Enpro Inc.

Greetings and welcome to the intro first quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to James Gentile, Vice President of Investor Relations. Thank you. You may begin.

Thanks, Daryl, and good morning, everyone. Welcome to EnPro's first quarter 2023 earnings conference call. I will remind you that our call is being webcast at EnProIndustries.com, where you can find the presentation that accompanies this call. With me today is Eric Valancourt, our President and Chief Executive Officer, and Milt Childress, Executive Vice President and Chief Financial Officer. During today's call, we will reference a number of non-GAAP financial measures. Tables reconciling the historical non-GATT measures to the comparable GATT measures are included in the appendix to the presentation materials. Also, a friendly reminder that we will be making statements on this call that are not historical facts and that are considered forward-looking in nature. These statements involve a number of risks and uncertainties, including those described in our filings with the SEC, including our most recent Form 10-K. Also note that during this call we will be discussing our full year 2023 guidance, which excludes unforeseen impacts from these risks and uncertainties, as well as changes in the number of shares outstanding, impacts from future acquisitions, dispositions, and related transaction costs, restructuring costs, incremental impacts of inflation subsequent to the end of the first quarter, the impact of foreign exchange rate changes subsequent to the end of the first quarter, and interest rate increases differing from the assumptions outlined in guidance. We do not undertake any obligation to update these forward-looking statements. It is now my pleasure to turn the call over to Eric Valencourt, our President and Chief Executive Officer. Eric.

Thanks, James, and good morning, everyone. I am pleased to update all of you on another outstanding quarter at Enpro. Before we begin, I would like to share that Milt Childress has announced his plans to retire in the first half of 2024. While Milt is not going away anywhere just yet, I would like to take a moment to recognize his many contributions to Enpro over the past two decades. Milt has been a great partner to all of us, and we know that his significant impact on our organization will live on well into the future. We are moving forward with the process of identifying the right leader to succeed Milt, and we are pleased that he will remain with us to ensure a smooth transition once his successor is named. Now I'll turn to the first quarter results. We delivered outstanding financial results this quarter, driven by a record performance in ceiling technology segment and our advanced surface technology segment, successfully managing the current slowdown in semiconductor equipment markets. We are proud of all of our team members across the enterprise, who together have helped us to get off to such a strong start for the year. In the first quarter, sales increased almost 5% year over year, with organic sales increasing more than 6%. We saw strong demand in several of our ceiling technologies markets, which more than offset headwinds in certain areas of our semiconductor business. Our performance this quarter highlights the benefits of our balanced portfolio of high-margin businesses with technological advantages serving critical applications that touch our lives every day. We achieved record results in ceiling technologies during the quarter, evidenced by the significant year-over-year increase in adjusted EVA DA. In AST, we are actively engaged with our customers to capitalize on growth opportunities when semiconductor markets recover. We are proud of the agile culture we have built, grounded in a focus on innovation and continuous improvement, which, combined with our technological and applied engineering advantages, positions Enpro to outperform regardless of the macroeconomic environment. We had a terrific quarter, and now I'll hand the call over to Milt to discuss our financial results in more detail.