Reported (loss) earnings per share of ($0.03)
or $0.32 excluding restructuring and special items
Net sales of $570.6 million
Adjusted EBITDA of $47.0 million
Free cash flow of $86.7 million
Carpenter Technology Corporation (NYSE: CRS) today announced
financial results for the quarter ended March 31, 2015. Carpenter
reported a net loss of $1.4 million or $0.03 per diluted share.
Excluding restructuring charges and special items, earnings per
share would have been $0.32 in the quarter. This compares to a
reported net income of $30.6 million or $0.57 per diluted share in
the same quarter last year. Last year’s third fiscal quarter
included approximately $8 million ($0.10 per share) of additional
weather-related costs.
Financial
Highlights
($ in millions) Q3 Q3 Q2
FY2015
FY2014
FY2015
Net Sales $ 570.6 $ 566.3 $ 548.4 Net Sales Excluding Surcharge (a)
$ 462.9 $ 467.2 $ 445.7 Operating Income $ 4.8 $ 49.5 $ 45.0 Net
(Loss) Income $ (1.4 ) $ 30.6 $ 24.1 Free Cash Flow (a) $ 86.7 $
(22.2 ) $ (65.5 ) Adjusted EBITDA (a) $ 47.0 $ 92.0 $ 86.6
(a) non-GAAP financial measure explained in the attached tables
Comment
Gregory A. Pratt, Carpenter’s chairman, president and chief
executive officer, stated: “A short time ago, we issued a press
release announcing actions to improve profitability, cut costs and
strengthen operations. Today, as we report financial results of the
third quarter of fiscal year 2015, our message remains consistent.
Our operating results for this quarter reflect an improving
Specialty Alloys Operations (SAO) product sales mix that was more
than offset by the unfavorable impacts of operating cost increases,
the current weakness in oil and gas markets, and unfavorable cost
absorption as a result of reducing inventory.
“We want to reiterate our message regarding Carpenter’s many
actions aimed at improving operating performance and driving
long-term growth and stockholder value. First, we have consistently
said the Company would begin generating positive free cash flow in
the second half of fiscal year 2015, and we generated $87 million
of free cash flow in the third quarter. We also stated that we are
committed to reducing inventory, and our free cash flow results for
the quarter reflect the impact of reducing inventory by $44
million. We said we would reduce capital spending once the Athens
project was complete, and our capital expenditures for the quarter
reflect our lowest quarterly capital expenditures in four years.
Lastly, we said we would use the newly generated free cash flow to
buy back shares under our share repurchase program. In the third
quarter, we purchased $50 million of shares, in addition to the $10
million we purchased in the second quarter. Furthermore, we
purchased $60 million of shares in the month of April.
“Clearly we have additional work ahead of us as we continue to
initiate actions we believe are necessary to stem the tide of
higher operating costs. To that end, we have initiated a
restructuring plan that is expected to yield annual overhead
savings of $30 million. We expect to realize a portion of this
savings in our upcoming fourth quarter. Our Business Management
Office, or BMO, is working to identify and execute opportunities to
improve cost performance and profit margin, as well as to further
reduce inventory. Lastly, we are making continued progress in
obtaining the site and customer-specific product qualifications for
our newly constructed Athens facility, in order to further
actualize its capabilities.”
Net Sales and Operating
Income
Net sales for the third quarter of fiscal year 2015 were $570.6
million, and net sales excluding surcharge were $462.9 million, a
decrease of $4.3 million (or 1 percent) from the same quarter last
year, on 11 percent lower volume.
Operating income was $4.8 million, a decrease of $44.7 million
from the third quarter of the prior year. Operating
income—excluding pension earnings, interest and deferrals (EID) and
restructuring charges and special items—was $35.1 million, a
decrease of $28.4 million (or 45 percent) from the third quarter of
the prior year. These results reflect higher SAO operating costs,
additional depreciation expenses of the Athens facility, the
unfavorable impacts of inventory reduction initiatives, and reduced
demand for oil and gas products from the PEP segment, which were
all partially offset by a stronger mix of products within the SAO
segment.
Restructuring Charges and Special
Items
The third quarter results include restructuring charges and
special items of $0.35 per diluted share, consisting of employee
termination costs, costs involved with exiting the ultra-fine grain
material development program, facility closure expenses, and
consulting fees related to the establishment of the Business
Management Office (BMO) and strategic business review.
Cash Flow
Cash flow from operations was $120.9 million, which included a
$43.8 million reduction in inventory, a $20.1 million decrease in
other working capital and $1.5 million of pension contributions.
This compares to a cash flow from operations of $81.0 million in
the prior year’s third quarter, which included a $1.3 million
increase in inventory, a $4.5 million decrease in other working
capital and $1.5 million of pension contributions. Free cash flow
in the third quarter of fiscal year 2015 was $86.7 million,
compared to negative $22.2 million in the same quarter last year.
Capital spending in the third quarter, which included $6.6 million
related to the construction of the Athens facility, was $24.8
million, compared to $93.6 million in the prior year’s third
quarter, which included $74.2 million related to Athens.
Total liquidity, including cash and available revolver balance,
was $521 million at the end of the third quarter. This consisted of
$29 million of cash and $492 million of available revolver.
End-Use Markets
Q3 FY15
Q3 FY15 Q3 FY15 Sales* vs. vs. Ex. Surcharge Q3 FY14
Q2 FY15 (in Millions)
Aerospace and Defense $213.9 +6% +13% Energy
$60.8 -16% -14% Medical $29.0
+3% +13% Transportation $33.4 +9% +7%
Industrial and Consumer $92.0 -6% -5%
* Excludes sales through Carpenter’s Distribution businesses
Aerospace and Defense
- Strong sequential and year-over-year
sales growth for engine materials as supply chain demand
normalizes
- Fastener demand up year-over-year,
driven primarily by high nickel content products
- Structural and distribution activity
reflects increased volume and improved mix on a sequential basis,
with lower volume year-over-year
Energy
- North American quarterly average
directional rig count was down 25 percent sequentially and 20
percent year-over-year
- The dramatic drop in oil prices and low
drilling activity caused a significant decrease in PEP sales
- Materials for power generation
applications were up sequentially but down year-over-year due to
highly variable demand patterns
Medical
- SAO sales rose year-over-year due to
increased demand for orthopedic implant and surgical instrument
materials
- Buying patterns from OEMs have
stabilized
- The pricing environment remains
extremely competitive
Transportation
- Sales were up year-over-year based on
strong volume growth and an improved mix of materials supporting
advancements in engine technologies
- North American light vehicle sales show
continued positive growth, up 6 percent year-over-year
- Low fuel prices and lower interest
rates are driving sales for vehicle platforms with higher Carpenter
material content
Industrial and Consumer
- Lower revenue was driven by reduced
sales of commodity industrial and infrastructure materials
- Growth continues in high-end
applications for consumer electronics
Conference Call and Webcast
Presentation
Carpenter will host a conference call and webcast presentation
today, April 30, at 10:00 a.m. ET, to discuss the financial results
and operations for the fiscal third quarter of 2015. Please call
610-208-2222 for details. Access to both the call and webcast
presentation will also be available at Carpenter’s website
(http://www.cartech.com) and through CCBN (http://www.ccbn.com),
and a replay of the call will soon be made available at
http://www.cartech.com or at http://www.ccbn.com. Presentation
materials used during this conference call will be available for
viewing and download at 8:00 a.m. ET today, at
http://www.cartech.com.
Non-GAAP Financial
Measures
This press release includes discussions of financial measures
that have not been determined in accordance with U.S. Generally
Accepted Accounting Principles (GAAP). A reconciliation of the
non-GAAP financial measures to their most directly comparable
financial measures prepared in accordance with GAAP, accompanied by
reasons why the Company believes the non-GAAP measures are
important, are included in the attached schedules.
About Carpenter
Technology
Carpenter produces and distributes premium alloys, including
special alloys, titanium alloys and powder metals, as well as
stainless steels, alloy steels and tool steels. Information about
Carpenter can be found at http://www.cartech.com.
Forward-Looking
Statements
This presentation contains forward-looking statements within the
meaning of the Private Securities Litigation Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ from those projected,
anticipated or implied. The most significant of these uncertainties
are described in Carpenter’s filings with the Securities and
Exchange Commission, including its annual report on Form 10-K for
the year ended June 30, 2014, Form 10-Q for the quarters ended
September 30, 2014 and December 31, 2014 and the exhibits attached
to those filings. They include but are not limited to: (1) the
cyclical nature of the specialty materials business and certain
end-use markets, including aerospace, defense, industrial,
transportation, consumer, medical and energy, or other influences
on Carpenter’s business such as new competitors, the consolidation
of competitors, customers and suppliers, or the transfer of
manufacturing capacity from the United States to foreign countries;
(2) the ability of Carpenter to achieve cash generation, growth,
earnings, profitability, cost savings and reductions, productivity
improvements or process changes; (3) the ability to recoup
increases in the cost of energy, raw materials, freight or other
factors; (4) domestic and foreign excess manufacturing capacity for
certain metals; (5) fluctuations in currency exchange rates; (6)
the degree of success of government trade actions; (7) the
valuation of the assets and liabilities in Carpenter’s pension
trusts and the accounting for pension plans; (8) possible labor
disputes or work stoppages; (9) the potential that our customers
may substitute alternate materials or adopt different manufacturing
practices that replace or limit the suitability of our products;
(10) the ability to successfully acquire and integrate
acquisitions; (11) the availability of credit facilities to
Carpenter, its customers or other members of the supply chain; (12)
the ability to obtain energy or raw materials, especially from
suppliers located in countries that may be subject to unstable
political or economic conditions; (13) Carpenter’s manufacturing
processes are dependent upon highly specialized equipment located
primarily in facilities in Reading, Latrobe and Athens for which
there may be limited alternatives if there are significant
equipment failures or a catastrophic event; (14) the ability to
hire and retain key personnel, including members of the executive
management team, management, metallurgists and other skilled
personnel; (15) fluctuations in oil and gas prices and production;
(16) the success of restructuring actions; and (17) share
repurchases are at Carpenter’s discretion and could be affected by
changes in Carpenter’s share price, operating results, capital
spending, cash flows, inventory, acquisitions, investments, tax
laws and general market conditions. Any of these factors could have
an adverse and/or fluctuating effect on Carpenter’s results of
operations. The forward-looking statements in this document are
intended to be subject to the safe harbor protection provided by
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Carpenter
undertakes no obligation to update or revise any forward-looking
statements.
PRELIMINARY CONSOLIDATED STATEMENTS OF OPERATIONS (in
millions, except per share data) (Unaudited)
Three Months Ended Nine Months Ended March 31, March 31,
2015 2014 2015 2014 NET SALES $ 570.6 $ 566.3 $
1,668.8 $ 1,568.4 Cost of sales 494.8 471.8
1,438.9 1,275.2 Gross profit
75.8 94.5 229.9 293.2 Selling, general and administrative
expenses 45.7 45.0 132.7 140.4 Restructuring charges 25.3
- 25.3 - Operating
income 4.8 49.5 71.9 152.8 Interest expense (7.1 ) (2.7 )
(20.9 ) (10.8 ) Other (expense) income, net -
(0.6 ) 4.8 0.1 (Loss) income
before income taxes (2.3 ) 46.2 55.8 142.1 Income tax (benefit)
expense (0.9 ) 15.6 19.6
47.4 NET (LOSS) INCOME $ (1.4 ) $ 30.6 $ 36.2
$ 94.7 (LOSS) EARNINGS PER SHARE: Basic $
(0.03 ) $ 0.57 $ 0.68 $ 1.77 Diluted $ (0.03 )
$ 0.57 $ 0.68 $ 1.76
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING:
Basic 52.6 53.3 53.2
53.2 Diluted 52.6 53.7
53.3 53.6 Cash dividends per
common share $ 0.18 $ 0.18 $ 0.54 $ 0.54
PRELIMINARY CONSOLIDATED STATEMENTS OF CASH
FLOWS (in millions) (Unaudited) Nine Months Ended
March 31, 2015 2014 OPERATING ACTIVITIES: Net income
$ 36.2 $ 94.7
Adjustments to reconcile net income to net
cash provided from operating activities:
Depreciation and amortization 91.2 80.9 Non-cash restructuring and
asset impairment charges 6.3 - Deferred income taxes 68.4 2.0 Net
pension expense 34.6 43.0 Payments from qualified pension plan
associated with restructuring 7.6 - Stock-based compensation
expense 6.8 9.0 Net loss on disposal of property and equipment 0.8
0.5 Changes in working capital and other: Accounts receivable 6.6
30.0 Inventories (18.4 ) (60.6 ) Other current assets (12.0 ) (6.4
) Accounts payable (42.3 ) 0.5 Accrued liabilities (22.7 ) (31.4 )
Pension plan contributions (5.5 ) (4.6 ) Other postretirement plan
contributions (10.2 ) (9.8 ) Other, net 1.0
(3.8 ) Net cash provided from operating activities 148.4
144.0 INVESTING ACTIVITIES: Purchases
of property, equipment and software (152.3 ) (298.2 ) Proceeds from
disposals of property and equipment 0.2 0.3
Net cash used for investing activities (152.1 )
(297.9 ) FINANCING ACTIVITIES: Dividends paid (28.8 )
(28.8 ) Purchases of treasury stock (60.3 ) - Tax benefits on
share-based compensation 0.6 2.2 Proceeds from stock options
exercised 2.3 6.8 Net cash used for
financing activities (86.2 ) (19.8 ) Effect of
exchange rate changes on cash and cash equivalents (0.7 )
1.5 DECREASE IN CASH AND CASH EQUIVALENTS
(90.6 ) (172.2 ) Cash and cash equivalents at beginning of period
120.0 257.5 Cash and cash
equivalents at end of period $ 29.4 $ 85.3
PRELIMINARY CONSOLIDATED BALANCE SHEETS (in millions)
(Unaudited) March 31, June 30, 2015 2014
ASSETS Current assets: Cash and cash equivalents $ 29.4 $ 120.0
Accounts receivable, net 318.9 339.6 Inventories 710.7 699.2
Deferred income taxes 16.7 - Other current assets 43.0
35.7 Total current assets 1,118.7 1,194.5
Property, plant and equipment, net 1,403.6 1,407.0 Goodwill
257.3 257.7 Other intangibles, net 73.5 80.6 Other assets
114.3 117.7 Total assets $ 2,967.4 $
3,057.5 LIABILITIES Current liabilities: Accounts
payable $ 178.3 $ 278.1 Accrued liabilities 144.3 148.0 Deferred
income taxes - 4.5 Total current
liabilities 322.6 430.6 Long-term debt, net of current
portion 609.8 604.3 Accrued pension liabilities 228.9 203.4 Accrued
postretirement benefits 160.2 163.2 Deferred income taxes 182.8
110.7 Other liabilities 63.3 41.0 Total
liabilities 1,567.6 1,553.2
STOCKHOLDERS' EQUITY Common stock 276.2 275.8 Capital in excess of
par value 265.1 263.5 Reinvested earnings 1,319.0 1,311.6 Common
stock in treasury, at cost (157.6 ) (101.4 ) Accumulated other
comprehensive loss (302.9 ) (245.2 ) Total
stockholders' equity 1,399.8 1,504.3
Total liabilities and stockholders' equity $ 2,967.4 $
3,057.5 PRELIMINARY
SEGMENT FINANCIAL DATA (in millions, except pounds sold)
(Unaudited) Three Months Ended Nine Months Ended March 31,
March 31, 2015 2014 2015 2014 Pounds sold* (000): Specialty Alloys
Operations 67,232 74,836 202,952 204,982 Performance Engineered
Products 3,806 3,108 11,064 8,458 Intersegment (1,986 )
(364 ) (5,506 ) (3,590 ) Consolidated
pounds sold 69,052 77,580
208,510 209,850 Net sales: Specialty
Alloys Operations Net sales excluding surcharge $ 360.0 $ 351.4 $
1,016.4 $ 975.5 Surcharge 109.8 100.6
327.6 279.0 Specialty Alloys
Operations net sales 469.8 452.0
1,344.0 1,254.5 Performance Engineered
Products Net sales excluding surcharge 120.1 129.8 383.1 360.7
Surcharge 0.3 0.3 1.0
1.6 Performance Engineered Products net sales
120.4 130.1 384.1
362.3 Intersegment Net sales excluding surcharge
(17.2 ) (14.0 ) (50.8 ) (42.3 ) Surcharge (2.4 ) (1.8
) (8.5 ) (6.1 ) Intersegment net sales (19.6 )
(15.8 ) (59.3 ) (48.4 )
Consolidated net sales $ 570.6 $ 566.3 $ 1,668.8
$ 1,568.4 Operating income: Specialty Alloys
Operations $ 37.9 $ 51.6 $ 106.0 $ 169.7 Performance Engineered
Products 8.5 13.1 30.8 33.3 Corporate costs (including
restructuring charges) (38.6 ) (9.5 ) (55.9 ) (33.7 ) Pension
earnings, interest and deferrals (2.4 ) (6.0 ) (7.1 ) (15.8 )
Intersegment (0.6 ) 0.3 (1.9 )
(0.7 ) Consolidated operating income $ 4.8 $ 49.5
$ 71.9 $ 152.8 The Company has two
reportable segments, Specialty Alloys Operations (“SAO”) and
Performance Engineered Products (“PEP”). The SAO segment is
comprised of Carpenter's major premium alloy and stainless steel
manufacturing operations. This includes operations performed at
mills primarily in Reading and Latrobe and surrounding areas in
Pennsylvania, South Carolina and Alabama. The PEP segment is
comprised of the Company’s differentiated operations. This segment
includes the Dynamet titanium business, the Carpenter Powder
Products business, the Amega West business, the Specialty Steel
Supply business, the Latrobe Special Metals Distribution business
and Aceros Fortuna based in Mexico. The businesses in the PEP
segment are managed with an entrepreneurial structure to promote
flexibility and agility to quickly respond to market dynamics. It
is our belief this model will ultimately drive overall revenue and
profit growth. The pounds sold data above for the PEP segment
includes only the Dynamet and CPP businesses. The service
cost component of net pension expense, which represents the
estimated cost of future pension liabilities earned associated with
active employees, is included in the operating results of the
business segments. The residual net pension expense, or pension
earnings, interest and deferrals (pension EID), is comprised of the
expected return on plan assets, interest costs on the projected
benefit obligations of the plans, and amortization of actuarial
gains and losses and prior service costs and is included under the
heading "Pension earnings, interest and deferrals". * Pounds
sold exclude sales associated with the distribution businesses.
PRELIMINARY NON-GAAP FINANCIAL
MEASURES (in millions, except per share data) (Unaudited)
OPERATING MARGIN EXCLUDING SURCHARGE,
Three Months Ended Nine Months Ended PENSION EARNINGS, INTEREST AND
DEFERRALS, March 31, March 31, RESTRUCTURING CHARGES AND SPECIAL
ITEMS 2015 2014 2015 2014 Net sales $ 570.6 $ 566.3 $
1,668.8 $ 1,568.4 Less: surcharge revenue 107.7
99.1 320.1 274.5
Consolidated net sales excluding surcharge $ 462.9 $ 467.2
$ 1,348.7 $ 1,293.9 Operating income $
4.8 $ 49.5 $ 71.9 $ 152.8 Pension earnings, interest and deferrals
2.4 6.0 7.1 15.8
Operating income excluding pension
earnings, interest and deferrals
7.2 55.5 79.0 168.6 Restructuring charges and special items:
Restructuring charges 25.3 - 25.3 - Consulting costs 2.6 - 2.6 -
Weather-related costs - 8.0 -
8.0
Operating income excluding pension
earnings, interest and deferrals, restructuring charges and special
items
$ 35.1 $ 63.5 $ 106.9 $ 176.6
Operating margin excluding surcharge and
pension earnings, interest and deferrals
1.6 % 11.9 % 5.9 % 13.0 %
Operating margin excluding surcharge,
pension earnings, interest and deferrals, restructuring charges and
special items
7.6 % 13.6 % 7.9 % 13.6 %
Management believes that removing the impacts of raw material
surcharge from operating margin provides a more consistent basis
for comparing results of operations from period to period. In
addition, management believes that excluding the impact of pension
earnings, interest and deferrals, which may be volatile due to
changes in the financial markets, is helpful in analyzing the true
operating performance of the Company. Management believes
that removing the impact of costs associated with restructuring and
special items is helpful in analyzing the operating performance of
the Company, as these costs are not indicative of ongoing operating
performance. (Loss) Income
(Loss) Before Income Tax Earnings ADJUSTED EARNINGS PER SHARE
EXCLUDING Income (Benefit) Net (Loss) Per Diluted RESTRUCTURING
CHARGES AND SPECIAL ITEMS Taxes Expense Income Share* Three
months ended March 31, 2015, as reported $ (2.3 ) $ (0.9 ) $ (1.4 )
$ (0.03 ) Restructuring charges 25.3 8.7 16.6 0.32
Consulting costs 2.6 0.9 1.7
0.03 Total impact of restructuring charges and
special items 27.9 9.6 18.3
0.35 Three months ended March 31, 2015,
as adjusted $ 25.6 $ 8.7 $ 16.9 $ 0.32
* Impact per diluted share calculated using weighted
average common shares outstanding of 52.6 million.
Management believes that earnings per share adjusted to exclude the
impacts of restructuring charges and special items is helpful in
analyzing the operating performance of the Company, as these costs
are not indicative of ongoing operating performance.
PRELIMINARY NON-GAAP FINANCIAL MEASURES (in millions) (Unaudited)
Three Months Ended Nine Months
Ended ADJUSTED EARNINGS BEFORE INTEREST, TAXES, March 31, March 31,
DEPRECIATION AND AMORTIZATION (EBITDA) 2015 2014 2015 2014
Net (loss) income $ (1.4 ) $ 30.6 $ 36.2 $ 94.7
Interest expense 7.1 2.7 20.9 10.8 Income tax (benefit) expense
(0.9 ) 15.6 19.6 47.4 Depreciation and amortization 30.7 27.5 91.2
80.9 Other expense (income), net - 0.6
(4.8 ) (0.1 ) EBITDA $ 35.5 $ 77.0 $ 163.1 $ 233.7 Net
pension expense 11.5 15.0 34.6
43.0 Adjusted EBITDA $ 47.0 $ 92.0 $
197.7 $ 276.7 Management believes that
earnings before interest, taxes, depreciation and amortization
adjusted to exclude net pension expense is helpful in analyzing the
operating performance of the Company. Three
Months Ended Nine Months Ended March 31, March 31, FREE CASH FLOW
2015 2014 2015 2014 Net cash provided from
operating activities $ 120.9 $ 81.0 $ 148.4 $ 144.0 Purchases of
property, equipment and software (24.8 ) (93.6 ) (152.3 ) (298.2 )
Proceeds from disposals of property and equipment 0.1 - 0.2 0.3
Dividends paid (9.5 ) (9.6 ) (28.8 )
(28.8 ) Free cash flow $ 86.7 $ (22.2 ) $ (32.5 ) $
(182.7 ) Management believes that the free cash flow measure
provides useful information to investors regarding our financial
condition because it is a measure of cash generated which
management evaluates for alternative uses.
PRELIMINARY SUPPLEMENTAL SCHEDULES (in millions)
(Unaudited) Three Months Ended Nine Months Ended March 31,
March 31, NET SALES BY END-USE MARKET 2015 2014 2015 2014
End-Use Market Excluding Surcharge: Aerospace and defense $ 213.9 $
202.5 $ 583.7 $ 563.2 Industrial and consumer 92.0 98.0 287.2 272.7
Energy 60.8 72.5 198.9 196.4 Transportation 33.4 30.6 95.4 84.5
Medical 29.0 28.2 81.4 75.5 Distribution 33.8 35.4
102.1 101.6 Consolidated net sales excluding
surcharge 462.9 467.2 1,348.7 1,293.9 Surcharge revenue
107.7 99.1 320.1 274.5
Consolidated net sales $ 570.6 $ 566.3 $ 1,668.8 $ 1,568.4
Three Months Ended Nine Months Ended March 31, March
31, NET SALES BY MAJOR PRODUCT CLASS 2015 2014 2015 2014 Net
Sales by Product Class Excluding Surcharge: Special alloys $ 188.6
$ 175.0 $ 519.8 $ 483.7 Stainless steel 132.7 143.1 406.2 395.8
Alloy and tool steel 45.0 53.3 132.0 145.8 Titanium products 39.7
42.9 119.6 113.6 Powder metals 15.2 11.3 46.0 33.5 Distribution and
other 41.7 41.6 125.1 121.5
Consolidated net sales excluding surcharge 462.9 467.2 1,348.7
1,293.9 Surcharge revenue 107.7 99.1
320.1 274.5 Consolidated net sales $ 570.6 $ 566.3 $
1,668.8 $ 1,568.4
Carpenter Technology CorporationMedia Inquiries:William J.
Rudolph, Jr., +1 610-208-3892wrudolph@cartech.comorInvestor
Inquiries:Michael A. Hajost, +1 610-208-3476mhajost@cartech.com
Carpenter Technology (NYSE:CRS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Carpenter Technology (NYSE:CRS)
Historical Stock Chart
From Apr 2023 to Apr 2024