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Interface Inc (NASDAQ:TILE)
Q3 2021 Earnings Call
Nov 5, 2021, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, and thank you for standing by. Welcome to the Q3 2021 Interface, Incorporated Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Christine Needles, Corporate Communications. Please go ahead.
Christine Needles -- Global Head, Corporate Communications
Good morning, and welcome to Interface's conference call regarding 3rd quarter 2021 results hosted by Dan Hendrix, Chairman and CEO; and Bruce Hausmann, Vice President and CFO. During today's conference call, any management comments regarding Interface's business, which are not historical information are forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding the intent, belief or current expectations of our management team as well as the assumptions on which such statements are based. Any forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could cause actual results to differ materially from any such statements including risks and uncertainties associated with the ongoing COVID 19 pandemic and those described in our most recent Annual Report on Form 10-K filed with the SEC. The company assumes no responsibility to update forward-looking statements. Management's remarks during this call also refer to certain non-GAAP measures, reconciliations of the non-GAAP measures to the most comparable GAAP measures and explanations for their use are contained in the company's earnings release and Form 8-K furnished with the SEC today. Lastly, this call is being recorded and broadcasted for Interface. It contains copyrighted material and may not be rerecorded or rebroadcasted without Interface's expressed permission. Your participation on the call confirms your consent to the company's taping and broadcasting of it. After our prepared remarks, we will open up the call for questions. Now I'd like to turn the call over to Dan Hendrix, Chairman and CEO.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Thank you, Christine. Good morning and thank you for joining us. The Interface team delivered strong results this quarter and I continue to be impressed by their dedication and commitment to delivering for our customers. We saw a 12% year-over-year increase in net sales in the 3rd quarter as customer demand continue to pick up in line with positive signs of a commercial recovery across most of our regions. We generated $29 million of cash from operating activities during the quarter and we repaid $30 million of debt to reach pre-pandemic leverage ratios. Building on the momentum, we saw last quarter orders were up 24% year-over-year, including a 34% increase in the Americas, and 12% increase in EAAA. Backlog was up 33% compared to a year ago, which is a record high for Interface, which should bode well for the 4th quarter.
Despite the strong customer demand, we continue to manage through industrywide supply chain issues. Like most other companies, we're facing some challenging headwinds. We have open jobs. We're working to fill in our US manufacturing facilities. We're experiencing raw material and freight inflation and we're still facing disruption from COVID 19. As a result, it has been difficult to keep up with order demand in our manufacturing facilities and our gross profit margins were lower than we targeted in the quarter. To respond to this challenging operating environment, we are partially offsetting these impacts with pass through price increases and freight surcharges. We are acting as quickly as we can, but there is a lag between raw material freight and labor inflation and when price increases take effect. Additionally, with the recent announcement to close our plant in Thailand by the end of 2022, we are increasing productivity and lower manufacturing cost across our global manufacturing footprint. I'm proud of our team's efforts to control SG&A and continue to rightsize the business as we work through these challenging times.
Turning to our market verticals, we're seeing a significant increase in activity and education market. K through 12 schools across the US are investing in infrastructure improvements with funds from the US government's 2021 pandemic relief aid programs. These educational institutions also appreciate Interface's leadership position and sustainability. Every flooring product that goes out the door, Interface is either carbon-neutral or carbon negative. The healthcare market also continues to be strong for us. We're positioned well with the right portfolio mix across rubber, LVT and carpet tile to suit a range of needs in that market.
Now let's talk about the office market. We saw another quarter of growth as we have customers who are renovating their office in anticipation of their employees coming back to create more collaborative flexible workspaces. All of this activity is good for business. Change drives renovation work and renovation work drives commercial flooring purchases. Additionally, more and more public and private companies are making their own carbon reduction and sustainability goals which uniquely positions us to serve their needs.
Our dealer strategy is also showing promise. You might recall that we launched this initiative, a few quarters ago to focus more closely on new and existing dealer relationships. Our net promoter scores with this segment of our customer base are heading in the right direction and our open-air products continue to be incredibly popular with them. All in, this is a win-win for our dealer partners, our end-use customers and our company. We're very pleased with the progress we're seeing in this area of the business.
And now I'd like to share some incredible news with you about our European operations. Globally, we are very proud of our confident so far in Climate Take Back journey and during this last quarter, we transitioned our European carpet tile backing from petroleum based bitumen to CQuest Bio. This means we stop using petroleum based bitumen on all of the carpet tile that we manufacture in Europe replacing it with a bio-based materials and recycle fillers. There was a celebration in planet hall when the last bitumen truck pulled up and then drove away because we knew that was the last bitumen truck we would ever need. This is a win for our planet, for our customers and it's another important step forward on our Climate Take Back journey. There are so many people to thank for this milestone and I particularly want to thank our European manufacturing team for our new manufacturing process. Additionally, Interface has become the first foreign company to receive 3rd-party validation of our 2030 greenhouse gas reduction targets as science based. These now validated science-based targets commit Interface to further reduce our Scope 1, 2 and 3 emissions in alignment with our goal of becoming a carbon-negative company by 2040. Interface continue to lead the pack when it comes to our commitment to sustainability. Our relentless focus on design, innovation and sustainability continues to drive our leadership position in the industry and strengthens our foundation for future growth.
With that, I'll turn it over to Bruce for the 3rd quarter 2021 financial recap. Bruce.
Bruce Hausmann -- Vice President & Chief Financial Officer
Thank you, Dan and good morning, everyone. Third quarter sales totaled $312.7 million, up 12% from the prior year period with increases across all product lines. Organic growth, which excludes the impact of currency translation was up 11.3%. Sales in the Americas were up 23.7% driven by release of pent-up demand and a strongly recovering commercial market. In EAAA, net sales were relatively flat as certain markets like Eastern Europe, China, Southeast Asia and India faced new waves of COVID resulting in government lockdowns. Orders, however, are up in both regions as Americas saw orders up 34% year-over-year and EAAAs orders were up 12% year-over-year.
Currency fluctuations had approximately $1.9 million of positive impact on EAAA 3rd quarter net sales due to strengthening of various foreign currencies against the US dollar. Third quarter adjusted gross profit margin was 34.5%, which was a solid outcome in the face of the global supply chain crisis in our company and almost every other global company had to navigate through during the quarter. Adjusted SG&A expense for the 3rd quarter was $77.5 million compared to $75.5 million in the same quarter last year.
And as a percentage of net sales, adjusted SG&A was 24. 8% this quarter compared to 27.1% in the same period last year. As you'll note, we are continuing to tighten up the company's cost structure and we're paying particular attention to gaining greater efficiencies in our SG&A. Third quarter adjusted operating income was $30.2 million, up 7.4% compared to $28.1 million in the third quarter last year. Third quarter 2021 adjusted net income was $16.9 million dollars or $0.29 per diluted share, and adjusted EBITDA was $42 million for the quarter. During the 3rd quarter in line with our prior announcement, we recorded a $3.8 million restructuring charge related to closing of our manufacturing facility in Thailand. We expect to stop manufacturing of the facility in Q1 of 2022 and the project is expected to result in annualized savings of approximately $1.7 million plus decreased complexity and increased efficiency of our global manufacturing footprint.
Turning to our balance sheet and cash flows. The company generated $28.9 million of cash from operations in the 3rd quarter and $64.1 million year-to-date. Liquidity at the end of the quarter was $391 million comprised of $93 million of cash and $298 million of borrowing availability. Inventory was up $9 million or 3.7% year-over-year as we continue to be focused on managing working capital while meeting customer demand. Consistent with our focus on delevering, we paid down $30 million of debt in the 3rd quarter and we paid down $49 million year-to-date. We are very pleased to be on track with our debt reduction goals. Net debt or total debt minus cash on hand was $432.1 million at the end of the 3rd quarter. And the last 12 months of adjusted EBITDA were $153.9 million achieving a net leverage ratio of 2.8 times calculated as net debt divided by adjusted EBITDA, this is a significant milestone for us as it brings stat metric back to pre-pandemic levels. Third quarter 2021 interest expense was $7.7 million, including a $1.8 million non-cash charge related to our previously mentioned interest rate swaps that were discontinued in 2020 and that compares to $5.4 million in the prior year period.
Capital expenditures were $5.3 million in the third quarter compared to $11.2 million in the 3rd quarter of 2020. Looking at the 4th quarter of 2021, we expect the global economic recovery to be ongoing, as more and more people receive their COVID 19 vaccinations combined with a significant level of global supply chain disruption and an inflationary environment that we believe will persist throughout the remainder of 2021 and likely into 2022. We're continually monitoring the situation and as we look to finish 2021, we are anticipating net sales in the 4th quarter 2021 of $320 million to $330 million dollars.
Adjusted gross profit percentage in the 4th quarter are 35.5% to 36.5%. Adjusted SG&A expense for the full year of approximately $315 to $319 million. Interest and other expense for the full year of approximately $28 million. The adjusted effective tax rate for the full year is anticipated to be approximately 26% and capital expenditures of approximately $30 million for the full year 2021. Fully diluted share count at the end of the 3rd quarter was 59.1 million shares. And with that, I'd like to hand it back to Dan for concluding remarks.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Thank you, Bruce. I again want to take the entire Interface team for a strong, strong quarter and one that was still with significant milestones. And so everyone can see, we continue to strengthen the company by broadening our product lines, increasing our leadership position in vertical segments like education and healthcare, leading and design and of course leading and sustainability. The positive momentum that we see in the business is encouraging and despite the global supply chain issues to navigate through which are not unique to Interface, we remain very optimistic about the future.
With that, I'll open it up for questions. Operator?
Questions and Answers:
Operator
[Operator Instructions] Your first question comes from Kathryn Thompson of TRG.
Brian Biros -- Thompson Research Group -- Analyst
Hey, good morning. This is actually Brian Biros on for Kathryn. Thank you for taking my questions. I guess to start, can you touch on how volume and price trend is across the two segments in the quarter?
Bruce Hausmann -- Vice President & Chief Financial Officer
Sure, Brian. This is Bruce Hausman. Good morning. A lot of the volume that you saw on the top line was more volume base. We had some pricing activity, you might remember that we did some pricing activity in Q1, we did more pricing activity in Q2, and we're going to -- we did more pricing activity in Q3 and we'll do some more of the rest of this year. Some of that's coming on pricing on our products as well as we're adding some freight surcharges to offset the increased costs that we're seeing in the freight line.
Brian Biros -- Thompson Research Group -- Analyst
Maybe then in the EAAA segment, I guess sales were flat. So, I assume pricing was up, so that implies volume down--any like magnitude of those two that you could share?
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Yeah, you know the orders were up 12% in EAAA, that was mostly-the reason why the billings were flat was mostly attributable to the new waves of COVID that we saw in Eastern Europe, China, Southeast Asia and India and what we saw in EAAA in particular was we saw we had orders in hand, we had inventory ready to ship and the customer just couldn't accept the product because the job site was either delayed due to COVID lockdown or it was delayed due to the job site needing other materials that had supply chain issues that they needed to bring in first before they could bring in the flooring products. So, actually on balance, the EAAA region had a very strong quarter and all those orders will ship as soon as those job sites reopen up and those COVID lockdowns ease. It is just really a timing thing between the quarters.
Brian Biros -- Thompson Research Group -- Analyst
Got it. Is that [Phonetic] those lockdowns today [Phonetic], if they continue into Q4, how has that trended sequentially?
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Yeah, I mean, I'm sure you seeing in the newspaper. Russia, for example has had increased case counts and Germany has had increased case counts and so there is just--there are different way, for example in Q3 Malaysia had their borders closed entirely. We couldn't ship any product into Malaysia for a while. And so it just ebbs and flows and it goes week by week. I think the good news is that we're getting the orders, we are getting the business, we know we're taking share and it's just a matter of when the job sites can open and we can actually get the product to the customer to put down on the floor.
Brian Biros -- Thompson Research Group -- Analyst
Got it and then maybe thinking a little bigger picture, I guess in the next year. How would you characterize the biggest bottlenecks currently, I guess maybe the biggest change sequentially from last quarter, this quarter and how does kind of play out into next year?
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Yeah, I mean I think the biggest thing that's on our mind for next year is as we're thinking about inflation and we're thinking about price increases and we're being very assertive with our price increases around passing the inflationary costs that we're seeing on to our customers because we have to and we're going to certainly see-- we saw that in Q3, we'll certainly see that in Q4 as you saw from our guide. And I think that we may see some of that in the first half of next year as well. I'm sure you heard the Fed talk this week about short-term inflation and that some of the stuff should normalize in 2022. But it is the question of timing and we don't know if that's going to be Q1, Q2 or Q3. And so we're just navigating through it or we're making sure that things like, for example, freight surcharges are things that we can do now and that we can change later. And so if the freight cost ease in the next year.
Bruce Hausmann -- Vice President & Chief Financial Officer
Yeah, one of the biggest things that we're fighting is labor actually in the United States and [Indecipherable] we're trying to hire a lot of people in [Indecipherable] our facility. [Speech Overlap]
Brian Biros -- Thompson Research Group -- Analyst
[Speech Overlap] labor and I guess, do you think that get any better at all in the '22 or just?
Bruce Hausmann -- Vice President & Chief Financial Officer
Yeah, we're starting to hire people in [Indecipherable]. Yeah, we're starting to hire people.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
We're trying to hire 100 people in the LaGrange.
Brian Biros -- Thompson Research Group -- Analyst
Good luck. I'll pass along. Thanks.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Thanks, Brian.
Operator
Your next question comes from the line of Keith Hughes of Truist.
Keith Hughes -- Truist -- Analyst
Thank you. Question on the fourth quarter revenue guidance, how do you think that's going to break out between the 2 regions in terms of their contribution to growth?
Bruce Hausmann -- Vice President & Chief Financial Officer
Yeah, I think it is going to be fairly evenly mixed, Keith. I think both regions are really well positioned to have strong growth in Q4 and frankly, strong growth in the next year. Yeah. We have backlog, record highs in both regions. Actually, it's true.
Keith Hughes -- Truist -- Analyst
And talking about early next year, some of the raw material inflation that you [Indecipherable] you were talking about supply chain disruption, do you think that's going to continue end of the at least early parts of '22.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
I think from --yarn is our biggest raw material input. I'm hoping that peaks and I'm hoping freight actually peaks as well. Container charges have gone up significantly as you know and I'm hoping that that peaks in the first quarter.
Keith Hughes -- Truist -- Analyst
We've had inflation in cost obviously, have you had any issues, getting materials across the world, some of the main ingredients that making carbon?
Bruce Hausmann -- Vice President & Chief Financial Officer
Keith, we've been really fortunate in that regard. The short answer is no. We had no production issues due to not having the raw materials that we did to create products, which is great. And I just, it's a shout out to our operators, they've really been looking ahead and making sure that they navigate through to get, to get them draws if they need--the big bottleneck and we mentioned this to Brian on the earlier questions has really been labor in our US manufacturing facilities where we have quite a few open jobs that we'd like to fill, that would increase our capacity.
Keith Hughes -- Truist -- Analyst
Okay, final question on LVT and a lot of port congestion obviously,did you miss sale LVT sales in the quarter due to not being able to get it out the ship.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
No, we had a, we had a pretty good inventory position going into it. And we have been very fortunate on our supply chain.
Bruce Hausmann -- Vice President & Chief Financial Officer
Yeah, that's a great example where we've been striking the balance of making sure we invest in the right amount of working capital to make sure that we have enough product down on hand, the customer demand.
Keith Hughes -- Truist -- Analyst
Okay, thank you.
Operator
Your next question comes from Sam Darkatsh of RJ.
Sam Darkatsh -- Raymond James -- Analyst
Hi, Dan, Bruce. Good morning, how are you?
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Hey, Sam. Good.
Sam Darkatsh -- Raymond James -- Analyst
A couple of questions. One, a clarification question, as you see your inputs and labor constraints today, when do you imagine that your price cost will turn neutral based on the pricing actions that you've already then what have you, what's the timing of the 1Q 2Q, when do you expect to get price cost neutrality?
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
My sense is Q2. We're chasing raw material input costs. And I'm hoping that they're peaking as I just --in Q2-- we can bring --actually see some of at least flattening of raw material price, increases in freight than Q2, we should get it.
Sam Darkatsh -- Raymond James -- Analyst
Got it. And then, Bruce, can you quantify what the pricing rollover effect on sales would be for '22 sales over '21 sales since you've been raising prices as the year progresses. Obviously there's going to be a favorable rollover, how much growth would you get next year from that pricing rollover as an interesting question.
Bruce Hausmann -- Vice President & Chief Financial Officer
It's an interesting question, Sam. We're working through our AOP right now around pricing and how much of that will flow through to next year, it should be meaningful because of all the pricing activity that we're doing here in the back half, we should get some pretty good flows.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Yes. Sam, usually when we have price increases like this inflationary, people actually tend to go down market on that. And so you don't really see the growth in the top line because there are actually change in the mix so, that's really hard to quantify what that would be.
Sam Darkatsh -- Raymond James -- Analyst
Do you anticipate that mix degradation occurring now though, I would think that you have a somewhat or at least more inelastic demand backdrop or at least activity backdrop, the normal now or maybe I'm wrong.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
We introduced open area, which is the dealer product program that's at a lower price, same margin, but lower price and we're seeing a lot of growth in that. So it's really hard to figure out what kind of price increase will impact sales next year due to that.
Sam Darkatsh -- Raymond James -- Analyst
Got it. My last question and thanks for bearing with me. So the SG&A cut in 3Q and 4Q versus your original expectations, can you be a bit more specific in terms of where that came from? How much of that was discretionary versus may be structural and what a realistic SG&A footprint looks like next year--if we assume kind of mid single-digit growth?
Bruce Hausmann -- Vice President & Chief Financial Officer
Sam, we're just continuing to take a hard look at the cost structure of the company globally, and we've been doing a lot of work around spans and layers, looking at the e.., The number of direct reports that each manager or director has to her or him and also looking at where work is done, whether it's done locally or regionally or in corporate and we're trying to make sure that we get the mix right, so that we -- so we meet customer demand, while also being the most efficient that we can be globally and leveraging our SG&A. This is an area that I just want to emphasize, we are really proud as a management team that we've done great work and great strides at bringing our SG&A as a percentage of revenue, down and it continues to be a real focus for us. Regarding the guide for next year, we'll--when we release our Q4 earnings, we'll be able to provide more guidance around all of our metrics quite frankly, some revenue growth, our GP and in our SG&A run rates, in our tax rates, but for now, I think that you can sort of think about a lot of the reductions that we're making --our permanent reductions to the cost structure that flow through.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Yeah, one of the things that we're focused on, Sam is getting it to 26%.
Sam Darkatsh -- Raymond James -- Analyst
So, the $80 million run rate, do you think is a workable number over the near to intermediate term?
Bruce Hausmann -- Vice President & Chief Financial Officer
Yeah. We're focused more on SG&A as a percentage of revenues. Between next 15 to call to 18 months, we're focused on getting it down to 26% over time. So we are lower yeah.
Sam Darkatsh -- Raymond James -- Analyst
Thank you. Thank you, both.
Operator
Your next question comes from David MacGregor of Longbow Research.
David MacGregor -- Longbow Research -- Analyst
Good morning, everyone. I wonder if I could just start off by asking you to remind us on your fiber cost, you're yarn cost, what percentage of recycled versus virgin fiber? Well, you've got a very high percentage of recycled fiber, but could you just remind us on the proportions?
Bruce Hausmann -- Vice President & Chief Financial Officer
Yeah, it's about half, David.
David MacGregor -- Longbow Research -- Analyst
Okay, and what's happening with recycled fiber costs?
Bruce Hausmann -- Vice President & Chief Financial Officer
That is going out at less than virgin for sure or lot less.
David MacGregor -- Longbow Research -- Analyst
So, is that -- would it be fair to characterize it is relatively stable or -- [Speech Overlap] maybe just not hit it yet.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Inflation in yarn actually is labor and freight as well and now energy if you manufacturing in Europe. So the input costs were pretty stable but process costs are not.
David MacGregor -- Longbow Research -- Analyst
Okay. Maybe just a couple of the sort of qualitative point you made on your prepared remarks, you talked about the European CQuest Bioproduct. Congratulations on now that's. I know that's a big milestone in the industry. How differentiated are you on that? Are you unique in that sense or are there any of your competitors that have also left the bitumen behind and move to a bio-back product.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
We're very unique in that. I would say that Tarkett has a biobased product as well in Europe, that's one of our biggest competitors there, but we're very unique in that.
Bruce Hausmann -- Vice President & Chief Financial Officer
One of the unique things that every product that goes out the door now is a bio-based product. So the bitumen has gone away entirely on every private carpet tile that goes out the door in our manufacturing plant, which is a huge compliment.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
And Tarkett is not at that place.
David MacGregor -- Longbow Research -- Analyst
Right. Is the market and your spec writing, is the market really specking that product now or is it leaning pretty hard into that or is there is something where you think you just out in front and that will have future benefit?
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
We are starting to show up in specs, particularly in the United States.
David MacGregor -- Longbow Research -- Analyst
Well, congratulations on the progress. With regard to the dealer market initiatives here in United States, can you just, you talked about the fact that you're seeing strength in K through 12 and healthcare, but I've always thought that you dealer market is being maybe more of an office market, but maybe you could just help us understand just what the growth drivers are behind your share growth there? Or adding number of dealers, is there sort of [Speech Overlap] line that is helping us?
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
It's pretty-- it's pretty simple, David. We're focused on the dealer where we're acting like their customer now and now like they're an enemy. I mean we're having a lot of success in that market and the dealers are very segmented by the way.
David MacGregor -- Longbow Research -- Analyst
In what sense?
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
They are focused on healthcare, education and the office market.
David MacGregor -- Longbow Research -- Analyst
Right, right.. So is it still largely on office market at this point.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
That's half our business.
David MacGregor -- Longbow Research -- Analyst
Within the dealer channel?
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
No, it's segmented and everybody has to install product, dealers install it.
David MacGregor -- Longbow Research -- Analyst
Okay. Maybe I could follow up with you offline on that. And then just, you talked about earlier on about the demand recovery you're seeing, commercial market recovery occurring. I guess how much of the growth in the backlog numbers are in the order growth numbers you cited here would be related to the dealer market versus your spec business.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
That's really hard to actually quantify that, because 80% of our business goes through the dealer market, we just now we're focused on the dealer and we're winning discretionary business out of the line, but to quantify it would be very difficult.
David MacGregor -- Longbow Research -- Analyst
Alright, gentlemen. Thank you very much.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Thanks.
Operator
At this time, there are no further questions. I will now turn the conference over to Dan Hendrix for closing remarks.
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Well, thanks for listening to our call. And I'm just going to say it Go Braves, talk to you next quarter.
Operator
[Operator Closing Remarks]
Duration: 29 minutes
Call participants:
Christine Needles -- Global Head, Corporate Communications
Dan Hendrix -- President, Chief Executive Officer and Chairman of the Board
Bruce Hausmann -- Vice President & Chief Financial Officer
Brian Biros -- Thompson Research Group -- Analyst
Keith Hughes -- Truist -- Analyst
Sam Darkatsh -- Raymond James -- Analyst
David MacGregor -- Longbow Research -- Analyst
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