EPAC - Earnings call transcript Q2 2022 | Enerpac Tool Group Corp.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to Enerpac Tool Group's Second Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, March 23, 2022. It is now my pleasure to turn the conference over to Bobbi Belstner, Senior Director of Investor Relations and Strategy. Please go ahead, Ms. Belstner.

Bobbi Belstner

morning, Group's you Earnings Second Good for joining Conference Operator. Tool Enerpac Quarter you, and for thank us Call. Thank Fiscal 'XX

are Strategy Chief call Sternlieb, Also Dillon, with the today Barb present Officer. company's On Bolens, is Chief to Chief Financial President Officer; Executive results and us and Officer. Rick the Paul

section. available at enerpactoolgroup.com website Our and presentation slide our earnings for the on Investors release today's call are in

We recording on call our will and it are archive also this website.

reference will and we call, measures such margins today's During profit adjusted non-GAAP adjusted as earnings.

schedules historical to in You statements this can facts and of also that reconciliation We find you forward-looking like not making be today's release. are a considered call GAAP we non-GAAP measures to will remind and in the presentation statements. morning's would are to that

statements conducted materially forecasts, those filings our address see participants you that advance and our to allow how that follow-up may results for pursuant laws. Consistent to statements. harbor cause cooperation. and factors the or SEC securities federal question, with provisions other from X making an as actual from are to you in anticipated differ Thank We results call also calls, ask order we've X practice hour keep us follow as today's of we other Please possible. forward-looking many for risks the questions prior safe to to your in

Paul. will I Now the to over call turn

Paul Sternlieb

several of to our a everyone. business we Thank quarter only to as from second good share of for on forward. intended morning, pleased not importantly, the provide path result review the work earnings over confirmed but Bobbi, Thanks, and update I'm most what results our past our our an months and you joining QX you call. our

had deep was structure. support the operations We effort our an of insights involvement in evaluating a in members I have which holistic earnings and deep several that business the of that across exceed organizational and achieve to This EBITDA margin commercial with we and unique spent functions QX opportunities, evaluation, team and and target. begun enable Enerpac dive and from footprint, our markets. review business looked yielding growth call, we months As will previously mentioned landscape our commercial extensive only believe meaningful us both opportunities market efficiency identified dozens but communicated XX% not we operational areas. we Through on entire adjusted

built we resources the better productivity greater production with and and accelerating updated focused improvement, ASCEND program intended efficiencies leveraging commercially growth to focus underpinned more announced organic and focused a initial transformation the in As by This business. the be efficiency morning, agile enhance across will by main X more operationally. elements is program program this help to driving a to an both greater shareholder including operational and ASCEND strategic is on efficiency pillars, organic The efficiency our earnings excellence accelerated improving and strategies, driving approach have value. lean and and we driving a through market launched utilizing growth to approach go-to-market on penetration both With what we create operating efficient phase of simplify This do, drive margin and SG&A on growth organization. of will costs. reducing program and XX/XX

the to the initiatives, fiscal XXXX investing to in which program million restructuring which $XX exit costs. include as We $XX would of million ASCEND 'XX, support annualized rate with to full we between impact be period between over anticipate million expect could ASCEND program run to in our fiscal $XX our drive $XX we our any and projections, the incremental EBITDA, million adjusted potential

products digital work excuse work initiatives, on and in as our other stronger key innovative services and our continue NPD, our and other strategies me, such in will developing growth markets. IoT continue -- we As on we'll regional enablement and

M&A value services and Board this We pure-play to while our focus provide drive a go-to-market, very on tools industrial the innovate, and progress serve significant we excited the continuing The potential and manufacture creation implementation the the about disciplined as approving and materials, market. program by strategy updates our customers. management further also pursue and buy product planning on how to initiatives. expect specific team are we of We'll

the where to expect our on program and calendar we can Day on financial year, addition, our In company. Investor more for framework we multiyear this view an a strategy, later ASCEND details share the hold transformation

returning of includes In capital addition our to aspect to important opportunistic another allocation through repurchases. capital in shareholders strategy share investing ourselves,

As well approved as ability cash, we the complementary reauthorization M&A. available company's portfolio. our access our has purchase value reflects share of additions XX morning, repurchase common we in to Group shares support confidence facilities expect share new of as and Directors we Tool to this we our such to to announced disciplined and This to to a shares intent as opportunities in million our generate markets in strategy the program stock. existing strategy identify cash And as M&A shareholder the Board both invest continue and to ASCEND have capital and up of that Enerpac will internal credit a the create

seasonal that what markets was demand. typical pleased I'll in are Moving QX that on seeing broad-based are our due sales in provide QX we the an broke update we generally we X. QX net trend serve. than to lower which improvement to I within Slide

to chain teams thank hard persisted which for managing their to speak As through globe and we throughout incredibly our I challenges the took additional QX In in times. But the we expected, Rick to challenging offset will also our pricing cover. actions, chain work and January, Rick will want more detail. discussed actions on these call across earnings supply pricing and the the logistics evaluate operations supply that quarter, do to for inflationary need ongoing pressures, we the will which continue

weeks QX which current regions, to varying path. of our we should COVID in half to improvement seen business the degrees in by impact in certain have we expect the to continue back continue continue its challenges COVID-related year on region, While through fiscal recent some

conflict in relates to are Russia of this those it all the impacted As our by Ukraine, with thoughts tragic and situation. ongoing

Group imposed suspended into a now a nations. have primarily FX Enerpac the March, and Europe. we regional dealer provide are line NATO with key impact the to not supply in sales Ukraine, material increased related perspective, I'll and of some by business does costs, or in detail managing confidence, particularly verticals to including top And in parts crisis distribution. of Russia sanctions comply ancillary we from While is of exposure Russia commodity Tool our which chain, on

labor sales growth year-over-year XX% solid and driven growth Americas, industrial So core strong This were product with general signs in activity. approximately with by in range, partially primarily overall mid-XX% up the COVID-related result of was core driven service mid-single showed markets by and outage the by the as projects, digits being while a of season, of delayed the was shortages. impacted start

lift past the continue business heavy related Our customers power an in and month to continued quarter, with of to to in-person activity. infrastructure, in trends favorable the QX distributors generation bridge uptick inquiries in Earlier visits. and limit mining see and

the gas sign, encouraging activity oil to U.S. end chain from regarding continuing to the started solid results in be However, in several February. these concern. towards sentiment issues have supply visits. Distributor of America an copper and though mining and to despite is a continue and inflation Latin remains companies ease cautiously restrictions optimistic seeing restrictions supplier

most access response Moving in low COVID core due Overall, quarter, to Distributor put continued recently to in Europe second spending place more year-over-year sentiment and key were for in and the was Europe our is on service in growth region as much aging was favorable Europe. spike personnel. with some This Central challenges several infrastructure. in by to product infrastructure on experienced end in region improvement broad-based, customer our restrictions demand the the the increasing crisis Omicron more for Eastern due cautious limiting single-digit in quarter thereby more Ukraine. in with generally with customers, business government geographies with variation to strong of

to region core stabilized The QX, within and or the by and the the high in power an weeks, broad-based to for high although were region driven Moving quarter. several continue to demand for oil the past be year-over-year Asia strong improving COVID and have Pacific. over with single-digit we growth. seen generation the the region sales steady uptick quarter, delivered gas have during verticals the appeared Both in majority improvement of energy.

In coal quarter prices addition, mining the driven positive in by was a ore also demand. iron high and

experienced region activity has past of MENAC Moving due to few seen market perspective, and the core growth From oil to in a the a approximately Middle MENAC solid region. strong years. or in pickup year-over-year gas the Slide vertical East underinvestment X XX%.

due out customers to maintenance major and projects prices new has large be oil are shutdowns producing. the there continued postponing work to pushed some occurring, and high shutdowns continue While to

remain region returns in have more in customer strong COVID-related quarter. the in started travel to to and place, And end infrastructure as ease gas, the oil with addition a restrictions power demand. normalized increasing some state to and generation were protocols particularly While countries in

XX% to on experienced in Cortland. moving core Now quarter. the The business year-over-year of growth second

high. new opportunities pre-COVID of continue the into were On medical QX from with And development that products demand levels. and side production. the several product medicine the there team's rates quarter, In our moved on sports to orthopedic business, and the collaboration rise throughout customers order development remains to phase and

oil to for have to rates signs market lead the the and perspective, vertical utilities and and recreational of remained continues challenges. and to pricing Moving expected a first time crude X side From Cortland times gas normalized on-time improve logistics business. showing ongoing is in Overall and improve seismic delivery order to is industrial positive the over supply chain due years. despite strong, and

recent Rick as have the update I'll operations. expect and While over financials hand as take Rick? we quarter, it an With on the to supply that, continued weeks well COVID in improvement chain seen to in we which will us continue. challenges through

Ricky Dillon

morning, good Paul, Thanks, and everyone.

Sales were XXX and start were fiscal quarter Tool with $XXX up Adjusted were quarter year sales point second XX% X. basis second with our EBITDA quarter. the to Slide results service improvement second product XX%, were compared XX%, sales million up core margin up over sales Cortland let's XX% adjusted XX%. of when a 'XX. up at prior So was year-over-year on sales

up look Slide from quarter rate in Our from XX%, to sales EPS of the the $X.XX tools XX% our If to attributable last of we XX, and adjusted the take Cortland. was the sales $X.XX, up to remainder the and with This over prior XX% year. a product year. increased XX% resulted Product in waterfall. turn an for at increase we'll roughly tax

actions with contributed growth MENAC, to in growth Pricing by driven partially the As tools Americas across regions line. solid Cortland Paul APAC discussed, all business. offset over by product growth Service decline of and medical saw were million we product top $X in our a our the ESSA.

to quickly Slide Turning XX.

seeing results quarter. seasonal quarter sequential all improvement historically has reflect lowest been -- end rates of what strong throughout with Almost second levels. regions second are Our order historic demand what second was ahead XXXX our

of and sequential margin Slide move details roughly to on basis consistent Let's the margin improvement in The increased this on points XX% year-over-year with XX. quarter. expansion last volume incremental the on saw the volume was of We XXX product quarter.

mostly quarter. in countries service more spending taken down, delays Our margin cases of We reductions due in our the cost profile. the COVID were the driven levels in SG&A and quarter. service negative by of impacted service projects with also activity our to work restructuring region by reflects mix ESSA The a from spike utilization improvement lower actions in in year-over-year the in was with

levels disclosed At concentration remaining terms, region. to previously quarter. yield We the [indiscernible] $X end quarter, and the the was recorded our million the million. MENAC in was exposure reserve with actions risk these year. historical being for beyond agent We charge as receivables we of region negotiate $X and primarily which credit against for have net of in expect we the against million The savings a due in our agent receivables commercial $X incremental an receivables future from the of of to half a back the our

uncertainty Russian against the reserve of to a receivables recorded sanctions imposed. due also We collection the given

quarter, efficiencies offset the operating the and receivable reserves. for growth partially volume service underutilization So by and were

last with of Our the the reflecting of inflation the that's and negative reserves. pricing the incremental impact margin impact quarter, that reported, it's and offset incremental consistent for as was XX% both actions quarter

have Excluding on high rates. our reserves, would end the the approximately incremental margin expected XX% our of receivable been

chain. continued The inflationary supply constraints So moving during on operations to and second chain costs challenges, supply our as quarter expected. logistics and

year. the expectations over half alter However, our weeks the last creates for escalating macroeconomic of that significantly chain headwinds Russia-Ukraine crisis incremental the X back the supply and

During more quarter. and up some allowing in with some through U.S. capacity components suppliers due X supply levels; pre-Ukraine chain remained if backlog. expected the steady signs the as Prices we last a bit ship delivery had lead to past long supplier we time months and of our the for improvement the talked The ESSA from quarter of conflict, quarter; in steady, opened last the we and were quarter. seeing as us arriving availability the not producing moved our China and were we at on-time near stronger, about improved

in-transit expect the key $X we expected shipments April, demand net the material In $X strike also lead to the at million our remain high as was Past increase million backlog. including orders our were did a in the able to and in union of the Coast first remained us near churn pulled approximately still large West we the several from availability. quarter. to and shortages past as are allow the during of remained to items $X to will $X end ship of We costs to While anticipation times and million electrical million backlog due backlog up expected strong that Freight continue product forward suppliers that's quarter, in component result a component more port due from continue in to this in high. quarter, factor backlog U.S. components, summer, term. ensure

third of we slowed, over expected We of increase the significantly see the are As conditions increases current price and months. of will a crisis expect panic port days strike. essentially significant did half the accelerated a the and we in in increases potential start with to first remained conflict. although and of the have back saw costs increase rising to result, quarter. the year commodity at The and within pace the cost And Russia-Ukraine additional the see inventories that quarter the XX continuing elevated coming appears our

Russia, direct have costs keep freight the likely and Europe increase there downstream will will longer and or drive zones continue no-fly times. prices limited suppliers availability congestion workarounds port in uncertainty due the high. costs, Our but continues, short- long-term Energy to broad costs transit the challenges by is conflict up impact. sources other rising on sources, Ukraine of to increased The macroeconomic and and logistics Russia effect transportation caused and

of purchased. seeing cost We the we are increases on all categories almost

in and half see moved have not daily do costs to impact and with to the to we in us X many exacerbated pricing, seen of are X lead for our fiscal availability. year. about the We that improvement working back current months of have results. expect full takes the expectations of It we suppliers see limited the With current generally to times, headwinds our

Now pricing. let's turn back to

noted of have first we costs As taken pricing date half earlier, in the to the actions covered inflationary year.

categories to at X% all time aimed increases cost price regions the and in year. realization our cost half based cost discussed the back implemented As assuming the delivering of across at price on the call, X known January on last and we moderation increase X%

chain Given situation, increases the through with we coming worsening the year. round current for end new us Accordingly, remaining a supply we of our environment the price are now of inflationary a challenges preparing months. fiscal in see and remaining

to days accelerate process in coming We these are implementing the in the of surcharges also actions.

to Paul this environment, half remains protect however, the there to while we in demand the on realization our EBITDA hyperinflationary of be and price a in backlog will responding objective expect Our pressure cover do margins, year. moment. to a back

generated during in liquidity flow cash with the Slide up XX. wrap million I'll $X quarter. We on So

of cash have quarter attributable historically In second project were $X down to with certain used $X sequentially billings pleased capital the million We the free million in by working capital quarter. timing the inventory, results the cash with in generated second expenditures flow year, Working higher revenues. on inventory. on on prior increased given Capital and we of CapEx in-transit the million the increased $X primarily in receivables. to quarter we are attributable

prior $XX at trailing leverage EBITDA. over the in $X.X reflecting the the last with down debt X.Xx year, XX-month million higher the Our of course in combined year, from is reduction

improve We expect year-over-year continued with cash fiscal in our EBITDA leverage generation. will growth continue XXXX to and

positioned well we Transformation from call as that, perspective supporting our a Paul. overall continue and liquidity our are strategy capital ASCEND the with We allocation. With launch turn will back to disciplined I'll

Paul Sternlieb

such continued month second challenges new Thanks, impact headwinds and Rick. the supply the have the adjusting as extent, dollar full resulting fiscal Despite sales has directly the turmoil Factors million. the to from revise inflationary have XXXX. last markets. range to in guidance macroeconomic disruptions we top our to of the lesser a guidance, strong strong chain well for been roughly caused a greater of created as $XXX line which $XXX for global supply million to our half sold guidance continued half conflict which account pressures, and full new uncertainty year and us And such, in to as sanctions comply of are Russia-Ukraine our year difficulties events resulting with the quarter, chain our Russia, as to products suspended into

could that While remain some cautious. growth, support potential we have help we tailwinds

incremental to XX% foreign of XX%, impact profitability We of EBITDA excluding the currency. to continue expect

foreign guidance is based exchange environment. and Our on the as conditions current such macroeconomic

is Enerpac I exciting before Tool line and open So time of reiterate be important Group. that want we to this the to for an part questions,

journey position Enerpac dedication are I've their value work looking the and and execution particularly call, to next now our its to ongoing chain-related supply and would I very growth am despite quarter. customers the As thanking challenges Group Tool taking of the by phase during world our to serving ASCEND to hard next employees program. conclude the the creation. faced forward much and like shareholder we steps actions decisive of outlined our for on in around the our I the they all transformation COVID for business

Bobbi Belstner

today's Operator, remarks. Please prepared questions. open that it concludes for up

Operator

Instructions]. [Operator

comes with Our Michael Fargo. first Wells question McGinn from

Michael McGinn

with on towards transition supply more is enough? this margin and more gross is on where a this you on headwinds. as tier the fourth not maybe situation you're Is look out added we and where this? back extended need chain situation maybe there you get you And allocation certain a for do Is supply time or situation there's of how online can Or to on third comes where where this keep just suppliers long Touching but you've those and no a a relief and product, suppliers need of of late? term, scenario all period. supply to longer suppliers Blanket a POs

Ricky Dillon

there little some do third also yes suppliers suppliers scenario. of We of lot elements that our in question. a this we throughout been that and have X bit and are mode. So as first the But have allocation a we're second leveraging to

suppliers relationships and it's understand as early allowed look there getting demand. response indications we've and early us we get we're had, balancing been out that we've working kind early, having dealers demand of and from what's the good and them get available of of distributors early, So with long-term to about of on our which our talking orders

for multiple sources think well has what has and versus qualified. And identify I the So been third-tier and just running We far, having that's allowed do Admittedly, up done working and like this us them for us process second- have more we're historically. we using than get them suppliers. really us. to

to increased a So tapping have we if that's step incremental that source demand. continued further even

learned to ourselves to We of having being a relationships all of on deeper view go-forward our negotiations, based with this on and kind as and the a we basis respond on environment have lot scenario, leverage our develop demand, the is view where suppliers. So all based supply being we'll we suppliers keep view and the more able a which with from in relationships typical chain position we get up view and scenario. We that chain. as we Well, running. back supply the with better a we cost

all answered I've them. of hopefully, So

Paul Sternlieb

top Michael, mean, things. of we I of Rick's have do Paul. comments, organization. the it's very benefit couple would add we chain supply I also fact a global And on from just one, a

the than and in major encouraging, and of think colleagues have has new commitments but to been all tactical faced enable do given challenges sitting more helpful. a more identify in to that's So strength typical sourcing in we regions, suppliers, their was which us we current some of directly we somewhat improvement been China-based from work I also us fashion for QX which admittedly OTD. with a strategic saw suppliers, in meeting

of Some see caution country. uptick their the there China, the end better But given in in did COVID in towards particularly in quarter we activity improvement that QX.

Ricky Dillon

And split our almost just chain a regions. across supply reminder, is equally all

set equally, purchase the of regional suppliers spread and we volume on So demand. based

Michael McGinn

the appreciate can second, might the maybe and provide the timing the you Day, but a progresses. Investor I of buckets conversation Great. And more this understanding the be for color. investments on as of the upcoming guardrails strategy any

is loaded for corporate. it's there front-end So where something

then And that would commentary facilities? XXX-page towards Any moving begin catalog. you've curated from your reengineering great. the there You be products

Paul Sternlieb

Paul. I that, address It's can Sure. Michael.

-- the so is it's we us. broad-based really next or it program as intense cover XX shared. It's months of meant for a activity sort of to So

expect significant some don't benefit I near we be completely we'll from would in But term, see cost-related in impact of cost fiscal. the planned in We 'XX or those say, throughout see and referenced fiscal remarks, certainly actions some we 'XX, are we'll and this still on operational material years. focused defined. both flow and the and fiscal I As to in my program efficiency expect,

take and Investor that the near to of might sort of earnings we'll and in Some some a the market could updates calls think time, today. frame innovation Those things in we're more and, fiscal are some or cost be of potentially dependent quarterly certainly our doing. engineering And actioned later that's be that provide can about footprint for how that And more we of time then things of 'XX the color term quickly. around are it's But end work more that particularly sort related course, the more things closer it and flow scheduled. Day of when the period. in more

Operator

Our next Hammond Markets. comes from with Capital Jeffrey question KeyBanc

David Tarantino

This Jeff. is Tarantino David on for

strategies quarter. strategic some mentioned the it positive you in the And price/cost ASCEND So around pricing were like seems you strategy. modestly

given playing So you you year that, of do how the see ASCEND price/cost through given out increases? within how just about term thinking balance the pricing are incremental And the strategy? the longer

Ricky Dillon

of and a preparing about from we which have as noted, for realization. of price we're I mentioned, targeting -- the year, all increases as our the were talked the half. we which been that So with balance of X% now the with And goal January realization, pricing all I pre-conflict, increase, to for X% surcharges would protect year, right to back in

hyperinflationary of expectation, still kind that's of we and are lot in environment with challenges our a although So a certainly uncertainty.

So cover. ahead we're progress. trying we to of I'll let Paul stay And as that

Paul Sternlieb

midterm David, more actions. of question, some think second on sort the just the strategic Sure. of And on I the pricing

an we've analysis clear the done look number of dug on we and framework, opportunities there. using as we based we it various different So of have including kind that us through became into to XX/XX a lenses, it

pricing across our say. will XX of optimization, overall and opportunity of may about Some but I how what's an discount relationship we we respect channel might programs that think distribution pricing XX. versus about similar final those with the to we be optimized, piece is, then also not structures. of should And in kind there's be also or set the to further pricing different SKUs be sort revisit there right as with rethink structure And of as our the talked the today

that partners course, key pricing will with we aligned more they're have strategic forward. of implications. So And as also, the go

I or we're quarter-to-quarter, So And doing from an of that pricing those of very you the will, different kind are areas different tactical if are almost from think that we're coverage a number day-to-day perspective. really there inflationary evaluating there.

David Tarantino

on then an you from due just color inventories forward? opportunity could and to standpoint backlog. Could chain And how and some past and the supply on follow moving seeing rising what that you're of be kind give Great. channel up

Paul Sternlieb

inventory there's not in Yes. recover our that higher-than-expected I or But distributors than our mean seen levels. higher or any levels normal to we've we've sort typical concern distributors. of reasonable inventory seen

what we order today. that's say. But alluded we marketplace quarter. it we distributor. still by to, some throughout through, obviously, we rates think the as rule what I'd the And thumb, in got the chain strong we've as a varies I that's by So backlog given to saw work see of challenges. But have general region, supply issues

Operator

Instructions] [Operator comes Markets. with Dray next Our from RBC Deane Capital question

Deane Dray

of growth, was asking inventory if couldn't have sales, would implied ready missed might this, have please? companies ship any that we've to been through but you the period customer us, I this either lost wasn't there any in just you for been ready but were size it. that that's just ship Can you

Ricky Dillon

say we seen incremental we we're as result sales, but of talked as would about, orders haven't From cancellations any have of seeing. haven't perspective, a a backlog, course, I lost we of everything product product

some challenges I'll what the we've service, about, talked refer cancellations And service to talked on seeing before, certainly are delays, we as the service. lower As as right we specialty some related on pricing but delays more but seen side, on not level significant now about to primarily service. we've

Deane Dray

it. Got its you did size the in I'm size And that? entirety? if written write-down, And was not it receivable this you Russian on down sure

Ricky Dillon

didn't size reserved not We of significant us, it out for we was It's it. but entirety. reserved caution. its It

Deane Dray

divestitures. there's time on when against that that XX the for months, restructuring is last period how maybe more the All maybe of strikes Maybe respond And initiative this that maybe through just unsettling in in question an this Enerpac just right. limbo. company And it. ASCEND smoothly? the restructuring, does do time? this me argue it be period And another what you get there's I different you're to at initiative some it's yet see that Got period will of because just that period then -- then is just kind how and

Paul Sternlieb

that. can I Yes, Sure. address

as elements much all, be -- well, go transformation it's certainly an the overall of think I broader program, we of but broader. significantly it's company. first restructuring There through the as may

certainly But to it. productivity only my And that 'XX. efficiency I a think operational being excited about it meant fiscal creation provide coming excellence in in shareholder not program. We as and As investors share there's and of broad to limbo the we SG&A We structure sort we've elements to potential and as think to -- the organic in employees, elements. clarity comments, But significant months is believe our ultimately as cost referred elements it's forward to view it. because we there out are as are opposite this actually yes, impact market it have, it of in targets and growth value more we're the very our the and substantial that. exiting There here to in laid program. but will about we obviously, going is quarters

again, industrial portfolio, going restructuring. stay Investor the but of in and Enerpac right, I additions purposes, think year. we'll core about ourselves Tool forward of to industrial to a think And broader talked how close behind Group, portfolio pure-play in to view we M&A the major pure-play rebranding on the as work on referenced Day coming remarks, and certainly look that strategy tools. share it But really our part of all now fact, we've knitting later and identify the to before, divestiture, the services in So strategy our business. as we as then for the with be really we company as complementary EC&S, will core respect And than with us, tools a about more detail as and quarters we certainly more the this that's portfolio, intents is

So point. a always We standpoint done today. and really any significant expect, where this the portfolio portfolio we through given as work it, we But at shareholder shareholder sit at we lens moves perspective. heavy this point, don't from called evaluate lifting, a has around been the

Operator

turn Ladies floor questions closing gentlemen, no there are the time. for remarks. at and back this further management I'll to

Paul Sternlieb

care. next Take good again, joining and a Have QX Okay. with earnings we all quarter. today. look our Well, thank forward speaking for call day, you to you

Operator

may Have parties day. disconnect. a All Thank you. good This concludes today's call.

Enerpac Tool (EPAC) 23 Mar 222022 Q2 Earnings call transcript