Enerpac Tool Group Corp. (NYSE:EPAC) Q2 2024 Earnings Conference Call March 21, 2024 8:30 AM ET

Company Participants

Travis Williams - Director of IR
Paul Sternlieb - President and Chief Executive Officer
Shannon Burns - Interim Principal Financial Officer

Conference Call Participants

Tom Hayes - CL King
Steve Silver - Argus Research

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Enerpac Tool Group's Second Quarter Fiscal 2024 Earnings Conference Call. As a reminder, this conference is being recorded, March 21, 2024.

It's now my pleasure to turn the conference over to Travis Williams, Director of Investor Relations. Please go ahead, Mr. Williams.

Travis Williams

Thank you, operator. Good morning, and thank you for joining us for Enerpac Tool Group's second quarter fiscal 2024 earnings call. On the call today to present the company's results are Paul Sternlieb, President and Chief Executive Officer, and Shannon Burns, our Interim Principal Financial Officer.

Our slides and recording of today's call will be available on the Enerpac website in the Investors section.

Today's call, we'll reference non-GAAP measures. You can find a reconciliation of GAAP to non-GAAP measures in the press release issued yesterday. Our comments will also include forward-looking statements that are subject to business risks that could cause actual results to be materially different. Those risks include matters noted in our latest SEC filings.

Now, I will turn the call over to Paul.

Paul Sternlieb

Thanks Travis, and good morning everyone. Enerpac posted another solid quarter despite the broader macro environment and the overall slowdown in the industrial sector. We were particularly pleased with the second quarter margin expansion as we made further progress in improving our operating efficiency and SG&A productivity.

Moreover, we believe organic sales growth in our Industrial Tools & Services, or IT&S segment, of 3% continues to outpace the marketplace. At the halfway point in fiscal 2024, with organic revenue growth of 4%, and adjusted EBITDA growth of 18%, we remain on track to achieve our full year guidance. And we continue to make solid progress toward our longer term goals as we take Enerpac to the next level of growth and profitability.

I'd like to welcome Shannon Burns to the call. Shannon is serving as our Interim CFO as we continue the search process. He is a seasoned finance executive who leads Enerpac's business decision support office and brings financial leadership experience from several other major corporations.