driven by oil prices to [Indecipherable] and I think, in particular-prices have been fairly weak or relatively weak. So there is no forecast of any significant moves there.

The one thing to look for is long term, the impacts are of what happens as a result of this whole quarantine and for lack of a better description of what is happening in China. As a result of this virus, you know obviously none of our suppliers come from there, but you know that has traditionally been a significant source of demand, resin and also other products and maybe just slow down there temporarily anyways here in the short-term.

Sean Steuart -- TD Securities -- Analyst

That is useful context. thanks very much.

Peter C. Wijnbergen -- President and Chief Executive Officer

Thank you Sean.

Operator

We will take our next question from Mark Weintraub with Seaport. Please go ahead.

Mark Weintraub -- Seaport -- Analyst

Thank you. And I apologize I missed the first couple minutes, but you mentioned the fewer fiscal days, so I was just trying to understand, so shipments were down 17%, can we attribute 6% of that to just fewer fiscal days and so on a more apples-to-apples basis it would be down 11 or is that not necessarily the right way?

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Yes. It is exactly the right way to think about it Mark.

Mark Weintraub -- Seaport -- Analyst

Okay, good. And presumably production also on an apples-to-apples basis was down some more on the order of 11% for you?

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Yes. But I don't have the number, absolutely yes they always move almost exactly on Mark says.

Mark Weintraub -- Seaport -- Analyst

Okay. And you referenced in your commentary that the APA pointed to an 83% operating rate during 2019. Do you happen to know if the capacity number used there is adjusted for the closures that took place toward the end of the year?

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

No. So that would have taken all mills that started out the year running as the denominator, and taking the report-production volume over that denominator.

Mark Weintraub -- Seaport -- Analyst

Okay. Very good. So using the bigger capacity number effectively?

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Yes that is right, so basically everything except Chambord, would be the way to think about that.

Mark Weintraub -- Seaport -- Analyst

Okay, great. And then it is been notable in the last couple of weeks that restroom delivered prices in particular has really been moving. And I think that there have also been some changes in the go-to-market strategies in Western markets, delivered markets. Can you maybe help us a little bit understand what might be happening in those markets specifically?

Peter C. Wijnbergen -- President and Chief Executive Officer

Yes, that is a good technical question Mark. So we have mentioned, I think in the past conversations that we have been concerned about the relationship between these Western delivered trends numbers, randomized report numbers versus the either Southwest or Western Canadian mill levels including freight. We have recently been concerned around there seems to be a very significant difference at least the way of what we experienced in terms of freight rates plus our supplying mill newness.

And so we have indicated to our customers that this is not sustainable, we don't see that as sustainable and we need to find different ways to come to a supply arrangement for that part of the market and I don't know of course how that is interpreted or how random length reports that kind of stuff, but it would-certainly the movements at least on a short-term basis, which suggest maybe the market is more closely-what we see as the reality for our shipments into that division.

Mark Weintraub -- Seaport -- Analyst

And in order of magnitude, what percentage of your product would fall under kind of the delivered Western market?

Peter C. Wijnbergen -- President and Chief Executive Officer

Well, I don't know for sure. I would have to get back to you on that. But let's say in principle that market we supply out of our Alberta mills and a little bit out of our Southwest mills. But exactly how much of the total, I don't know of that.

Mark Weintraub -- Seaport -- Analyst

And then lastly, just trying to understand a little bit more on the European spruce? My understanding is that OSB business takes share during these types of environments. And presumably from plywood, I guess the first question is, whether or not is that European spruce usable for the manufacturer of plywood?

Peter C. Wijnbergen -- President and Chief Executive Officer

There is not a significant, if any plywood industry-domestic plywood industry, at least on the continent using softwood. I think the answer that I can fairly safely say there is none. And the big challenge is that wood needs to be consumed in a reasonably fast timeframe, there is the ability to store some of it in lakes and behind hydro dams, but that is fairly limited. So our expectation is that all operations that can consume this wood are running as hard as they can right now as a consume as much as possible. There is some volumes that are being stored, but there will probably also be a significant volume that will never be usable from a commercial perspective.

Mark Weintraub -- Seaport -- Analyst

And that gets like to the hard question. So basically all these mills already running full out that could be using the European spruce to your knowledge in OSB?

Peter C. Wijnbergen -- President and Chief Executive Officer

Well on the OSB side, as best as we can tell that you know like we have even less information in Europe than we have over here in terms of what our competitors do with their operations. But, as best as we can tell from the available shipment information you know mills are running flat out.

But there is other places where spruce can be-which is being consumed whether that is pulp mills or-those are wood pellets for heat energy. These are all industries that also consume this spruce in the short-term. And I would assume that all of them are doing their very best to try to deal with this crisis.

Mark Weintraub -- Seaport -- Analyst

Okay. Super. Thanks very much.

Peter C. Wijnbergen -- President and Chief Executive Officer

Thanks Mark.

Operator

[Operator Instruction] We will take our next question from Andrew Kuske with Credit Suisse. Please go ahead.

Andrew Kuske -- Credit Suisse -- Analyst

Thank you. Good morning. I would maybe just continue on the European trend and the fiber pricing pressure that is happening there. Clearly that has an a number of knock on effects, but do you see this effectively being a positive where maybe for the next year or two it effectively stimulates greater use of OSB, and it becomes more of a permanent staple in the ecosystem and then longer term that do you see that as being much more beneficial for you?

Peter C. Wijnbergen -- President and Chief Executive Officer

Good morning Andrew. At least historically that has been the trend. So as we are for whatever reason in period of price-relative price weakness, we have seen substitution accelerate and mostly it remains there, what we have seen at least historically there remains there afterwards. So once people converted over to OSB and the shorter domestic supply chain rather than having to rely on imported stuff from Asia or South America or North America they don't come for it back.

Andrew Kuske -- Credit Suisse -- Analyst

Okay. Thank you. And then sticking with the Europe, I guess from our Brexit standpoint for the next, I guess was 10 months or 11 months is really status quo. And then are you exposed to new agreements at that point? I don't know, maybe just some color and background or backdrop that you face on a go forward basis for your mills in the UK.

Peter C. Wijnbergen -- President and Chief Executive Officer

Yes, it is a good question. Thank you. So there is obviously many facets to that question, but just focusing on our own operations. First, 70% of our sales remain in the UK, and most of our known UK sales are supplied by our mill in Belgium, which will remain in the European Union, at least we assume.

So then there is obviously some growing amount of Inverness that moves overseas, we don't expect that to be significantly hindered going forward. And then there is the secondary-what happens-the UK is a significant net importer of food products, including panels from primarily the European Union. And so what happens to that competitive pressure that we got from those products.

So, so far the impact of Brexit has been a 10% to 20% lower Pound versus the Euro, which is probably the important factor in that competitive position. We have not changed that-sort of changed significantly now that Brexit is official, you know time will tell what are overtime as trade relations you know find their new revenue, whether that will change, but that is probably for us you know in the near term, we don't see a significant change there.

Andrew Kuske -- Credit Suisse -- Analyst

Okay. That is really helpful. And then one final question if I may and it is really to Robin and it is just on the share buyback. How do you think about intrinsic value of the shares when you are making the buyback decisions versus say that the levels of variable dividend?

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

Okay. Well, I mean, so in terms of thinking about the attractiveness of share buybacks, I mean we are obviously looking at our expectations of the cash flow that the business can generate over the long-term on a discounted basis.

But I guess the simple thing to do is to point and see the activity we have done under our two NCIBs so far, and under those we were buying back at a range of call it you know in Canadian dollar terms, CAD33 dollars to sort of CAD37 dollars a share. So that I would just as a fact.

And in terms of the variable dividend versus buying back stock, I mean the best illustration is to point to what we did in 2018, 2019. We distributed significant cash through that variable dividend in 2018 when our stock price was trading at 52 weeks high, you know it didn't make sense for us to buy back stock then.

But when the stock corrected in response to the slowdown in US home buildings, and that is when we became a much more aggressive under the NCIB. So that I think is a bit of illustration of how we think about that relative, the allocation of capital was in those two options we are returning back to shareholders.

Andrew Kuske -- Credit Suisse -- Analyst

Okay. Very good. Thank you.

Peter C. Wijnbergen -- President and Chief Executive Officer

Thanks Andrew.

Operator

It appears there are no further questions. Mr. Weinberg, I would like to turn the conference back to you for any additional or closing remarks.

Peter C. Wijnbergen -- President and Chief Executive Officer

Thank you, Bright. As always, Robin, Heather, Roberts and I are available to respond to further questions. Thank you all for participating today and I look forward to reporting on our continued progress next quarter. Have a good day.

Operator

[Operator Closing Remarks]

Duration: 37 minutes

Call participants:

Peter C. Wijnbergen -- President and Chief Executive Officer

Robin E. Lampard -- Senior Vice President and Chief Financial Officer

John Babcock -- Bank of America -- Analyst

Paul Quinn -- RBC Capital Markets -- Analyst

Sean Steuart -- TD Securities -- Analyst

Mark Weintraub -- Seaport -- Analyst

Andrew Kuske -- Credit Suisse -- Analyst

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