Greetings, and welcome to Cognex Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions]
I would now like to turn this conference over to your host, Ms. Susan Conway, Senior Director of Investor Relations. Please go ahead.
Susan Conway
Senior Director, Investor Relations
Good evening, everyone. Thank you for joining us today. With us are Cognex s Chairman, Dr. Bob Shillman; President and CEO, Rob Willett; and Chief Financial Officer, Paul Todgham. I d like to point out that our earnings release and annual report on Form 10-K are available on our Investor Relations website at www.cognex.com/investor. Both contain highly detailed information about our financial results. During the call, we may use a non-GAAP financial measure if we believe it is useful to investors or we believe it will help investors better understand our results or business trends. You can see a reconciliation of certain items from GAAP to non-GAAP in Exhibit two of the earnings release. Any forw
Operator
Ladies and gentlemen, welcome to the Fourth Quarter and Full Year 2020 Badger Meter Earnings Conference Call. [Operator Instructions] As a reminder, today s conference is being recorded.
It is now my pleasure to turn the conference over to Karen Bauer, Vice President of Investor Relations, Corporate Strategy and Treasurer. Please go ahead, Ms. Bauer.
Karen M. Bauer
Vice President-Investor Relations, Corporate Strategy and Treasurer
Good morning and thank you for joining the Badger Meter fourth quarter 2020 earnings conference call. I hope you are all doing well and staying safe. On the call with me today are Ken Bockhorst, Chairman, President and Chief Executive Officer; and Bob Wrocklage, Chief Financial Officer.
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Industrial stocks are expected to receive a shot in the arm in 2021, say analysts who specialize in the sector.
Industrials were hammered when the U.S. economy was idled by COVID-19 and the slew of shutdown orders that followed to help slow the spread of the coronavirus. Now, however, with vaccines on the way, analysts outlook for an economic recovery in 2021 is much more optimistic. Expect strong catch-up growth in 2021 and the following years, say Morningstar analysts Preston Caldwell and Karen Andersen. Just note that industrials stocks might not take off immediately in 2021 – a second wave of COVID-19 infections in the U.S. is prompting more lockdown orders that could at least temporarily slow the recovery, and thus the sector.