Carpenter Technology Corporation (NYSE:CRS) Q3 2023 Earnings Conference Call April 27, 2023 10:00 AM ET

Company Participants

John Huyette - Vice President-Investor Relations

Tony Thene - President & Chief Executive Officer

Tim Lain - Vice President & Chief Financial Officer

Conference Call Participants

Joshua Sullivan - The Benchmark Company

Michael Leshock - KeyBanc Capital Markets

Gautam Khanna - Cowen

Operator

Good day and welcome to Carpenter Technology Corporation Third Quarter 2023 Conference Call. All participants are in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. Please note that this event is being recorded.

I'd like now to hand the conference over to John Huyette, Vice President of Investor Relations. Please go ahead sir at this time. Thank you.

John Huyette

Thank you, Operator. Good morning everyone and welcome to the Carpenter Technology Earnings Conference Call for the Fiscal 2023 Third Quarter ended March 31, 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, Vice President and Chief Financial Officer.

Statements made by management during this earnings presentation that are forward-looking statements are based on current expectations. Risks 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, Forms 10-Q for the quarters ended September 30, 2022 and December 31, 2022, and the exhibits attached to those filings.

Please also note that in the following discussion, unless otherwise noted, when management discusses sales or revenue that reference excludes surcharge. When referring to operating margin, 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'll begin on slide four and a review of our safety performance. Through the third quarter of fiscal year 2023, our total case incident rate was 1.4. We saw improved performance in the third quarter, lowering the year-to-date rate. As we have discussed in recent quarters, the year-over-year 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. Although a 1.4 injury rate would rank us as one of the safest metal manufacturing companies, our goal continues to be a zero injury workplace.