Ampco-Pittsburgh Corporation

Pardon me, ladies and gentlemen. This is the conference operator. The Amco Pittsburgh Corporation call will begin momentarily, and we ask that you please continue to hold. Again, today's conference will begin momentarily. Please continue to hold. Thank you. Good day and welcome to the AmpCo Pittsburgh Corporation third quarter 2020 earnings results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, please press star within two. Please note this event is being recorded. I would like now to turn the conference over to Melanie Sprousen, Investor Relations. Please go ahead.

Thank you, Matt, and good morning to everyone joining us on today's third quarter 2020 conference call. I'm joined by Brett McBrayer, our Chief Executive Officer, and Mike McCauley, Senior Vice President, Chief Financial Officer, and Treasurer. Also joining us on the call today are Sam Lyons, President of Union Electric Steel Corporation, and Terry Kenney, President of Aaron Liquid Systems Corporation. Before we begin, I would like to remind everyone that participants on this call may make statements or comments that are forward-looking and may include financial projections or other statements of the corporation's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties, many of which are outside of the corporation's control. Corporation's actual results may differ significantly from those projected or suggested in any forward-looking statement due to a variety of factors, including those discussed in the corporation's most recently filed 10-K and subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update or otherwise release publicly any revision to our forward-looking statement. A replay of this call will be posted on our website later today. To access the earnings release or the webcast replay, please consult the investors section of our website at amcopgh.com. With that, I'll turn the call over to Brett McBrayer, AMCO Pittsburgh CEO. Brett?

Thank you, Melanie. Good morning and welcome to our call. I'm proud of our team and the work they've accomplished over the past quarter as each of our businesses continue to execute on our strategic initiatives. Their work is even more impressive when you take into account the challenging obstacles each of our businesses have faced with the global pandemic. As I've stated previously, the health and safety of our employees are at the forefront of everything we're doing. The onset of COVID-19 has introduced a new risk into our businesses, and we're taking extraordinary steps to safeguard the wellbeing of our employees and their families, our customers and suppliers, and those in the communities where we operate. We continue to make positive improvements toward our goal of an injury-free workplace as we achieved our lowest lost workday rate for the year in the third quarter. As we did in the second quarter this year, we initiated plant shutdowns and furloughs to meet the reduced customer demand experienced in the forged and cast engineered product segments. Our air and liquid processing segment also completed outages during the quarter to perform proactive maintenance. We remain relentless in our efforts to improve our efficiency and cost structure to further grow our business. Our team members continue to identify and attack new opportunities to accelerate our progress. I want to thank all of our employees for their outstanding work during this challenging period. We report a positive earnings per share of $0.07 per diluted share for the third quarter, despite the impact of the COVID-19 pandemic on in-market demand. As a result of our equity offering completed during the third quarter, we raised $19.3 million in gross proceeds, allowing us to improve our balance sheet and begin our capital improvements to further consolidate our manufacturing footprint. I want to again thank our shareholders for your support. Our debt to capital ratio halved from December 31, 2019, and our total debt was reduced by 54%, or $38.3 million. Our strengthened balance sheet and significant liquidity and operating leverage has Amco Pittsburgh well positioned to respond to a recovery in our end markets. I'd now like Terry Kinney, President of Air and Liquid Systems, and Sam Lyon, President of Union Electric Steel, to share the improvements in their segment's performance.