Start Time: 10:00 January 1, 0000 10:33 AM ET

Carpenter Technology Corporation (NYSE:CRS)

Q1 2023 Earnings Conference Call

October 27, 2022, 10:00 AM ET

Company Participants

Tony Thene - President and CEO

Timothy Lain - SVP and CFO

Brad Edwards - IR

Conference Call Participants

Michael Leshock - KeyBanc Capital Markets

Joshua Sullivan - The Benchmark Company

Phil Gibbs - KeyBanc Capital Markets

Operator

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

I would now like to turn the conference over to Brad Edwards, Investor Relations. Please go ahead.

Brad Edwards

Thank you, operator. Good morning everyone and welcome to the Carpenter Technology earnings conference call for the fiscal 2023 first quarter ended September 30, 2022. 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 the exhibits attached to that filing.

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 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, Brad, and good morning to everyone on the call today. Let's begin on Slide 4, and a review of our safety performance. For first quarter of fiscal year 2023, our total case incident rate was 1.7. While this is less than half of the metal manufacturing industry average rate, this performance is not up to the standards to which we hold ourselves. Fortunately, despite the increasing rate, the severity of injuries continues to decline. The rate increase is largely due to the increased employees undertaking new tasks, either as new hires or transfers into new roles.