NPO - Earnings call transcript Q2 2021

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Operator

Greetings. And welcome to the EnPro Q2 2021 Earnings Conference Call. At t this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. to Vice conference President like host, to now Gentile, James of would turn over the your I Investor Relations. ahead. go Please

James Gentile

and Thank Executive webcast is our CEO; that at accompanies welcome Eric and where you conference Vaillancourt, you Good call. Vice the second Milt CFO. enproindustries.com, our and Broc. presentation find that being earnings remind call. and With to is Interim call this President President can quarter Childress, I'll you, EnPro's morning, me today

Also environmental Before are begin of friendly are end governmental spread call economy, to and second rate changes second the that the uncertainties costs, impacts responses that the and my of foreign facts, COVID-XX we and and during pricing availability SEC, exchange our excludes risks GAAP and reconciling most the further to as subsequent and These recent and with discussion, related subsequent today's reminder costs changes measures call, which financial historical will measures. we impact litigation of risks charges. dispositions including the their on are measures do Tables Vaillancourt. and non-GAAP materials. comparable is they raw to described to providing XX-Q. the of of restructuring nature. other Eric? impacts the other turn pleasure well XX-K COVID-XX uncertainties, we variants a the It not to statements pandemic from Also, year the quarter. general in from making our the filings We costs, material statements reference forward-looking shares the the outstanding, and a this guidance, to quarter will statements. this acquisitions, number presentation update over other included including during the non-GAAP from will on involve considered appendix Eric undertake to number transaction and and Form any not and related these are future of be forward-looking The obligation number full of the in call call, be end a that in impact we as in historical impacts Form

Eric Vaillancourt

Thanks, appreciate joining families James. today your healthy hope and are and good And safe. all morning, staying everyone. you We us you and

has leaders firsthand work to to also Serving segment is an of me our the leadership to proud I'm Interim a objectives. of operational management experience You Executive to strategic, financial I way and last EnPro have on want how want the time, endeavors. the press for of EnPro the served CEO. pleasure which in commercial, management of the Member Counsel, his this these best for is the positions developing across likely seen from I By focused across a recognize over EnPro so me implementing saying Marvin their that better delivered special what about lead years. I part the placed EnPro the those wish to as I Directors the I of in EnPro been truly opportunity we transition who which has Sealing President may segment. quarter. of a recently organization. serve as begin am the On for issued honored team, XX a morning. his team in I given and be unfamiliar, had over by Technologies, Board release opportunity trust that of our future And as to years. have also behalf this exceptional contribution several Sealing Board in and say and have him had to President to background of I the positions Technologies variety with most have

as work, that the of I X,XXX focus execution colleagues. and and well as world. our and on anyone the hard dedication empowering around the our collaboration organization tireless employees success on commitment Our know is of built our

As call, to of encourage in to accomplished. the past their as we has is say second continue deliver will to we and our for work customers employees year. leadership our I the continue other, And My today's have goal entire leadership we speak unleash and full quarter. our discuss I each team our incredibly clear I articulated proud what potential throughout to with over when continue position to the our strategy shareholders team for the I'm know team

We what second let's quarter about highlights. to move ahead. are our that introduction, on is excited With

As saw results second we show, another sales X.X% quarter. from the I our exceptional year-over-year, as quarter. the noted, sequential of XX.X%. We a increased had of $XXX.X sales with quarter, million prior and increasing In growth XX.X% organic

organic driven and the by were addition of Alluxa. strong results growth Our revenue top-line

was across as growth experienced positive all broad our of based, momentum businesses. Importantly, our we

$XX.X Thanks the business year-over-year. EBITDA enhanced raw coordination to and through expect environment at minimum. higher were Our to due materials to of pandemic-related our second XXX supply impacts. adjusted the of of of portfolio strategies, actions, reshaping partially action mitigate between pricing our XX.X%. sustainable focus helped raw margin points our level past In to Nevertheless, offset raw the segments leverage and to EBITDA and respond engagement key these the compensation quarter growth holding took And benefits to adjusted expanded able improve strong our execution EBITDA and increased contributed This material operating the by remains adjusted and inflation. XX.X% accruals chain to to three secure year-over-year, quickly material disruptions we likely basis issues. we focused will incentive we million supply and performance teams. chain, dynamic year throughout team, All our persist reflects highly material has end. customer manufacturing conditions us while year, collaboration increase organization the a commercial This least

trends surpassing Our extremely were strong, the in quarter first quarter and in at order are our solid X highest level the years.

and broad we customers, factors petrochemical raise his see are food heavy-duty in we markets. Together, Milt strength semiconductor, are truck, and ahead, a these on our role look year and touch presentation. particularly our businesses what industrial, our based across full to automotive in our which pharma, to the from hearing guidance, played general by we continue decision encouraged in As will

dive hand Now into for to the a the financial I will Milt? our deeper quarter. over for results call Milt

Milt Childress

Thanks, Eric.

offset exceptional in last sales as Alluxa results, of year's mentioned, another the due Eric markets, quarter, As positive as we contributed by the divestitures. reduction across to well addition strong major top-line partially end had most momentum to

to sales second quarter million quarter quarter year-over-year. Organic XXXX. increased reported, sales of in $XXX.X As of the XX.X% the compared for increased second the XX.X%

$XX.X primarily of approximately basis of Adjusted over XXXX businesses. XX.X% quarter pricing, by material raw million a $XX.X from Eric was increased as increase offset year year compared X.X%. incentive up primarily wide. noted, was sales driven ago. the XX.X% operating XX.X% volume margin diluted quarter The in margin period. period benefit prior increased period. per sequentially, increased margin the million result prior costs increase a by increased $X.XX organic points increased growth, Gross share from of and leverage compared increased compensation to year of year-over-year stronger profit higher partially the driven Adjusted and of prior performance As reflecting XXX lower higher points second incentive higher of EBITDA million of XXX earnings year compensation Corporate the Adjusted $X.X Alluxa The second of solid XX.X% the accruals. by the of accruals, the the sales of expenses sales were increased versus strong basis and divesting to EBITDA XXXX. company addition organic

intangible one in in $XX fourth Amortization this the in XXXX. noted acquisition-related from the that previous year the XXXX, of the prior we acquisition-related adjusted reflecting was changed Alluxa. during quarter between measure to We our of intangible will As quarter calls, million period, excludes non-GAAP after-tax million of during the be presentation acquisition-related amortization of million amortization. $XX.X assets EPS prior and anticipate intangibles addition of $XX million second compared $X to

EPS rate determining our reminder, normalized adjusted estimated XX%. a As tax is used in

increased segment Sealing period to the compared divestitures Moving impact discussion in performance. of $XXX.X a to year despite XXXX. X.X% prior Technologies the million of sales of

by impact of we and the markets. Excluding demand in food offset general businesses, driven accelerate partially heavy-duty and sales momentum heavy-duty saw truck, strong exchange XX.X% the petrochemical and truck, aerospace as foreign general industrial, XX.X%, by generation increased sales in aerospace translation petrochemical increased and divested markets, industrial, markets. Sequentially, our power and pharma

commensurate leverage and XX.X%. was and The the initiatives. $XX.X quarter, adjusted improvement increased select driven pricing segment EBITDA For adjusted with actions points reshaping, XXX segment strong to basis XX% expansion margin to by million, primarily volume, portfolio EBITDA operating margin expanded continuous second

XX.X% the the to exchange period. of divestitures, translation compared prior foreign increased and year impact Excluding favorable segment adjusted EBITDA

Turning now Technologies. to Surface Advanced

Second XX%, of sales million in of the continued quarter strong $XX.X addition growth Alluxa. by and driven semiconductor increased

the driven the Alluxa growth versus prior increased year translation sales sales XX.X% of Excluding by period. impact markets. exchange and increased semiconductor foreign acquisition, the X.X%, Sequentially, in

ago contracted adjusted quarter, XX.X% second year $XX.X to to a million, XX.X%. and the segment EBITDA adjusted For EBITDA from margin segment increased XX.X%

charges. Taiwan the segment facility costs qualification Excluding stand-up quarter foreign exchange the of and unchanged. related impacted operating exchange Alluxa the the EBITDA impact to by of translation, remained adjusted transactional increased and for by LeanTeq foreign were Results in and third

tailwinds. reminder, highly Materials, sustained general service term. differentiated AST of broadly, markets, semiconductor sales and in growth support gas compared is that nodes automotive, a doubles second related sales advanced in see and to all increased the provider the year, our growth high and within segment, continue LeanTeq cleaning, market strong secular a capacity secular In by technology petrochemical. Engineered the industry-leading stronger facility growth and As the XX.X% a most major we with that million to including expect driven nearly solutions Taiwan. strong coding across the revenue profitability oil prior has over More entire organic new The quarter $XX and long industrial, signals industry,

translation in GGB's year, petrochemical XX.X%. in of to very sales the oil quarter sales and the and impact a first on increased resolved last that Block growth conversations the for quarter of gas completed and automotive we fourth of year when foreign schedules markets, automotive shortages chain a environment sales are divestiture production offset quarter-over-quarter the growth the supply compared with of were Sequentially, of part We Bushing Excluding flat customers, market. supply saw the the exchange quarter. normalize. business in believe chain latter that Based due will production second sales constraints by as and resume the affecting to half slower strong

by primarily year points EBITDA basis to margin XXX brisk increased million, recovery XX.X%. and adjusted pandemic EBITDA partially over segment strong margins by was expanded and Second period driven increase low, increased EBITDA to offset $XX prior quarter The material the adjusted in EBITDA the XXX% year-over-year volume the from segment costs.

prior Excluding EBITDA the business and impact Block adjusted the compared translation the period. impact of increased XXX% exchange the to foreign year favorable of Bushing divestiture,

of let's $XX million revolver, the times quarter the million of reported at of Now sheet a turn cash approximately our to net our times, and credit. ratio to of from full $XXX letters in quarter. and June, flow. the sequential the cash debt availability EBITDA $XXX of end We first balance was ended X.X one At with less improvement the end outstanding adjusted million the

$XX prior solid, strategic months higher Free working sales. from for execute we to our profits, investments of flow partially and financial stronger have XXXX capital Our remains six million, by the balance primarily cash flexibility million by ample supporting offset operating was driven first initiatives. up year, $XX the in growth sheet

$X.XX the During second a we quarterly share per quarter, paid dividend.

X.X% months increase dividend the prior first year, six million, year. versus of a payments totaled the For the $XX.X

EBITDA X% updated pro-forma to Moving to from including our our XXXX the we XXXX XX% XXXX now this factors sales up the million on X% Taking million. for $XXX growth. to range current EBITDA all XX% previous of to growth adjusted million $XXX from of $XXX to order in we to a previous million, range $XXX of at guidance sales are $XXX of range up adjusted guidance consideration be time, that patterns, of million, over guidance. based The into know is increasing

range of adjusted expect the diluted $X.XX, last quarter. in to earnings share We from range up from $X.XX operations provided a per continuing $X.XX $X.XX to of to be

our to and amortization amortization of excluding $XX the around and we'll interest our you, of colleagues. health million Like $XX we variant. And of new while such potential intangible safety focusing continue each of net COVID-XX in of $XX range of guidance assumes expense to depreciation and million evaluate to monitor million $XX and million. assets acquisition-related developments Our impacts expense, on developments the business, on

Eric the comments. turn I'll to Now call closing back for

Eric Vaillancourt

Milt. Thanks,

opportunities. clear reshaping and results and our benefits the benefits our demonstrate continue portfolio growth intention our investing quarter of of strategy, consistent to second sustained in again the Our actions organic

I'm driving that our diverse We expect and operational With the to we and continue a as increase and to to place, value. you. this a questions. in momentum company. the shareholder months. proud with foundation throughout am will excellence to confident open forward, financial safety, over profitable strong this experienced continued focus workforce of you compelling on dedicated growth lead leadership and position forward coming and lead team, organization look I businesses be commercial line to I now Thank to speaking many the Operator, we'll in

Operator

question. today question comes Jeff [Operator Capital Hammond from Our your Please Instructions] of KeyBanc Markets. with proceed first

Jeff Hammond

Good Hey. guys. morning,

Eric Vaillancourt

Jeff. Morning,

Milt Childress

morning. Good

Jeff Hammond

with wondering if the timing anything new just a to the CEO? change change the a follow-on terms of then, is And impacts you on and other for certainly to moves? CEO what think just you expand or the there's So M&A portfolio pretty in any can you I'm And how think cadence that, respect that abrupt. as change CEO

Milt Childress

Jeff. the question. Yes. Appreciate Thanks,

as is the the forward search the who Board that also in recognized permanent Marvin the process be how might our press don't which of step results well of a move time, would would in and with reached engaged step happy to as to has received by as we down for really nothing terms Marvin you But the can And candidates, with this months. chose in, morning, CEO. reached executive search nothing in to make the very outlined changes. include so indicated we had interim Eric guess internal The to financial to that long CEO, nationally say him to or agreement take. within agreement qualified a And mutual that the as that and and candidates. a in strategy, Board firm external CEO. at will six I'm release for Eric, terms it And And our I strategy do As clear. Board Board release step our I well this that know process,

articulated So the we earnings Day during we're on same our past as over Investor our calls track in articulated that the we've and year.

now in Eric joins me. So our I and continue team

our about continue to We ahead. excited be path

reshaping agility some And in have made continue our execution. that under Eric. strides and will our We all tremendous portfolio our speed of and of

Jeff Hammond

Great. Okay.

impacting and Just what margins, - on XQ, for can FX a to into transaction XQ? AST you is is just the there way quantify these margins and the how start-up expectation costs, the those costs

Eric Vaillancourt

another question. good That's Yeah.

let additional so for in growth. been. made is just in the about part that start I of some costs business will that advanced resulted all, just and excited supporting be the we're everybody of by we we time. mean, investments are for the a market, And of ever semiconductor that bright, happening this quite natural nodes LeanTeq is believe First what's we is saying at very have - and quarter the as we've some the especially future playing where me

in two or So put I transactional currency, if payables basically that rise the the currency between is pay. to factors you look - a my it and difference collect we remarks, time prepared the rates of and gives receivables at cited the

year-over-year mean I at another we by And was mean was roughly you the if transactional So roughly or start-up what total. that's impact. $X.X That $XXX,XXX for in cost, what look million quarter probably it cost. then,

up the significant that given that quarter without you over But We've in But $X on impact of orders models a a recover end outstanding systems the business will the sales has million that's an also the was overall very margins. just a and LeanTeq. half that And I'm saying, particular will that in slowed customer that specific that business. got bit disclose sure quarter. impact part the is impact the once excited. going that we don't had for second have major running probably in it was for this integration slight we on So of have, and again, goes a that the on note margin the last remain year. you that just quarter through and on the the the estimates the quarter team an the AST impact I There during on

margin the what impact other had The the business, quarter, legacy we've at semiconductor the AST we significant business advanced we business to you're I would that nodes in that prior very through cite the that LeanTeq. in on the looking - owned we that in and between year-over-year. a strong if had and acquired operated is growth strong margins, quarter acquiring called growth business in differential We there And business the LeanTeq.

the And so margins impact for that mix in the which has impacts segment. on the quarter, an overall

Jeff Hammond

Okay.

And so moving those of pieces? how about the continue or think into we with away should Do trajectory or? those go margin some second half

Eric Vaillancourt

will the new second and in the Taiwan. building the the half year of to in capacity fill We start up

will see systems referenced We will - I integration start to certainly recovery from that see we the situation earlier. the

been We qualified on X nanometers. the have

And - by rate affected of for so the for positive, but that's that X the begin, a balance timing to is for be year nanometers part the going happens ramp-up does in whether when and all fully invest year it the what's the second of the revenue on capacity. into part the and that real we're our if to expand reason positive for year, next And business. half - a but it or this of continuing reasons moves the that's we in

segment. AST expect And to we up in in full or for - so overall, would then, positive. the a be the that's XX% So year overall the

Jeff Hammond

get guys. in I'll queue. back great. Okay, Thanks,

Operator

from question. & Please proceed your is Company. Ferazani next Sidoti of with The question Steve

Steve Ferazani

revenue and very everyone. on on Obviously, Sealing Technologies, morning, margins. improvement Good both nice Hi.

clearly trying margins material of a to much other ongoing made cost think about you've material how that higher to rest the in growth of despite straight the given So volume versus cost segment that think about is the the and and how over year? changes I'm

Eric Vaillancourt

Yeah. the be appropriate expect given back some we But will guidance travel Thank expect sales forward. add question. to our There to et we excellent will you in cetera. and Investor We've team, that's margins way, to along I overall, some remain our expect XX%, Day for as continue them go be think forward. around to I costs more adjustments I going we continue. the the that as

raw able to steel. impacted mostly supply prices those Technologies, prices been move by in And Our STEMCO. material are we've at mostly chain, through Sealing

expect So forward. I results to going outstanding thus to continue have

Milt Childress

I'll just leverage comment Steve, one in on other have we outstanding I overall Sealing. just mean, segment. the had

it year-over-year. at all you to segment the divestitures on look for normalized, in you If normalized the differences related so year-over-year the

as leverage operating Our this doing to of in this the in XX% we're work segment, segment. result the that's was and operate business shared the And team looking just efficient, a service year-over-year for that are shipped models. outstanding through, about Eric become more opportunities overall some

benefit And was last impact low Naturally, from so a was really, and it said, at fairly cost of carryover you're year-over-year as operating to really volume the noticeable. Eric see good And volume, that. so travel the starting still we're year.

back see Eric of costs those we'll some noted. in So as come

Steve Ferazani

quarter. Materials, a I And mean, on then, nice Engineered still

the a shortage automotive. the commented and bit potential You impact on little chip about

because how that about Just on couple very the sales your clarify, of the nice it a you revenue and did on was automotive, it still customers you're the see automotive over - to to thinking your quarters, quarter. in quarter next

Eric Vaillancourt

QX the automotive QX. you're were to sequentially, right our noted, thanks I Yeah, It's and for as sales from down Yeah. in Steve question.

in we So bounce really really, strong back a had QX.

production if first the halt. latter the halt, remember, year, the and stopped a part abrupt the to essentially turn back automotive came may industry quarter an of you As you clock in

pretty year. quarter. so outstanding We in was a quarter the back We And a quarter. last had quarter, strongly good the year tough second first bounced an had in

our to this compared in exceptionally is whether of will quarter. were a automotive. see bit part we the And if in some that correct I And that Just that team it of which down was an supply QX. second to We in strong will half QX, part that function chain. or believes be of latter don't of year. QX of know see it we're the going a

Steve Ferazani

I Eric. the Thanks, time. Milt. Thanks, appreciate

Eric Vaillancourt

Steve. Thanks, Yeah.

Operator

Ian The from next question proceed question. your with Oppenheimer. Zaffino is of Please

Ian Zaffino

great. you very Hey, Thank much.

to been what me, tell in international happen wanted or as get first, by kind maybe may maybe can that and the a you could your the have particularly July markets way Delta we Just as read of the how sense Thanks. well? if maybe could in hit variant US that paced, through

Eric Vaillancourt

Yeah. And good Ian. morning,

of have far, - look had is least fair now, and of right Engineered in in year And that's European As concentration. operating. we amount you European sales. And had we you exposure know, the nice so it Materials, most the have at if we're at still a largest growth our we've

have in in We and out the factories. maintain to cadence a safety our way a health figured

And now so we're continuing been a number of for as we have quarters.

In QX terms equal, holidays. of - in third unusual because European moderation to for quarter, see some part it's being things all in because us of not of

look at in expecting first half as a you see holiday guidance and and versus down. what exposure it year, And the season second you'll modestly Europe. the the the And it of reflects European result we're of part implied half QX of for so when our

of responses. any of significant Europe, taking my with problems our the guess any I watching it, we're some be we're factories. those action. not seeing We're variant would appropriate in In So Delta

safety of First customers. and while for also care of and health take colleagues world we're our and we looking foremost, the the around

Ian Zaffino

And margin to then, that maybe can an opportunity Thanks. pricing How get recouped? thanks. all maybe versus you raw then some be talk expansion and is materials? And about labor beyond Okay, above can that? cost, quickly there

Milt Childress

well quickly the capability we conditions through that we're commercial team, managed closer between of moving chain our And supply change. intentionally pace something our center, and a brought That quite months carefully. mentioned with teams as six year. we've our collaboration Eric we're Yeah. we to have had the watching in so first

stayed pricing above you If overall cost look versus water. increases, we've at

bit year little of challenges significant the a half become us. second Now more for the I think the in

the half experience. in provide also additional for metals. from let programs little putting a color most we heavy-duty But pricing Engineered second to pricing truck that you because And year. place I'm will we that in in where his I see Eric the the However, Materials of going we're of our more pressures business tell have bit

Eric Vaillancourt

pushing through done due price to In going We've general, pricing everything have material accepting increases is base. our job customer outstanding labor customers to of been price shortage increases. up an Yeah. as and

So by second the continue that I general charges in it's just seen our common. And the went It's affect to containers, cetera. some as Xst well the industry effectively will them we've to in, July been in of acting increases whole. favorably. a half everybody have as in from of being business We freight had that price we year announced STEMCO offset see et surcharges. it the as get using

I will that pricing significantly. So year, our consistent to expect results going be. the be think throughout affect it's impact I it should don't

Ian Zaffino

very you great. much. right, Thank All

Operator

question. Bergner next Instructions] Gabelli Justin is question with from your Our Funds. [Operator of proceed Please

Justin Bergner

into Welcome Hi. And Eric new role. aboard your hi, Milt

Milt Childress

Hey, Justin.

Eric Vaillancourt

you. Thank

Justin Bergner

With the segment? technologies, other to the Surface - respect described within margins? to less some it dynamics Were Alluxa of flat for they of more are able of comment to you is the regards context the in sequentially you Advanced or sort

Eric Vaillancourt

our regard at on the will made estimates say Alluxa we're I Well, track right business, we the for to time business with this, acquisition. this with the

expected. So move things well continue as start and - to quite

quite rest semiconductor that Technologies place of some performing taking team, Advanced Surface synergies be There are part of market. particularly the excited the of team already are to small the kind and and business working well, EnPro. in the with are the So

business term. we in could continue we semiconductor And we're think the so about positive, continue outlook through over to filtration that are other the our we moves business optical longer might to some that time some have over down make to we very very the our business add for road. be as opportunities And positive to

plan to semiconductor invest to that in we continue So business business. are as yeah, we

Justin Bergner

sort M&A, development With CEO you given to business. respect can add Understood. coming bolt-on M&A do is the obviously, you mentioned to to the going Okay. or more opportunities to feel that unplanned search? of be in still just With an it respect transition. - to that quarter with the CEO the material Do organization

Milt Childress

of would first absolutely. I Well, all, say,

has move ability, organization acquisitions. capability, forward additional the the readiness with to Our

is fully of that. Board Our supportive

So the right find whether larger go so support, impact change down the on path. or absolutely. a views a we to opportunity, move, in the bolt-on not we're Board's it's our CEO does If continuing plan same and the

So our in the for candidates looking team communicated a guidance on M&A and following we've that is that We're and vetting basis, active be regular mid continue opportunities in that our sales We technology-related and cash to XX% will at continue that defined on than return we'll it high to our XX% type we're greater material looking science, margins, that the single have digit EBITDA of greater investment flow margins. than minimum organic past. growth.

there. changes no continues, that So work so

Eric Vaillancourt

That our divisions. by the team centered the M&A integration through led capability the is and work by is executed

team this Leadership counsel the I of Executive being time. in to the and entire role. the the XX But EnPro for CEO. So And now in for that years entire the remains to part be may other new been than place I've EnPro

remains to remain and see strategy our I ready execute. So sound any we do changes. not

Justin Bergner

the that supplies question you. then, quickly EnPro, you Thank as an with through? inflation. that or are turned issue And on have are to coming you're that, in Great. you one. for around pricing that just managing so not came could how make companies it struggled Great. perhaps last one Okay. of lot A quick comment just freight The up. Maybe of inflation

Eric Vaillancourt

move surcharges to especially through, of able container We're through versus most freight that price increases.

them And the know over place freight hit in gone to several dramatically Our readily. and the result, their same P&L. in customer it they as accepting also they're as in - more the as go would surcharge, we'll down The charges. And on you adjust container go months freight has general to a doesn't prefer as also a up expect last future.

And adjusts, it so surcharges as accordingly. we move the

move it cost. their look to standard way price, material doesn't So as overall the their at

increases. freight moves move as been we the able the surcharges, using capture market So we've and can to

Justin Bergner

of Thank you. luck. Best

Eric Vaillancourt

Thank you.

Operator

turn remarks. There this I are closing James Gentile call back would to no additional time. for to like at questions the

James Gentile

us Thank you great morning. Have day. joining this for a

Operator

concludes This today's conference.

You you at Thank may your participation. disconnect this your lines for time.

EnPro Industries (NPO) 8 Aug 212021 Q2 Earnings call transcript