Enerpac Tool Group Corp. (NYSE:EPAC) Q2 2023 Earnings Conference Call March 22, 2023 8:30 AM ET

Company Participants

Bobbi Belstner - Senior Director of Investor Relations & Strategy

Paul Sternlieb - President and Chief Executive Officer

Anthony Colucci - Chief Financial Officer

Conference Call Participants

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Enerpac Tool Group's Second Quarter Earnings Conference Call. As a reminder, this conference is being recorded today, March 22, 2023.

It is now my pleasure to turn the conference over to Bobbi Belstner, Senior Director of Investor Relations & Strategy. Please go ahead, Ms. Belstner.

Bobbi Belstner

Thank you, operator. Good morning and thank you for joining us for Enerpac Tool Group's second quarter fiscal ‘23 earnings conference call. On the call today to present the company's results are: Paul Sternlieb, President and Chief Executive Officer; and Tony Colucci, Chief Financial Officer. Also with us is Barb Bolens, Chief Strategy Officer.

Our earnings release and slide presentation for today's call are available on our website at enerpactoolgroup.com in the Investors section. We are also recording this call and will archive it on our website.

During today's call, we will reference non-GAAP measures such as adjusted profit margins and adjusted earnings. You can find a reconciliation of GAAP to non-GAAP measures in the schedules to this morning's release. We'd also like to remind you that we will be making statements in today's call and presentation that are not historical facts and are considered forward-looking statements. We are making those statements pursuant to the Safe Harbor provisions of federal securities laws. Please see our SEC filings for risks and other factors that may cause actual results to differ materially from forecasts, anticipated results or other forward-looking statements.

Now I will turn the call over to Paul.

Paul Sternlieb

Thanks, Bobbi, and good morning, everyone. Thank you for joining our Q2 earnings call this morning. I'm happy to cover our fiscal 2023 second quarter results with you today. I'd like to start by providing some additional color on our ASCEND transformation program in the excellent progress that we're making on several of the focused growth pillars from our strategic plan that we laid out at our Investor Day in November.

Moving to slide three. As we reached the one-year anniversary of the launch of our ASCEND transformation program, I am extremely pleased with the progress made to-date and the results can be seen in our strong gross profit margins and adjusted EBITDA margins in the second quarter, which are both the new record highs, since the launch of Enerpac Tool Group in 2019. ASCEND is focused on driving organic growth, operational excellence improvement, and greater efficiency and productivity in SG&A to enhance shareholder value. This program includes many 100s of initiatives across all functions and regions of the business and is led by nearly 100 work stream leads and initiative owners across the company.