Loar (LOAR) 13 Aug 242024 Q2 Earnings call transcript

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Participants

Ian McKillop	executive
Dirkson Charles	executive
Brett Milgrim	executive
Glenn D'Alessandro	executive
Kenneth Herbert	analyst
Sheila Kahyaoglu	analyst
Kristine Liwag	analyst
Jason Gursky	analyst

Call transcript

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Operator

Greetings, and welcome to the Loar Holdings, Inc.

Second Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to introduce your host, Ian McKillop, Investor Relations. Please go ahead, Ian.

Ian McKillop

to Holdings welcome Earnings Second and Call. Conference you, the XXXX Loar Quarter Thank call are Investor Brett this Officer the McKillop, D'Alessandro on Presenting morning myself, as Co-Chairman, Officer Treasurer, Ian Charles; as Financial well and Director Loar's Dirkson Executive Chief Co-Chairman, of Milgrim; the and Glenn Relations. Executive Executive Chief

obtain deck and slide As please our visit supplemental a website replay a information. reminder, at loargroup.com to call

which made are like would to you during we are this statements statements. call, historical begin, we Before forward-looking not that remind fact, in the

For cause to further in materially expressed that available the information the about important sec.gov. with website implied our actual from factors could filings or refer differ results SEC latest to please or forward-looking statements, the those at

during that footnotes the the to financial per measures a the GAAP presentation you advise measure. course of be the share, is see we and to and earnings and like EBITDA, each the also most adjusted reconciliations. latest comparable adjusted call, release directly referring non-GAAP applicable the for in Please EBITDA the will adjusted margin earnings which of of We'd tables

will I the to over turn call Dirkson. now

Dirkson Charles

our Good in story am those the and Thanks, morning our of I CEO partners, Dirkson first here time. and Founder's Ian. for Charles, Co-Chairman to analysts Loar.

our to to allocated on that possible focused you. earnings analysts As as we is time your company, let such, the have ensure this matter to valuable. things brief for a remarks as We And as second to we majority is that the allow that questions the keep the believe me we'll these our public call of ask outline calls. our as hour approach are

a are. companies, reminding who we family very shareholder approach value. start all simple us Loar by let creating to of So a of as

business generate entrepreneurial we First, units we collaborative growth advance to brands, above-market that providing and will their environment on rates. our by believe

at adjusted to sharing units grown growth a XX%, we We ideas, comes inception business in and of execution. calendar XXXX, XX% practices year other each and and end our assisting sales by rate Since of best the EBITDA have respectively. compound across while it when XXXX through collaborate annual

We those Each line look organically We with products, X over optimizing on the manufacture, streams. way through to growth. points us year, launching industry year focus solve will or companies on which percentage market we initiatives value will improve will top to along to X identified the identify a major within manage the productivity. We problems focus and to we create X new aerospace term execute X initiatives will performance and points our improve go our X allow to each long of that believe enhance we continually margins. that pain

hard margin are big, and than all our because again, We result also a each you and our year improvement. dedication work. your is companies more committed commitment. solely portfolio will mates, achieve big and of my employees, developing the our To of Most improving inflation, importantly, to we thank their price across a all for big, talent commitment of success

characteristics turn to portfolio. now our through over I'll to call key of the you walk Brett our

Brett Milgrim

Dirkson. Thanks, morning, Good everybody.

very our is think that brief products the across is be just reminder balanced are I'll diverse really but slide not serves I seen all that think and This we customers. how takeaway here as before, have only business big you here. markets this constructed a And end so we even portfolio. a I

end the Applied by the are in characteristics below. X business but the the model said what you that serve shown acquisition of types recent the our before Avionics, relatively customers are as are serve as we markets of agnostic with portfolio, and see in I've about to in is we extremely we the products As bubbles or be we we to down or continue past, the disciplined our

It acquire family feel to and has we of that focused. to has is niche be high where AMD in perfect have Loar make to have the exposure business those markets to advantage proprietary the of to have Applied engage we a content. Avionics, we I has entry. aftermarket an competitive Every a to barriers part It that. has and think, example

find is virtually in about charts XX% fact, proprietary above, look when aftermarket. the product all charts and make and go direction you Applied much Avionics, In we at with those applied the is what will it want, it's you'll so

at we'll So while those numbers when mentioned. those are a you I 'XX, the categories are bit slides -- see of revenues, in just little those be based those 'XX end on charts higher

Ian McKillop

Loar So overall net sales taking in over that we a with of with go and no proprietary part our more X% brands making XX,XXX XX across to than up our market products unique one the approximately look parts at XXXX.

The Our found our proprietary nature the customer the parts of systems ties subsystems. aircraft. the for a mission-critical them products life embedded and us are to of across makes overall and end the multitude aircraft of in

an you exceed and life multiple XX years aircraft of operators. of many the As know, can

The serve our us that us way serve operators in that proprietary with design but aircraft We lifetime. the original and nature manufacturer, Loar. provides diversity our through to also seeds of the to a product spec-in only capabilities nature the is that unique customers the offering equipment believe many of our to not aftermarket the products allows of

I'm now financials. run over Glenn the pass through to going to to the call

Glenn D'Alessandro

morning, everyone. Thank Ian. you, Good

of up day markets. had to owned XX% start period on sales presented. XX%. second to by a the In the was during earliest the end We $XX sales businesses as This million, each year Defense, be This the basis our me pro commercial increase quarter in performances record by OEM XX%, compared aftermarket, comparison total, increase commercial XX% sales 'XX. of up our Let and increased a prior up strong will period. forma by of driven were if our first as discussing as of

affected continuing air travel of customers in primarily to aftermarket us increase demand distributors total QX 'XX. the that in end our commercial an and in handful a as sales the The destocking commercial and due to recovery XX% was end of

to see continued bookings. commercial our aftermarket We in strength

improving total commercial by period. as portion sales of OEM aviation, QX allowed us increase driven the significant year held we other wide-body This experiencing previously by as and supply, because our were to -- our customers narrow-body aircraft, 'XX supply across Our to was a platforms chain in increased an parts in chain. general higher has of were areas XX% prior the their bottlenecks that really because sales deliver of including compared

multiple an increase our a patterns primarily and customers of in our was in to sales XX% sales demand share new of given as due ordinary of continue market our of for increase lumpy The defense the across the launches. result nature be end products. Defense to product strong platforms will

me recap financial for second Let our highlights 'XX. of the quarter

Our the increased prior period. net XX% over sales organic

than 'XX, sales margin was slightly lower which This QX prior of primarily XX% in were QX for XX% higher gross period. Our in 'XX. 'XX 'XX was versus total profit to for the due sales year QX defense

Our defense commercial but money, products. sales than more make a margins lot lower our typically of profitable have

one manufacturing from operating as items pricing move our the acquisitions second as see to leverage. We also that costs dilutive of well continued effects facilities. of we half partially and XXXX These were of in one the to offset acquired of related some the by

'XX income primarily to $X increase of net interest million versus operating QX lower higher in the as a well QX 'XX is due expense result in Our as as of income from lowering million XXXX the our amendment interest our $XXX credit May XXX points. the down IPO, by to paying as of indebtedness agreement from basis in proceeds the with well as rate

was result QX discussed our mix in the Adjusted 'XX acquisitions half prior I year. of EBITDA in This that the temporary EBITDA sales of continued at a infrastructure $X were XX%, dilution versus quarter. reporting, governance Adjusted than up newly needs the company. but 'XX to control as the of remained million the above the of and the strong from margins was completed prior public support second build-out lower year our and a one

share the turn remainder Dirkson to back of call year. me outlook for Let over the the to the

Dirkson Charles

Glenn. Thanks,

projected as all the in across the new produce orders the in aircraft, XXXX to of Given Glenn resulted levels has available the outlined, has with above in is markets, to challenges When IATA be strength strong end just which our aftermarket. OEMs by XXXX. performance in seat combined miles, in strong commercial addition to our

in the each of our the which drivers of confidence, in a demand our driving end percentage geopolitical to world market products our quarter is basis. a this recently for these Avionics, of results mid-double-digit a on addition, will degree of in acquisition achieve that of confidence improvement with to pro sales In XXXX defense expect instability we our close high sales. greater our continued degree organically in Combined Applied forma do not include of gives us high the across Note announced sold the year. driving third that markets execution value

Next slide.

For expect of $XXX million million calendar $XXX million of between previous again, million, up sales from to guidance Adjusted $XXX $XXX $XXX million our $XXX year our from we guidance to million. $XXX $XXX million. XXXX, and million, between net EBITDA previous range up and

expect Adjusted EBITDA between and calendar share. margin, $X.XX income, $X.XX EPS Adjusted $XX.X to for $XX.X for per XX% million we expect XXXX, million between be year. to while and the net be we approximately

about $XX tax for expense capital year on year. effective In million, million approximately stock-based D&A, XX%, from guidance. compensation, addition, and Full from million $XX million, million $X our up approximately interest noncash the $XX $XX expenditures, approximately of rate previous

at diluted million shares. approximately count fully Our share XX remains

keep -- it that brief. I said With we'd

open So line with that, operator, let's for questions. the

in. dig Let's

Operator

Herbert coming from Instructions] first [Operator Capital Ken Our is Markets. from question RBC

Kenneth Herbert

to the book-to-bill you've very and put commercial I times. off, wondering jets. is I'm if quarter. or the start bookings you business by just transport it can aftermarket in quantify Dirkson, that. a point possible on at the either quarter to out finer Nice called sort strong maybe mean, of few aggregate a for

Dirkson Charles

quarter, we you last for if we remember respond your Ken, I'll to had question in commercial way. backlog the record aftermarket. So this said

we as going record that today in stand beaten what have that We of looks like terms forward. backlog here

X.X. year. X, say the off the very X.X exact of this strong orders. head, way strong very So So number the don't bookings my but I know very, right? would top between think very, above during and I

to strongly. So the see trending we continue aftermarket orders

Kenneth Herbert

Okay. capacity Very order the half as strength of of year, cautionary with the next into been second comments the the year, speculation aftermarket that incremental outlook on concern growth aftermarket airlines. out would else part sort from back in within Is and year? call this think year any you early this anything anything of year, about Are on helpful. into the into of year more about lot you of this you some you'd latter there's activity of give either activity, some RFQ And seeing early next recently half a this aftermarket?

Dirkson Charles

answer the seen seen I've reading we're commercial strong. tell aftermarket. remotely thing. are ago. the is. The we a earlier, same articles. Ken, We the question. Like higher than So activity the thing. said good to I year it comes have I've down it's quoting very a same your in anything us, question, slowing to not for see I read that was will same the quotes you, that it's And close bookings

we -- no, blue it's So skies.

Kenneth Herbert

Perfect. I'll pass back it there.

Operator

Your next Kahyaoglu from Jefferies. coming from Sheila is question

Sheila Kahyaoglu

your on session. Q&A Congratulations first

it give there, more that kind So think you XX% Dirkson, how you I of X you to maybe growth? months deployed XX% you about the X if we that the visibility? having can see number. Is to in XX% that last terms could the contributed and talk organic stick pricing over few visibility do total about that organic. months progressing? to strategy book-to-bill How aftermarket, changing Does of the of was that

Dirkson Charles

Q&A in No. you said, room but we everybody sure I'm Happy as question. have excited to say, understand. just I the answer the about is But to not the

Sheila Kahyaoglu

very We're so. easy. off going beating We're it of good numbers,

Dirkson Charles

yes. Yes. Yes,

that said So changed yes, the We terms year, of I market lead are beginning at strong in see growth way going of aftermarket to we before, like did, times. this trends. we the

times us products So weeks number of looked previously, and lead we our to of for aftermarket less number X saw use customers, end as had a their inventory. of the a market or stock warehouse at commercial we of namely our lot distributors a

decline. saw orders we So

I changed We've since able folks it acquiring if we've it's actually strategy price, we've our say work have to get visibility. is to can more seen the a XX-day -- at wonders. way lead What to, a been to that times minimum, get best

the look see aftermarket. any That's So comfortable Ken's so about we only ago, out. of months answering terms the have aftermarket question we why and year X strongly we I have where months can don't because we X X in X, X backlog earlier ahead in weeks was have we a see X, weakness, the

is stuck. pricing that So The is stuck.

are our So one able to really, order. load And now what are people shop well, really guessing to it's benefits greater instead of level of the we visibility. working of is going

So line top it's what the wonders, both lower and on cost.

Sheila Kahyaoglu

if go wrong leaving we year I mid there. grew it. maybe growth, if I'm just digits. to XX% Got could is think, the BizJet the to in And organically double and me guidance OE large BGA full your commercial quarter. out Correct

So it's trending MAX Boeing about the on how or XXX OE about for the do you're do think How the assumptions, the did they what in that And platform? we year? whether your thinking the quarter?

Dirkson Charles

Yes.

we MAX think rates gotten the guess the Boeing what take terms related pushing to that's we are and going my about will kind tell it the plan their first, rates, in I'll the orders, So I of believe the order. we how you, OEM So of significantly be folks, that's don't in information what have bill it okay? this production units MAX. for. less, OEM, I we be. business what from our with I past customers few at weeks, mates out says will feel over

not term. we're in planning the on turning So around near anything significantly

about actually to on uplift one the they of year, check, that, about so see been as Embraers, We struggle diamonds, guys everybody the check, Those You're sales MAX in terms are there. continuing. supply have that orders That's Airbus, talks check. the the to regard and ever of half the services, chain, the continue the But the not With in first one of good no stronger it. media, the we as right? else talking -- pretty in in with beyond much narrow-body. killing it the

driving really orders those growth rates seeing double-digit what's We are large on for OEM that's the and side, the guys.

strong we're So seeing for orders those guys.

and your somewhere hopefully, question. answered So there

Operator

question Kristine Morgan Stanley. coming Liwag is from from Next

Kristine Liwag

million, portfolio. mean the I it of like, implied proprietary very like is multiple I million, exposure it's the mean, deal strong But is benefits. excluding price tax $XXX fit EBITDA Avionics a the with $XX the million, Applied clear. aftermarket seems and for of the for seems $XX.X

look margins you at already when So today, Applied mean, at I are XX.X%. Avionics

should similarly availability talk for deals, is And anomalous about you about incremental expense it? to thresholds return your this then we the assets one? pipeline? closing incremental can this in of So Or priced see the deals

Brett Milgrim

Kristine, it's Brett.

And seeing not from as it's those terms in from to really, that's think, in back M&A of all Let I you Loar terms And positive. whole. towards applying me expectations given, folks what what start in see it but think is and end market aftermarket in may in because surprise be you very one, our and the exposure, have from today work the the one we're the who valuations a really people what visibility active. industry see that a performance, generally. sector particularly of not I only Two, very, three, have

trick, exercise you a result, I a and high high-quality as seeing attached the sure average lot very And So willing the sure is assets us, to buying make And for to we're that with multiples multiples. are higher you of are them. if not we as out think some there. multiples, making we're opportunities assets to but for buying such, good, pay very at will,

value multiple. a We what on math high-quality look find tend so greater XXx think category. to more to is that Applied significantly, the with business across even your has It's which there is X We that think competitors with is drivers X all it's Yes, at And be the grow the only could in a It's significantly. our position. lots in tax think But I a the margin very it market asset. space. the can nonetheless, a correct Applied not former to of but ones improve than opportunities are we benefits, actually cited. great business of we as you multiple

here. are through opportunities, at to So way those market drivers play pricing, cross-selling they improvements, whether it's productivity the all go and/or

more threshold years. not the And our so say, just X need repeat And path look to we every changed. X in see deal doubling we and no at a than it, to returns EBITDA to to for has

Well, a we given that is I Applied do the even here think projection better giving implication that we've without for, can than that with acquired, the think we Applied. multiple

we trying is that all to the the Applied all boxes this it's mentioned right So We going for businesses to slide the ones the like, a on checks If middle of we're think one great the down we earlier. be types acquire. of us.

Kristine Liwag

PMA months maybe there customer great. product aftermarket been Anything you've acceptance grow to trends, to commercial aerospace would watch to seeing And gears any what X anyway. that pending for be to portfolio. shifting the approvals Are increase growth XX above the would color. in is industry or great next maintain which That's out

Dirkson Charles

So the to short answer there is, yes, are. question your

on for use slow folks We as in I to -- busy of this call, of have with approval. term number the been they've know Boeing applications others. of a sitting most FAA desk been at this you and execute because They've

been done. hoped of slow today that applications to had some we we'd PMA in it's get the would that have pending. done things So have I more have

But be we know, of how as in chasing want we it. we're terms to you the PMA about think is strategic way

yes, brakes like what -- things legacy platforms the on I on describe right. -- in focused in aftermarket we're as steel Kristine, brakes and -- the you're brakes those composite areas, XXX% or So

aftermarket we above to rates As continue drive I averages. applications call growth what those would will our get approved, commercial industry it

Kristine Liwag

come just already any right, terms you've one what be does all these through, to to could follow get approved. if that. expect I provided. outlook outlook, in incremental of to up Therefore, not you if more PMAs want And these I incremental your to confirm, Great. on approvals your are actually

Dirkson Charles

that fact specific very questions. asked I you love the

true. outlook the would talk to pending, not to ready be you, of we're in It your they are about a not drive impact currently to XXXX. have question material though, approvals front answer the yet. is would So that you be that the that But will that

Operator

is Our Instructions] from question [Operator Jason coming Gursky Citi. next from

Jason Gursky

be there ask pricing to We compensate some seen I an heard kind the inflationary price that few go the prior environment rolling off are were might we've LTAs priced from that for just opportunity LTAs be here over to significant some and negotiations about that come the that that last and wanted here. to there and of pandemic, might the you years. others on some get

talking things. side the specifically on of I'm commercial LTAs OE And

what LTAs we're of the your year streams. just with and over see, XX months profile maybe or So your there's the like the OE OEM so your -- pricing I'm the of for end curious maybe what kind what some here some on whether of between of pressure revenue opportunity now you all your customers to look and next

Dirkson Charles

Clearly, But Think our agreements side. part I military our commercial, that of because that a do you're mostly I year, each up review, of box question. can the about action a It's have put LTAs so not way. say way. the amount. a reminder, want as XX%-ish big I'll to But it business, right. here. revenues. Great it on a we come It's significant my not say that answer that if for long-term are around of

few over that do term, discussions price a right? in X to use period years this LTAs years, X are X of years, to in typically look, but lasts But LTAs a period up. with Typically, X right? go costs firm over X, we the escalation clauses, fixed here. -- will the X I'll a on have time, closer to And We that

portfolio, and as more mission, inflation. And price as our is we a get

get will do question. in expect But where do we on and It point in than price contracts. to term. this more the negotiations. yes, price near at given impact we XXXX year get we those intend are yes, here So to those XXXX, the Good

Jason Gursky

the working on I you whatever. don't you then that or it kind kind took that cost you companies each described prepared exactly And initiative have of how remember I the remarks, but productivity year that in your to an of portfolio have was drive note or

of be it this years? in kind are of So on approach what I'm think the curious couple be do what year on? kind all curious, how of kind just might year? of you this you're we just illustrative next of is working What it I'm what this? good working example of you a might And kind

Dirkson Charles

Yes.

is just you should in me So I is from probably getting. Jason, -- remarks, remove what -- telling that I'm always my that prepared there described you're

Jason Gursky

No, no, no, not at all.

I was interesting. think it

Dirkson Charles

No, no. Yes.

how required So Every we we're the bottoms-up in let do little statement, at upcoming give terms terms As a list they year, terms a in of me thinking X all we cetera. to that, year, everyone years, part things CapEx, with et us do our businesses et their how start is you process bit share wish that to of all of background around on of X get cetera, et that of years, the now, productivity, cetera, we want okay? and of to about the okay? in

list go identify to the through wish we that will things do and focus on. We that want

If rest, usually So billion in return wow, we'll I a we on we make years jump idea, do great of do in that out can cetera. we or and in the and should weekly are we is we go right? returns the less, X execute. how expect money because identify focus manner $X we'll X are returns can get of There calls sure back, favorite So it to a quickly higher definitely that CapEx clearly, Glenn's. et on us that that, we'll than again, X all this and based out will that our we on the on items dive the make that's a our that back know of or it's when

quickly sometimes doesn't would we like. go Now the as execution as

this would that I'm we to that's in get terms It's synergies expected think year, bit we'll beyond. and and parts probably as we results. up into year's the those that the get to move we business asked, about. go that we've longer moved this benefits learning you this business example, But California of the the thinking that XXXX taking of little part how manufacturing since it. certain from actually year, about curve, impact about For a we as And moved now Ohio,

So And this X the a right? the This is in are the of is us It with. X X,XXX will ideas or from people have really drives return. just met, there's comes ideas ideas room. every year, sport, that us team find not working We team X really, are good usually or that up Jason. X that we with X the

just told the I but we're that's we embedded I shared you returns achieving think not you beginning the Now that that to as that the you, of with and tell will in we beyond. want XXXX outlook to expected the benefits year. at get we we those do

tuned. So stay

Jason Gursky

Right.

I good 'XX markets the as to remarks, market or Or prepared That's a And there. it your just be move outside choose though your you as lastly the want to being on? Brett, that the make to doesn't might well. M&A of aerospace side statement targets pursue for sure guess that I the Okay. what and end matter aerospace? was you on on are really focused I guys long there But to defense? a opportunities where the things bit of of within little mentioned metrics believe for are me, then you financial any on color agnostic as in end

Brett Milgrim

no, No, no.

of aspects look be an has be to it mention did clear focused. acquisition, when I qualitative I what the for talked the we and to Just the it because about metrics

general market, referring The the about it's versus is perspective agnostic I imbalanced. evolution to, time I'm we jet from the end military. when say I'm top-down business thing all a that think commercial, So versus to whether versus

at completely might to or to disproportionate COVID. has to balanced well opportunities. X, really don't really, just I we have percentage time, us occur, and within that a say X so X want particular any served or same at any one think others. when a and during look risks macroeconomic don't But we segment. to and So we have We want be And the or that pie point event may be within that it be the

Jason Gursky

Perfect.

Okay. I time the appreciate today.

Operator

Herbert a is from Markets. question RBC Next today Ken follow-up Capital from

Kenneth Herbert

be, regarding X products Dirkson, then to I follow this you obviously the that of question to guess on X that the up those I think you of about wanted as product in and history here Just setup where moving year? about maybe about had X giving just nice some year? points any maybe and you that but you're can expectations think some And type you've about But as some investing the obviously working year. range as of tracking aren't to ideas things Are you're add know I necessarily and would without X your what away. And of second on new to think when each organic products, forward, think opportunities? sort the we idea growth you comment froth other any as then new today to you ship talk opportunity. can the introductions book about next

Dirkson Charles

Ken. Yes. Sure,

question, year. tracking we to is of X% So absolutely. We're first part your to this that are The X% answer tracking?

have call, we're how month formally. go new actually doing our we address a but once track sales business know, you do around expectations probably that the As not new actually to and calls everybody We to pipeline. it have And team business. we track on against through our

New business how and together not get It's business solve to and of us units, across industry. the points our also brands. is all of they to collaborate them can independently, they all pain just within our -- see

which talked to points. about, will door and you part short cockpit XXXX to we'll For and drive sales that in folks and barrier, beyond, the X just as said, of example, be we've that X

core control all board. cetera, touch. steel, we're we rate at the everything do mechanisms, brakes, across et where everything terms devices, looking investment. et from valves it's to that In It's et cetera, roads, looking, areas We're cetera, open of latching restraints, carbon, we to

said, that we're disciplined. with Now

of budget X% every is new R&D to that sales Our usually track that year. X% against And of we around list business.

So them. nobody puts Glenn hammer it's touch. a can Otherwise, that unless and tied invests see return a R&D we on in to

that. So no wants one

Operator

like closing to I'd any turn over We've question-and-answer reached back session. the the end or of for our comments. further floor

Dirkson Charles

look, ask to guys This one, this us call. is chance a our possible. to got with transparent as want questions. folks So you We as second be

our You way competitors that think advantage of it. we see our thing about the one is will over The an partners us. doing anything are stop is give we'll short

we question So fully. sometimes won't the answer appreciate

with call importantly, it, mates. to and Now the want And our killing partners. everybody thank listening their time, I I you said, thank that results. thank, for most the from mates to our mean, thank, to see our are I being want can today as

you, for in participating. Thank XX you. weeks. everyone, thank Thank you. Talk So you to

Operator

Thank today's you. conclude webcast. That and does teleconference

day. disconnect this may and thank have a at wonderful you line today. participation for your We your time, You

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