Carpenter Technology Corporation (NYSE:CRS) Q2 2024 Earnings Conference Call January 25, 2024 10:00 AM ET

Company Participants

John Huyette – Vice President of Investor Relations

Tony Thene – President and Chief Executive Officer

Tim Lain – Senior Vice President and Chief Financial Officer

Conference Call Participants

Gautam Khanna – TD Cowen

Josh Sullivan – The Benchmark Company

Chris Olin – Northcoast Research

Samuel McKinney – KeyBanc Capital

Operator

Good morning, and welcome to the Carpenter Technology Corporation Second Quarter 2024 Fiscal Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to John Huyette, Vice President of Investor Relations. Please go ahead.

John Huyette

Thank you, operator. Good morning, everyone, and welcome to the Carpenter Technology earnings conference call for the fiscal 2024 second quarter ended December 31, 2023. 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, 2023, Form 10-Q for the quarter ended September 30, 2023, and the exhibits attached to those filings.

Please also note, that in the following discussion, unless otherwise noted, when management discuss the 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, John, and good morning to everyone on the call today. I will begin on Slide 4 with a review of our safety performance. For the first half of fiscal year 2024, our total case incident rate was 1.9. This marks an improvement over the last quarter, as we continue to integrate less experienced employees into our operations. We are targeting specific areas with employee engagement programs to identify and eliminate potential issues. Our target remains a zero injury workplace and we will continue to work tirelessly to achieve that target.