Carpenter Technology Corporation (NYSE:CRS) Q4 2023 Earnings Conference Call July 27, 2023 10:00 AM ET

Company Participants

John Huyette - Vice President of Investor Relations & Corporate Development

Tony Thene - President and Chief Executive Officer

Timothy Lain - Senior Vice President and Chief Financial Officer

Conference Call Participants

Gautam Khanna - TD Cowen

Josh Sullivan - The Benchmark Company

Michael Leshock - KeyBanc Capital Markets

Operator

Good day, and welcome to the Carpenter Technology Corporation Fourth Quarter 2023 Conference Call. Today all participants will be in a listen-only mode. [Operator Instructions]. Please note that today's event is being recorded.

At this time, I would like to turn the conference over to John Huyette, Vice President, Investor Relations. Please go ahead, sir.

John Huyette

Thank you, operator. Good morning, everyone, and welcome to the Carpenter Technology earnings conference call for the fiscal 2023 fourth quarter ended June 30, 2023. This call is also being broadcast over the Internet along with presentation slides.

Please note, for those of you listening by phone, you may experience a time delay in slide movement. Speakers on the call today are Tony Thene, President and Chief Executive Officer; and Tim Lain, Senior Vice President and Chief Financial Officer. Statements made by management during this earnings presentation that are forward-looking statements are based on current expectations.

Risk factors that could cause actual results to differ materially from these forward-looking statements can be found in Carpenter Technology's most recent SEC filings, including the company's report on Form 10-K for the year ended June 30, 2022, and Forms 10-Q for the quarters ended September 30, 2022, December 31, 2022 and March 31, 2023 and the exhibits attached to those filings.

Please note that in the following discussion, unless otherwise noted, when management discusses the sales or revenue, that reference excludes surcharge. I'm referring to operating margins, that is based on adjusted operating income, excluding special items and sales, excluding surcharge.

I will now turn the call over to Tony.

Tony Thene

Thank you, John, and good morning to everyone on the call today. I will begin on Slide 4 with a review of our safety performance. For fiscal year 2023, our total case incident rate was 1.7. Although 1.7 injury rate would rank as one of the safest metal manufacturing companies, it is not a rate we've come to expect or accept at Carpenter Technology.

As we've discussed in previous quarters, the rate increase is largely due to the increased employees undertaking new tasks either as new hires or transfers into new roles. We continue to invest in additional training for any employee new to a job or task with frequent monitoring and follow-up.