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Jeff Tryka | Lambert IR, Investor Relations |
Terry Gohl | President and Chief Executive Officer |
Dennis Richardville | Chief Financial Officer |
Good morning, everyone, and welcome to Horizon Global Third Quarter 2020 Earnings Conference Call. My name is Jeremy [ph] and I will be your operator for today’s call. All participants will be in a listen-only mode until we reach the question-and-answer session of the conference call. This call is being recorded at the request of Horizon Global. If anyone has any objections, you may disconnect at this time. to like now would introduce Mr. I with Tryka Lambert IR, firm. Relations Investor Global’s Horizon Jeff Mr. proceed. may you Tryka,
Thank morning, operator. XXXX you, Good conference third Horizon call quarter Global’s and webcast. and welcome to
Global’s website well today is many Terry our Richardville, call section available horizonglobal.com. Global’s Officer. our on we Financial as news Relations this Chief Officer; of results. third the On quarter Horizon Gohl, Horizon XXXX the and Chief Investor are at Dennis morning, announced as Earlier sites Executive The release
Turning appendices includes section are Relations available to presentation, non-GAAP disclosures. reconciled to are X. Today’s Investor Slide presentation quarterly of and These our GAAP to release which the disclosures in press website of the at both in our horizonglobal.com.
remind that and would recent Horizon Commission. will factors call Global’s performance, other in most today’s Terry the actual Terry? filings that company’s statements and forward-looking these risks to Officer, differ XX-Q XX-K, Turning These could and Gohl. you report forward-looking that the to include on on disclosures like Form with to We’ve materially Securities in turn risk risks and quarterly all and described our from views I future other Global’s to are presentation With reports Slide which Horizon constitute our statements being uncertainties uncertainties cause about statements. over annual said, Form in Exchange I’d the Chief Executive to our statements. to X. subject results the like
the single third summed today results. Global I Momentum, be Thank this team up have behalf this company. you palpable throughout Today joined "momentum". Horizon who you, can in our team, all of call and our morning. Out quarter it’s a of present Jeff, earnings word on proudly XXXX to welcome complete
to the it, with a we improvements we are regained of and time, the short way have it. but come gained of the in last the Today’s have tenure the long to with call for we company’s awareness shortly set will the first fifth growing of We’ve here this at continue amount objectives market in the grow of we company achieve I joined tailwinds to long-term it September my of on after achieve, momentum year. on We coupled a build company. Horizon Global, being going the have represents transformation,
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prepare and to of for each this that I Thank you incredible thank of the you display teams to me able year. commitment say the sales your teams that sudden plenty To your the called our all and out as realize morning term our your and this, our time. each on every that they great your you each team to as a today. Thank great face let the continuing do Many during acknowledge to sports, continuously for unwavering will steady, to course, any For been was you and are while by to implement to It each how of been plan of unfazed this we at well-being the never plan were changes to happen developed to that and hand, talents us at used to In tasks we’ve the Good results time same metrics job. be the ensuring Great task waver one capitalize had recovery applied that stay the possible and across to could occur. which individual protect message to company health increased goes this present improve employees. day. for community this employees We’ve quarter. company, our professionalism. to are of the challenges aggressive employees all today’s reflected our it has gratitude by the unexpected of world. you The is roughly performance directly and into tied to the ago, in supply "sudden customers improvements doing you. from everything update change" recognition internal to the they company. but year through we support want the
for the reset restrictions quarter many pandemic team, to Europe conditions of course and that drive we by and were team, employees to all challenges met market strong an early customers, second team quarter do away our up, on and were experiencing improved third you, job our were that changes We commitments in great shy to suppliers throughout from our don’t Our demonstrated step in second through mandated the has challenges, to our sure, we from Rapid and we to and value the changes Exiting deliver volumes went the great changing we in we shutdowns shareholders. we a and projecting. increases that of the across the quarter to sudden are that objectives they demand XXXX and third to stay that year quarter. thanks. unfazed dramatic reflect
absolute to protect this should during it to our saying, most relative health time trying important employees’ opportunities our are asset. best our support our providing safety do continue to them go without and pandemic as First, COVID-XX to employees the to and
we and was our increased satisfaction and shutdown Second, the to generate increase period sales, in of needed recovery deep performance. The to And positive economic execute to we referred and improvements much cash third into transformational true quarter continue the operational knew converted profitability the time to be through leverage place. for to profitability. the third, improvement impact and we that July, the convert. implemented plans was backlog, Breaking most to in Horizon those importantly, customer sales to had to flow
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working Total quarter quarter which reduction on Now, moving flow to to trade XXXX. third of free XX. $XX $XX.X reduction on our XXXX, and liquidity fourth Slide capital million XXXX, capital, was million working a to cash position third and the million in quarter of compared the of of compared of represented $XX.X a
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peak increased third the gross to million $XXX.X to the liquidity $XX.X company of earlier this borrowings in the of in XXXX of continued quarter Since quarter deliver meet impact in on to Slide increased from pandemic year, Turning third on COVID-XX capitalization the million during and of $XXX.X COVID-XX our the million quarter XXXX, XX. debt to first it due are I Total his primarily second along XXXX improvement pandemic. needs With cash have to demand strengthen the needs initial and see company’s the liquidity market has the the period working run that focused response to business over extension to operational supporting business. to remain prior its needs to the meet We we of closing and a that and capital year. season The back selling with turn where capital outpaced for initiatives. improved during seen the Americas Terry on an the North balance the will flow can liquidity of operations comments. and sheet has we liquidity have working that, the from liquidity continued
job. Thanks Dennis, great
sales strong XXXX what and year-to-date preliminary XXXX, up COVID month net to sales that October to remain October to XXXX same rates upon Overall, in is over net quarterly, since tagline and sales the net generate favorable. XXXX. global XXXX and XX. Turning October the Europe sales OE are exactly support and vehicles to for period represents outpace be in strong Based production from sales October XXXX, XX. began sales are to backlog in in the are been take the our same XX.X% period Continuation Americas growth be slide results, for compared Sales now phase position. from XX.X% orders our a statements month heightening the over June rates preliminary we quarter strong our Africa’s continued sales which Momentum being XX.X% continued monthly, momentum, strong, seen XXXX. that really of preliminary up region depiction levels. recovery as XXXX, customer and projected for than third general Again, with October May. representation the comparison from on net period net a kicking early XXXX better improvement net month up the with year-over-year of trend. net in a through momentum. have a regained, X.X% both the Key represents. October over clear are representing standpoint the versus takeaways, June significantly Slide and performance great up to sales sales presents October strength of XXXX. This our our Slide level through can XX.X% October
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session. begin this that gentlemen, showing no And remarks. and today’s Gohl call like with answer the question and and time at gentlemen ladies questions, to And Terry I’d closing any we’ll [Operator turn conference and ladies Instructions] for back to over
and support, our the Thank performance you. we full-year and And thank company forward our next Thanks and year-end morning. look again. your interest appreciate in presenting all I continued in you call. performance this to joining for
for conclude you with call with and Thank today’s you. Ladies conference will attending. we gentlemen, that
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