Scott Merkle

“Our second quarter orders were significantly above our expectations and Jill has already described this broad-based demand. Sales and adjusted EPS were slightly above consensus driven by our team's continued execution.”

“The strength in gross margin coupled with our SG&A cost control resulted in reported diluted earnings per share of $0.63, 10.5 times higher than the first quarter of 2020.”

“The increasing mix of higher-margin aspects of the business and maintaining discipline in our streamlined cost structure, reflected in the $60 million of annualized costs that were reduced from the business in the first half of 2020, contributed to full-year reported EPS of $2.22 as shown on Slide 17.”

“Sales of $273 million were down 19.2% when compared to the third quarter of 2019, entirely driven by E&C FinFans. Excluding FinFans the rest of the business’ sales were up 11.1% year-over-year, with D&S East up 20.9%.”

“Year-to-date through June 2020, we have taken out a projected $61.2 million of cost across the business units, which is a reduction of 25% of our workforce since the beginning of the year.”