Kennametal Inc. (NYSE:KMT) Q4 2023 Earnings Conference Call August 1, 2023 8:00 AM ET

Company Participants

Michael Pici - VP-IR

Chris Rossi - President and CEO

Pat Watson - VP and CFO

Conference Call Participants

Kiran Patel-O'Connor - Barclays

Steve Barger - KeyBanc Capital Markets

Operator

Good morning. I would like to welcome everyone to Kennametal's Fourth Quarter Fiscal 2023 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Michael Pici, Vice President of Investor Relations.

Michael Pici

Thank you, operator. Welcome, everyone and thank you for joining us to review Kennametal's fourth quarter and fiscal 2023 results. This morning we issued our earnings press release and posted our presentation slides on our website. We will be referring to that slide deck throughout today's call. I'm Michael Pici, Vice President of Investor Relations. Joining me on the call today are Christopher Rossi, President and Chief Executive Officer; and Pat Watson, Vice President and Chief Financial Officer. After Chris and Pat's prepared remarks, we will open the line for questions.

At this time, I'd like to direct your attention to our forward-looking disclosure statement. Today's discussion contains comments that constitute forward-looking statements and as such involve a number of assumptions, risks and uncertainties that could cause the company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. These risk factors and uncertainties are detailed in Kennametal's SEC filings. In addition, we will be discussing non-GAAP financial measures on the call today. Reconciliations to GAAP financial measures that we believe are most directly comparable can be found at the back of the slide deck and on our Form 8-K on our website.

And with that, I'll turn the call over to Chris.

Chris Rossi

Thank you, Mike and good morning and thanks for joining us.

I'll start the call today with a review of the year, then the quarter and a few recent customer wins as well as an example of the industry-leading innovation we're bringing to market. Then Pat will cover the quarterly financial results as well as the fiscal year '24 outlook. Finally, I'll make some summary comments and then open the call for questions.

Beginning on Slide 3. Fiscal year '23 presented us with several macroeconomic headwinds that the team successfully navigated to deliver results in line with our full year expectations. Sales increased year-over-year at 9% organically, offset by negative foreign exchange of 5% and unfavorable business days of 1%.