Kennametal, Inc. (NYSE:KMT) Q2 2023 Earnings Conference Call February 7, 2023 8:00 AM ET
Company Participants
Kelly Boyer - VP, IR
Christopher Rossi - President, CEO & Director
Patrick Watson - VP & CFO
Conference Call Participants
Stephen Volkmann - Jefferies
Tami Zakaria - JPMorgan Chase & Co.
Michael Feniger - Bank of America Merrill Lynch
Robert Barger - KeyBanc Capital Markets
John Joyner - BMO Capital Markets
Operator
Good morning. I would like to welcome everyone to Kennametal's Second Quarter Fiscal 2023 Earnings Conference Call. [Operator Instructions].
I would now like to turn the conference over to Kelly Boyer, Vice President of Investor Relations.
Kelly Boyer
Thank you, operator. Welcome, everyone, and thank you for joining us to review Kennametal's second quarter fiscal 2023 results. Yesterday evening, 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 Kelly Boyer, Vice President of Investor Relations. Joining me on the call today are Chris 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 would 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 now turn the call over to Chris.
Christopher Rossi
Thanks, Kelly. Good morning, and thank you for joining us. I'll start the call today with a review of the quarter and some recent strategic wins as well as an example of the game-changing innovation we are bringing to our customers. Pat will then go over the quarterly financial results and the outlook. And finally, I'll make some summary comments before opening the call for questions.
Beginning on Slide 2 of the presentation, we posted strong year-over-year organic sales growth in the quarter and continued the successful execution of our strategic initiatives despite ongoing macroeconomic headwinds, such as high inflation, foreign exchange and COVID-related disruptions in China. Sales increased double digits year-over-year at 11% organically, offset by negative foreign exchange of 8% and business days of 1%. As expected, price continues to be a significant part of the sales increase.