Kaman Corporation (NYSE:KAMN) Q1 2023 Earnings Conference Call May 3, 2023 8:30 AM ET
Company Participants
Rebecca F. Stath - VP and Controller
Ian K. Walsh - President and CEO
James G. Coogan - SVP and CFO
Conference Call Participants
Steve Barger - KeyBanc Capital Markets
Lawrence Solow - CJS Securities
Seth Seifman - J.P. Morgan
Operator
Operator
Good day and thank you for standing by. Welcome to the Kaman's Corporation Q1 2023 Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speakers today. Please go ahead.
Rebecca F. Stath
Good morning. Welcome to Kaman's First Quarter 2023 Earnings Call. Leading the call today are Ian Walsh, Chairman, President and Chief Executive Officer; and Jamie Coogan, Senior Vice President, Chief Financial Officer and Treasurer. Before we begin, please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations with respect to the future of our business, the economy and other events. These include projections of revenue, earnings and other financial items, statements on plans and objectives of the company or its management, statements of future economic performance and assumptions underlying these statements regarding the company and its business.
The company's actual results could differ materially from those indicated in any forward-looking statements due to many factors, the most important of which are described in the company's latest filings with the Securities and Exchange Commission, including the company's first quarter 2023 results included on Form 10-Q and the current report on Form 8-K filed yesterday evening together with our earnings release. We also expect to discuss certain financial measures and information that are non-GAAP measures as defined in applicable SEC rules and regulations. Reconciliations to the company's GAAP measures are included in the earnings release filed with yesterday's 8-K. Finally, we posted an earnings call supplement on our website, which provides additional context on our financial performance. You can find this presentation at www.kaman.com/investors/quarterlyearningscall. Now I'll turn the call over to Ian Walsh.
Ian K. Walsh
Thank you, Becky. Good morning, everyone and thank you for joining our first quarter 2023 earnings call. We are pleased to report a solid quarter for Kaman, and we're off to a good start for the year. Total company sales grew by 23.1% compared to the first quarter of 2022 or 11.4% organically. Our Engineered Products segment, which includes our recent acquisition of Aircraft Wheel and Brake led the way with 51.4% sales growth over the prior year. Excluding the contribution of Aircraft Wheel and Brake, this segment was up 28.6%, with gross margin nearing 40% and adjusted EBITDA margins of 23.2%.