Kontrol Technologies Corp (KNRLF) Q3 2022 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Control Technologies 3rd Quarter 2022 Earnings Conference Call. I am joined by the CEO of Control Technologies, Paul Gezzi, and CFO, Claudio DeVasfo. Before we begin, please be reminded that certain statements and information included in the management discussion and analysis and financial statements and presentations, including information related to future financial, or operating performance and other statements that express the expectations of management or estimates of future performance constitute forward-looking statements. For more information on the company's forward-looking statements and risk factors, please research the management discussion and analysis and our financial statements. For public information filings, please visit the www.cedar.com. Thank you. I would now like to turn the conference over to Mr. Paul Ghezzi, CEO of Control Technologies. Mr. Ghezzi, you may begin. Hello, everyone, and welcome to the Control Technologies third quarter 2022 earnings conference call. I'm joined on the call today by our CFO, Claudio Del Vasto. This was a very challenging quarter, and we were impacted by a number of economic factors simultaneously, including tight labor markets, supply chain issues, lack of required materials, and ongoing material shortages. While our commercial and industrial service and solutions businesses performed in line with expectations, our operating subsidiary, Global HVAC and Automation, was most severely impacted. Adding to the overall market conditions, the rapid rise in interest rates has created volatility for new construction opportunities in the multi-residential sector. I'll provide an update on our business initiative shortly, but first I will turn the call over to Claudio for a review of our key financ...