malerapaso Carpenter Technology Corporation (NYSE:CRS) recently announced expectations of 40% CAGR operating income growth from 2023 to 2027 and noted strong demand in the short term. Besides, given international expansion in almost every jurisdiction and extensive expertise in many different industries, in my view, new products could easily find demand in different markets. Under these assumptions along with inducing risks related to supply chain or higher labor rates, my financial model implied significan ...

The broader equity markets have witnessed intense volatility over the past few trading days as healthy economic and inflation data were partially negated by a relatively soft performance from some blue-chip firms. The recent GDP data revealed that the U.S. economy grew at 3.3% in the fourth quarter compared with broad-based expectations of a 2% rise. This portrays continued economic resiliency despite turbulent geopolitical conditions in the Middle East.    Earlier, the Fed had pledged to cut interest rates ...

Carpenter Technology Corporation (CRS) reported earnings of 85 cents per share for second-quarter fiscal 2024, in line with the Zacks Consensus Estimate. It had posted adjusted earnings of 13 cents in the year-ago quarter.Net sales increased 7.8% year over year to $624 million in the reported quarter. The upside was driven by a 3% year-over-year increase in shipment volume and the ongoing solid demand in most of the company’s end-use markets. However, the figure missed the Zacks Consensus Estimate of $670 m ...

Forward-looking statements Non-GAAP and other financial measures © 2024 CRS Holdings, LLC. All rights reserved. 3 Tony Thene | President and Chief Executive Officer 3.3 2.1 2.22.0 1.2 1.31.1 0.6 1.0 1.7 1.9 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 YTD Second Quarter Summary • Generated $14.6 million of cash from operations; total liquidity remains healthy at $350.1 million • Continued to see strong demand for our unique portfolio of solutions across end-use markets, with backlog at record leve ...

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 ...

Carpenter Technology (CRS) came out with quarterly earnings of $0.85 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.13 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this maker of stainless steels and special alloys would post earnings of $0.75 per share when it actually produced earnings of $0.88, delivering a surprise of 17.33%.Over the last four quarters, the company has surpassed consensus EPS estimates ...

PHILADELPHIA, Jan. 25, 2024 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE:CRS) (the "Company") today announced financial results for the fiscal second quarter ended December 31, 2023. For the quarter, the Company reported net income of $42.7 million, or $0.85 earnings per diluted share. Second Quarter Fiscal Year 2024 Highlights Reported earnings per diluted share of $0.85 Achieved operating income of $69.8 million, up from $69.0 million in the previous quarter, completing the second most profi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-5828 CARPENTER TECHNOLOGY CORPORATION (Exact name of Registrant as specified in its Charter) Delaware 23-0458 ...

Financial Data and Key Metrics - SAO segment delivered $80 8 million in operating income, exceeding the outlook of $72 million to $77 million, with an adjusted operating margin of 19 4%, up from 16 8% in the previous quarter [2] - Earnings per share for the current quarter was $0 88 per share, supported by improving profitability and strong demand [8] - Net sales in Q1 2024 were $651 9 million, with sales excluding surcharge totaling $492 8 million, a 31% increase year-over-year on 12% higher volume [30] - Operating income improved by 10% sequentially, driven by productivity efforts, product mix management, and higher base prices, resulting in a total company adjusted operating margin of 14%, up from 11 2% in the previous quarter [31] - Cash from operations was $7 4 million, with total liquidity of $366 4 million, including $18 million in cash and $348 million in available borrowings [26][91] Business Line Performance - SAO segment reported operating income of $80 8 million, driven by higher sales, strong demand, higher prices, and increased production levels [9] - Dynamet Titanium business saw year-over-year growth in net sales, primarily driven by materials used in medical applications [10] - PEP segment reported operating income of $9 1 million, up from $6 3 million in the same quarter last year, primarily due to improving profitability in the Dynamet business [90] Market Performance - Aerospace engine sales were up 43% year-over-year, with quarterly shipments at about 90% of pre-pandemic levels [49] - Fastener sales were up 7 7% year-over-year but down 13% sequentially [96] - Demand for high-value, difficult-to-manufacture products is exceeding industry supply, particularly in aerospace, defense, and medical markets [3][50] Strategic Direction and Industry Competition - The company is focused on strategic mix management to allocate capacity to higher-margin products, driving profitability through productivity improvements, product mix optimization, and higher pricing [29][85] - Long-term goal is to double operating income from FY 2019 to FY 2027, with a 40% CAGR from FY 2023 to FY 2027 [22][118] - The company is investing in productivity improvements and capacity expansion, with significant productivity gains expected in the second half of FY 2024 [37][56] Management Commentary on Operating Environment and Future Outlook - Management highlighted strong demand across end-use markets, with customers prioritizing supply security and long lead times [27][117] - The company expects FY 2024 operating income to be in the range of $310 million to $330 million, with approximately 50% of the opportunity realized in FY 2024 [14] - The second half of FY 2024 is projected to see operating income 28% to 35% higher than the first half [13] Other Important Information - SG&A expenses were $55 1 million in Q1, up $9 million year-over-year, driven by headcount and higher variable compensation accruals [7] - The effective tax rate for Q1 was 16 1%, below the expected full-year range of 22% to 24%, due to tax benefits related to share-based compensation awards [112] - Capital expenditures for FY 2024 are expected to total $125 million, with $22 million spent in Q1 [91] Q&A Session Summary Question: Productivity Gains and Work Centers - The biggest driver of productivity gains is in the primary melting areas, with additional opportunities in finishing processes, particularly in Dynamet [18] - SAO plants have 30% to 60% of shop-floor workers with less than two years of experience, while Dynamet facilities have 30% to 50% new employees in the last two years [57] Question: Aerospace and Medical Market Demand - Aerospace and medical markets are driving the quickest growth, making up over 75% of revenue, with energy markets contributing single-digit percentages [54] - The company is oversubscribed in terms of demand, with customers wanting more than the company can produce, particularly in aerospace and defense [59] Question: Volume and Pricing Trends - Volume growth is expected to follow productivity improvements, with higher volumes anticipated in the second half of FY 2024 [64] - All contract renewals are expected to be at higher prices, consistent across the industry [58] Question: Maintenance and Capital Investment - The company is in perpetual preventive maintenance, avoiding large-scale shutdowns to maintain equipment performance [65] - Potential capital investments are being considered for Dynamet to increase finishing capacity [60] Question: Order Trends and Non-Aero Markets - Aerospace engine and fastener sales remain strong, with no material weakness in non-aero markets due to the focus on high-value products [50][96] - The company is not seeing any delays in orders due to fluctuations in nickel prices [130]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) Commission File Number 1-5828 CARPENTER TECHNOLOGY CORPORATION (Exact name of Registrant as specified in its Charter) Delaware 23-045 ...