P&F Industries (PFIN) 12 May 222022 Q1 Earnings call transcript

Good day, and welcome to the P&F Industries, Inc.

First Quarter of 2022 Earnings Call. Today's conference is being recorded. At this time all participants are in listen-only mode.

Following management's remarks, there will be a question-and-answer session. time, to this over the At Mr. to Instructions] I'd turn like conference [Operator Company's General the Goodman, Richard Counsel. ahead, go Please sir.

us are Thank you, Chief Officer quarter With and first to Executive P&F from operator. Good Molino, Officer. morning, XXXX and Officer; and Chief conference Chief President, Financial Horowitz, Chairman, Richard welcome Joseph Industries' today and management Operating call.

forward-looking These and by the XXXX in management, and Before SEC and outlook press current company's on today's well future discussed on company's you any forward-looking we behalf of get statements our the factors the actual on upon started, based results risk plans, release our statement and as the are recent report made to company's website, I'd by are described periods like materially under to including in to our differ in company's to XX-K. company. or as Form future and uncertainties, related including most annual various uncertainties risks cause from performance can remind the expectations, you that and are those statements today's find performance subject those on which call for could forward-looking historical which any filings, expressed estimates

the revised portion the the together minutes. by the with call responses the XX our of to earnings conference or efforts any developments statements, announced as forward-looking statements that as otherwise. the process, whether undertakes made, I and management's caller of as this questions-and-answer no our all call on result Forward-looking the streamline of or only participants of April any XX to part which relating remind a as speak length new in company from or would publicly the stockholder has company procedures press obligation particular date the to they conference call questions we limiting future information, revise on are its release also to like of update to

Additionally, answer operations be this of management to aware will only to results please question-and-answer financial insist with this we would XXXX, of be the you to quarter over any the that I beyond entertaining now and leading will related session, directly company's And questions condition, turn of that Good must call. the go during to the procedure. to scope first that, the morning, adhere like questions Horowitz. Management Richard Richard. not call that

for XX, to all Good as thank morning, so for joining this the are Richard, of to everybody. hope much global exit and to P&F's good this the the that of seems morning ill effects XXXX. keep are all I Thank you pandemic doing continue and trying March world ended you period going. morning, discuss country results well you and us three-month the

loved Further, out who of current to disease. ones deadly thoughts lost Our this out peaceful crisis those and thoughts have may our Ukraine prayers and a soon go resolution. come the victims the it in to go prayers to due to

XX, today, our related affected XXXX, were costs, company's affecting of XXXX which to company's ended we growth the which the COVID-XX and effects the additionally costs most balance we results excessive in your would ongoing press of and would in chain of our or company's force degree. statement of presentations, release period product to purpose to the pandemic. to the attention historic are margins. conference During be see earlier to mindful that P&F the ocean operations, of discussion first encounter this news, this March March which in to to PTG results the and statements XXXX, to everyone's cause compared particular the like freight highs receipt of disruptions ill flows The in I to three-month every year gears sales order about delays you like the cash adversely supply sheet, at of gain their continued difficulty hampered to much released to remain better how incur. time, some for day gross cause of includes of business Most all major in the direct these our yet inventories which make needed the the global effort encounter use we XX, onsite of all The of which continues XXXX. notably call. following. will of continue same areas In I and remind period the the quarter

our have session calls directly question-and-answer and this previous done First, time, not in this at as already to standard conference we several is press what to release. restate a become we practice move and has morning's will

on Secondly, at Q&A not with questions finally, you will of please to questions that which procedure. or time adhere leading financial any the this and And And the limit be questions, questions scope condition we as results to next session then time. be that will XX-minute extent within shareholders we plan we noted, must that multiple call. answer that that, happy answering have enforce. the the other this be complete first questionnaire. have Operator? only the portion Management mindful please pertinent be questions directly of to any be quarter to will your To go of to and this aware please We XXXX. a beyond will you may operations previously of callers move insist we with this relating limit company's XX-minute entertaining pertinent the of to time

All and Andrew We'll with Lawndale from right, take go Shapiro Instructions] much. Capital question you ahead first Management. [Operator our so thank

hope you into just minutes? question please. count against repeat are the here. back ask what here rules to on after I queue, Can won't out the are this question You hi, timer Yes me the XX want the

You just XX questions going you then and keep Andrew, your on later. with know minutes

of discussion they were Hy-Tech price how And across your impacted on lines? the at you on increases you April? your the And said expand both Pneumatic release Can product and orders right. sales? all they and press Okay, beginning are Florida instituted

we in it release, press what every news kind said for that clearly thought gas, times. the in kind I of our roughly are I'll freight thought day you it are in increases anyway see of prices I Yes, cost prices five you. here repeat which The but ocean of of

No, I and and price didn't about Richard, orders ask about I Pneumatic and your Florida across asked both they sales? Were cost Hy-Tech impacted increases they have increases.

we've is Yes, what apologize. our throughout had asking? increases that I you're price company

orders they keeping your of things Were both growth unit across in pace, in had your they and impacted customers otherwise similar stopped said sales? kind Are Florida has Pneumatic it you and Are how you growing were sales? the a Hy-Tech your rebelling?

you I negative a can can have I not haven't that noticed regard. you in of noticed Joe, chime in. thing. anything sort

I answer. realize It's way world think people that. now, Joe a the can right

competitor. saw They're from price same every this coming. Yes the increases seeing customer every

you So industry, at some kind don't to but had think prices demand this round the I of just increases know, for price it get the of point, point whole where down sure, could period tamps effect. that

not that Okay. you an see? having And on market effect share it's

see. can we that Not

not No, can see. we that

as visiting getting as discuss into and you'd think that I getting same PTG onsite at and up of -- North you the that Airbus? was side, your onsite much still in suppliers, the all instances as it as opened not of is well And last as on Boeing having like. as any American it visits comments as Has well your Has or the Aerospace are like quarter? Okay. and preliminary

Yes, company-to-company. from relaxed a have things bit. It varies

Joe, give them. work own company has XX% XX% of they its course do. mean, for are loosen Boeing estimate, But an say I say up to not would that limited we add were would basis, to customers that. a it set Of little to it's you to But anything to want of but I like be do, parameters the we now, I still a business general, it are I Airbus on each better and but in want taking maybe bit very if but seeing, and

just people I that office. has product regarding been at never -- about been agree we've decisions Boeing into more issue make much getting haven't the really haven't No, they because had been in critical Boeing. The available would always trouble new the

the can get people but see want to So always aren't we there. in, we

you a bit. down it slows So

as opening And is visits, and expectations your the that with doors through that for are orders flowing following? following Okay. the in and are been have

know, customer. on stuff the new it's customers. engineered like as depends the like not Airbus, like it a new not customers, much and bigger toothbrush, -- it customers, It's are products which selling I to going The much, slower process. Again, was that. like It's be are a

to of add So would you product say that? all are there the is. is, want anything I a know, more of the more the engineered you Joe, more little a lag them the to engineering,

side, that's of on fields, because engineered have we agreed, bit the that. a a seen say that process. I sale, simpler would of an seeing little more PTG is flow of we're get are there optimistic fact we the out opportunities -- as of it's activity Yes, -- it's we that about And pretty while it grow the

decline gains lasting? Jackson temporary respect with acquisition PTG large is the to long from gears, PTG And orders and your as offset the in or Gear, partially see that of you the something that customer from a more

Joe, you that. can answer

We've a a those. product line, it's product we've with or had Yes, technical issues resolved temporary.

it orders to those So, did we expect yes, resume. impact. And

impact from total the have the would if that. not number, down greater brought it obviously, acquisition know, a we seen You for

Sure. Awesome.

the shipped Pneumatic, inventory March quarter? what's Home late get order yet Florida of get timing? large, you expected in that out shipped is Depot in during status its couldn't built out for Florida Did the what in they the present Regarding present quarter. Or QX, the XXXX Pneumatic

shipped two all at or last It's weeks shipped. been three the something. It all it's Yes, point. took this

Awesome.

Yes.

of that to sold transition horizon for just be Home I line the would to Home quarters same you your Home guess, being And sold tools products Depot the duration, many time shipped. discontinued regarding and is husky how And your Over of around made and this your new or the the Depot? years were new tools got Depot? expect products by to

short give that Joe, The yes. you to details. But answer can question is, more

say And similar yes, bit it some happens -- tool refreshing five complete tools. there was first this, four discontinuation of just, think new, quote of a everything. couple this me, years. there older every was some a every I tools, some of or it would brand tools, to wasn't was all, a of reset with being know, I was Just of upgrades a don't And there you

sooner Sometimes, case, every you that of brand have or years, five lines this tools. know, out you know, of even in again, some parts But more them and later. new can or change you four

back, the brand to you you talk and know, might it's take you changes to So, you the you know, people a just reset that step way, make. displays, there you want the discuss

time-to-time, and when it ever no seem from happen relationship So to these the there's set four things it does happen or throughout every happens, but period years. five

Okay.

to months. you feel As said do stocked, to just felt have March and Depot we you call, you fully large safety of where stocks would been a the up company levels out addition at take still now in was inventory been desirable the the not the you months, built few and And of addressed? increase yet a the Home order stock now few problems it's discussed, is

and again It's woods. very other what you product but from to Joe, but of out out told, and We're a totally can sometimes -- woods, add not very, things. individual we've on. the we're of been being close that's very, the issue

of on impact being I forward, meaningful Going any sales short result on as product. anticipate a don't

Right.

Okay. And take cash the and or would would improvement guess coming I in be supply would is time, and be greater that down the generated to levels a over visibility going inventory chain. expect, you

Andrew. is saying No, just what accurate, you're

Okay.

inventories be pretty We are the coming term. know, the in will pretty, forecasting dramatically that you short down

lasting referred the what's strategy sub and change the the it Florida you're Can automotive revenues press employing in well in that expand more as or temporary and the Okay. channel release? and and from temporary impacts on in long both change -- more, margins? to at you more Pneumatic the distribution And and the is in strategies sector

it's But But forward. you moving the term that. how not we're again, answer short I'll thing. It's answer let ahead. go Joe a is short can Joe,

of Yes, last orders. sometime the the ownership take and product, so year, fulfill to product up would product, we sell Amazon, title until they would

are product in product certain Sometime fulfilled with we there's intermediary positive our turn, an third party, this working there them a partnership But selling last The worked the orders. by fulfill to who us started year, to us. still Amazon. that Amazon in provides is with that are to things intermediary,

just the with affect party. doesn't So doing a way, a just a way the really it's situation it's different, any really a little easier of consumer, manage it, third different in it to

Andrew, from the you right I they we on the the a stuff. want didn't Home -- the take the going And, question that's start, we in reason off it. I'll second and all the and knew wanted shipped had to with was mean with and we not to Depot get shipping everything and -- asked because material when quarter we -- on And the that's this this that get mention a wrong just chance that in foot

that's what - taking a earlier. we bit So ended it little we up in

Okay.

talk in You something products where the about that or shipments lasting? increased the in decent experience you large OEM discuss see Is area. transitory new that the customers? area Can more or a you've to growth Hy-Tech OEM long your any you introduced two

or business OEM gears You're I'm in our talking in sorry. business? about the

OEM.

ahead, Go Joe.

our there, the expanded larger -- new not customer particularly even isn't isn't market relationship our it it's We've us. new. largest nothing there's but our with new for and customer -- a Well,

We're add, accommodate with business if we Right. you just them in other more that products doing now. they can know

As they the relationship delivery have more quality and in schedule. our our confidence grows,

So things. they more give business, us different

Okay.

is not Which insignificant.

insignificant. not is Which

Right.

company $X receipt those was so. and $X on about big a year call, the think payments? the million share a that the refunds cash of next of over prior there is coming the of approximately or I visibility What's and two two course or half On the current the timing tax comprised to

we got I weeks in did there's you timing was government five Okay. terms believe. four of the refund We Again, million, year. X.X that it, for about million, give prior that or nothing specifics That the of I'll except that Joe less what it. let get the was of the changing for a But ago. Joe

million X.XXX the call for and Let's it XXXX was return.

the Right. Yes, And -- right. that's received, there's

refund. NOL the That's

Essentially, yes.

Yes.

you're then going employee so the see primarily out to retention of not XXXX. ex-credit. is the million that which It $X was and until comes And the rest credit,

Go ahead, Richard.

Go ahead, Joe.

XXXX of credit the return. That part was

next there's obviously, So our just that expecting not sometime results we that that it's year. affect are But of that figure. number the refund rest yes, a

don't Well, that. Okay. off with it I'll then next ask necessarily I quarter. put about it have to

Yes. it, we'll If tell get we you.

capital allocation acquisitions reinstatement the more or stock selected average and to towards levels buybacks. to focus new company's making permanently or to is with Okay. of a debt wise, returning view And rate shareholders the capital lower dividend

we need reminded don't required needed a regularly. same exactly again know cash discussed know say -- or we every the do. to we if we to dividends plateau we're need meeting And this be look have if don't -- that we'll discussions, line, because review call, to to I'll review is what know, It's we we we we a is that, at in that now, to it they're and and question we that company to what all But say on of bottom what balance I them the very respectfully, just to that going again, want happen. you and It's and a that buyback, don't I it's that don't a want to a would help ourselves as have looking be board we we board position We when we we comfort as want consider that and that put time there's as exclusive. needs then -- look do feel have discontinue don't last at it. company we at in and our accretive of dividend terms to we it -- and a said and I wise buy we if the it mutually well. marketing it's us and

assured things happened be and comes a do when the continue dividend, if to is -- we can it that godforsaken our plan like, rest the -- you unless develop, we when unforeseen that time So, pandemic. with

more to I little I know XX maybe the less on, only move Okay. because -- I want about a have minutes, is

Actually five.

do tools, industrial. on you the that actively watching are have Is I'm still even right that calls, the at? as automotive, previous very so areas were focus broad you're are do Can aerospace, that, you us you looking you now the And integrating it bandwidth or process? closely. acquisition glad you the looking at you Jackson? on narrowed of update timer you based said On have in businesses, to

said big release We the to we in gear definitely think We We're player like in gear press I like space this to a now. also. space. that

-- Our business and as of not gigantic with this it's essentially acquisition a doubled, business companies.

have a acquisitions. a our very range with real we're So two And last we business in our now. factor wide

So choice comfortable et I course, well. as that, tools, it a comes cetera, businesses, our depends cetera something said an up we feel given relates expanding. that et all area that if is think to Having of that very

the long in had had on there's something -- have versus confidence and tools to else's? you engineering Florida the Pneumatic, of from ready you're Jiffy had acquisitions. and aerospace the side, In get your opportunity suite about high enhanced ago you able you they are them, them present Pneumatics be aerospace -- sense state-of-the-art attractive that purchasing a still And somewhat the their including glom had we or to had cycle all you that of as to into Do while for described, someone that full into long these that new engineering these once serve process. advanced you you Okay. and tools, facilities an and that you know deferred various P&F likely of ones they're Jiffy, you a Hy-Tech in to to opportunity, right the but level tools had Pneumatics, get you're have people into things, developed, getting at that a that maintain could that

fine. think we're I

that do I agree. think we're Joe, fine you area. in

stopped and on people we we have with working at not never Airbus the fine, are thing. technical really, completely Yes, only Boeing

them talking state-of-the-art about things. now because very to right we're we're yes So

us So I'm not behind. worried about falling

Okay.

You get just be able got into to them. to

Yes, done. quarters the right. I'm perhaps like two next yes, all to extra Well, for reserve I'd call. minutes

do -- Andrew, answer We're if any that's other them two do to not questions want you Happy on minutes we have Unfortunately, don't it. to not please ask, we to plan. But our left. you.

No queue two else patient the to I'd so in love my waiting? been yield to they've since someone minutes

stay stay right. Thank and safe. and all well, you Okay,

[Operator ahead. take Please Timothy next and our Stabosz. Instructions] ahead go We'll question from go

report. looking Good in time money made morning, in said Richard, you allocation I all we hasn't this The at X.X% earnings years. company the earnings. look obviously at got roughly. own company capital a of that the decline We've

strategy asking good a we times, reassert yet, and be years about for oil last had you haven't the you're context for we possible it, think you if MAX you through. been Boeing that And come least the You've been hasn't have excited compelling conference bears place market, volatility say at Joe money made in of here. think reassert they shareholders but years you should the the I've subject discussion think it it had and the the a suffering, imperatives allocation okay, know, to no but and company of know because I up, not a contrite at robust in I can, capital but you And strategy I call here. the because crude of that profits and to as in the comes building nature the when got as

for $X notion current share, per of you that it I you versus guys, when you upwards the company would possibly price. times the are, And know, for, as this and at plus could hoping three sell stock you for whatever we look earnings continuing hope so is,

you -- that the know I deserve is but them you looking owner, going to as year and all a I things, compelling make $X.X not those million outside goes, these can your shareholders a the you long year, CEO us, that So And these words, that not the compelling, that. been hope can that as appreciate that. you're me, so shareholders just money allocation needs fact we've shareholder and of for to I'm waiting asking in nasty robustly -- to how what right X.X% considering capital as to a time. And make for now Board each own appreciate are know makes be deserve trying because reassurance, I'm and I the the and strategies

to like your get I'd So response.

believe.. Yes all respect, Tim in due I

that's earnings an And question. question, an that's earnings

there. go don't So

the wrong. years surprised. you I'm if I Joe, if company answer pandemic, I I the if am can profits two don't was - ago, me think I'm question. tell Let making before every not and I Joe? believe be me I year, right But the correct, would that's

got profitable -- asset year. We in Hy-Tech. were, had XXXX back in sale time little a was let's doing big there. XXXX, lot we tool of a Florida down money Pneumatic, companies, We just made a of a to were got we've company was XXXX. company in bit. We transition go The an but two right. a we're We've

Florida complete into when XXXX impact was that well, those tools. Chinese heavy there remember, was for has in beginning Pneumatic areas, doing were gas, the Hy-Tech and duty quite business most wrenches a industrial mostly we large, sold of to turnaround of was a the While that gone Hy-Tech oil engineering you business time of business

So business. that was our

not they're turnaround. with they're you and And, not quite it's But nice, of know, a robust as had margin, large, in little take new But brought healthy. profits the are back had, longer that we're to a as successfully in we of in consolidated the that we're So get XXXX, tried were finished in, on terms to which there. going business President have XXXX, a we engineered basis, a turnaround that new we in business.

at MAXs history don't with don't in the us the they was margins pace, of think there's room, highest making That huge anything I were everybody the I company. remind course, XXX to have them. for about elephant customer don't the And of that gross the a they in the wrong make strategy. the So with then

a every bottom comes we have on to have huge line. reasons impact that going it and until So, to back, believe the that's will,

up our product. strategy Internet anything there's changed We've So with on our strategy. wrong I the don't think

We've line huge a poised is We advantage infrastructure business. take I got Hy-Tech up rolling the that gear think to project. the in robust with of companies industrial opportunities have product

finished. don't our but I there's strategy, not think So we're anything wrong with

I don't to how that, numbers those see come. know but So think you I answer will

Yes, for just just - further, a you. answer I'll and little Tim

You mean a and none I of us know, respectful in only balls. of none that like, way. us superman have - can not crystal We're

we you So know, is anybody show absolutely say the can't, think anything, going I of on was I craziness. of Joe you don't show the and in saying can world and But what what's world in anybody correct.

we're is strategically an already and -- no unprofitable bought we and in But you seeing been rolling, during question are company now, that we and And a you I the fine. are is what if know, have know that's, has don't I because that fair I think we being giving that fit better we very -- several right we doing think asking, feel I And of were you're I everybody comfortable any worse. money -- any you think continued. and right another is that dividends it's not were hit, the we're or without in very getting think answer very extremely that so. And our for can which extremely pandemic And remember the absolutely around. makes healthy both But we're pandemic. good before healthy, turning being we things specific, company. just a good were is it's is comfortable the I years. would our strategically And as different. companies we us. paid press as most the And backlog only lost time it's now in now, off. paid When bought release, in and

good think that's color, I the color, I fair commentary. appreciate answers. that's they're good

which at have a with not any guys deserve that for involved. would case, digit solid double shareholders to not or reassure to good don't the least the eventually, a made. businessman I be that did think strategies whenever a do on frankly, need know, the attorneys projection, digit double any shareholders in investment earn earn a to can equity is Can want you they you goal belief a to projection return

faith, good expression -- -- Just that's an faith. yes, an that good of event, expression good an of as as

ahead. sorry, I'm Okay. go

you we be we looking all eye, of we the any just wouldn't doing in we're we're not going company But where anymore, think, And wouldn't be making stuff, with not know, due the that in our be it. to confident, if very promise at here, feel Especially comfortable money, we you we we our we're were I'm our are, are. -- can respect, about we road. not agreement, And and management, sure on right new you, can't everybody with comfortable tell the read our that's agreement, our have banks we're I advisors, you I best of the very where feels you board,

as Well, off the as banks as anything are long as just their company they happy and money making the much get money back.

outside appreciate you with the and -- and for So it. I and I but the good thank the the the the base most shareholders important shareholder that faith really thing is faith color

Okay.

much. free you. time Mr. or get it. The question. Thank I'll very another Thank follow-up, shareholder. on my And but another I don't has know, Shapiro you

Okay, thank you and Tim, stay well.

you. Thank

Robert We Baird. take next John Adams go can ahead our with right. All from question and

Hey, the a of company. table to were to then And couple of I is Joe of And And company this it's comments, comment had I message get guys, comments, most your put sleep encouraging more decades, would in these years. folks guys other it see mid and several listen the a you market. is. $XXX,XXX And in those on on folks. last large And hey, where Tim's a over not know, spoken since -- own the to corporate I more I you than I why your my Tim, shareholder bucks ownership you a it would and a received, some for around nearly Tim's to execution risks know XX these Tim the way. for have then you some and finance your company ago, if get there's a followed And share through be substantially started we're, the mouth it just and can worth or 'XXs. it. the Richard, these where and your and that piece this around you go years, these environment guys, is such financials we weeks know, life at know, I'm this worth met comment. years, a $X guys, of paging consider maybe never is the handful looking many you money Board probably if of in Hi, bucks company's in been XX nothing multiples, share, else to aren't I to if the XX truly of it members or I've guys been of a know, on kinds watch of you the

longtime shareholder guy some hold the know, just those to mentioned, Samaritan like you things comments. had wanted Tim make feel of patient that So

what I'm at the is, you to question a -- as loss to if want

was here, XXXX, shares so the guys. being was a since question amounts after the XXXX. to XXXX, minus Board minimis the you your mid on own Well, less, of that of more folks 'XXs, the It's comment. owns it Board see disappointing a two handful There's

this environment, the all to in company board question bucks is opportunities now, You share a whose my XX the at well know, the shifting know, right and what the the last shareholder be point, do for buy to down fiduciary management is example. is you why and on maximize there's company not seeing things value, worth would it more worth XX the done to responsibility this go of chart of consider this why worth? to hasn't company's would been a And plenty years, probably gone company

individually. privy to discussions at Board Well, or of you're any even not level that have the we course,

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Scheriff. Kenneth

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Yes.

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in I past. think so we replaced we and will the people that replace person, have

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Andrew Please go next right. from ahead. go and our We'll question again All Shapiro. ahead take

sorry, this it. was I Oh, didn't know I'm if thing up turned already used I time, off but on my

mind. Never

Okay.

Okay. We can Stabosz. go ahead and question take again Timothy our from next

Actually, I -- was the didn't into just, have no further I call got I questions. late. I

what discussion. the gentlemen, rules have consider And you have So, Thank I thank hope the all -- I what I'm we wasn't to done you. clear say. we for on so, were what exact you'll

welcome. You're

right. Thank you. All

further at I'd to right. additional closing Horowitz, remarks. are Mr. the time. no you back appears All there this conference questions or like to any for it Well, turn

everybody. when you QX during summer, hope taking Sure. us. and numbers all the we speaking sometime on I'd time be in look for everybody to stay but forward day come out, the today it Have they meantime, to safe that thank a well. on with call the And to we the like good the

today's you your concludes participation. that all for Thank And call.

You may now disconnect.