Carpenter(CRS) ZACKS·2024-10-28 16:46Core Viewpoint - Carpenter Technology Corporation (CRS) reported strong financial results for the first quarter of fiscal 2025, with adjusted earnings per share (EPS) of $1.73, surpassing estimates and showing significant year-over-year growth [1][2]. Financial Performance - Net revenues increased by 10.1% year-over-year to $718 million, driven by a 3% rise in shipment volume, exceeding the Zacks Consensus Estimate of $708 million [2]. - The cost of goods sold rose by 2.6% year-over-year to $541 million, while gross profit surged by 42.1% to $176 million [4]. - Adjusted operating income was $117 million, up from $69 million in the prior year, with an adjusted operating margin of 15.8%, compared to 10.6% in the previous year [4]. Segment Performance - The Aerospace and Defense market saw a revenue increase of 34.1%, while the Energy market experienced a decline of 27.7% [3]. - Specialty Alloys Operations segment reported sales of $645 million, up from $570 million year-over-year, although it slightly missed the estimated $618 million [5]. - Performance Engineered Products segment's net sales fell by 1% to $101 million, missing the estimate of $108 million [6]. Cash Flow and Balance Sheet - Cash and cash equivalents at the end of the quarter were $150 million, down from $199 million at the end of fiscal 2024, while long-term debt increased slightly to $694.5 million [8]. - Cash flow from operating activities improved significantly to $40.2 million, compared to $7.4 million in the prior-year quarter [8]. Share Price Performance - Shares of Carpenter Technology have increased by 148.7% over the past year, outperforming the industry growth of 67.2% [10].