Third Quarter Highlights
Reported earnings per share of $0.38 improved from loss per share of $0.16 in prior year period
Net sales excluding surcharge up 17% sequentially and up 33% year-over-year
Backlog up 10% sequentially and up 70% year-over-year
PHILADELPHIA, April 27, 2023 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today announced financial results for the fiscal third quarter ended March 31, 2023. For the quarter, the Company reported net income of $18.6 million, or $0.38 earnings per diluted share.
“By outperforming expectations for the third quarter of fiscal year 2023, we remain on the path to returning to pre-pandemic levels of profitability in the fourth quarter of fiscal year 2023,” said Tony R. Thene, President and CEO of Carpenter Technology. “Our third quarter performance was driven by increased productivity across our manufacturing facilities and ongoing strong demand in each of our end-use markets.”
“The Specialty Alloys Operations (“SAO”) segment demonstrated continued improvement with operating income of $49.0 million for the third quarter of fiscal year 2023. The results for SAO were driven by increased productivity at our facilities as we continued to safely onboard new employees and accelerate training. The Performance Engineered Products (“PEP”) segment had a strong quarter with operating income of $10.2 million, led by our Dynamet Titanium and Additive businesses.”
“Looking ahead, we are well positioned to achieve our goal of delivering operating income of $54-60 million in the fourth quarter of fiscal year 2023. To achieve this goal, we are continuing to focus on increasing productivity across our manufacturing facilities to meet the strong demand across each of our end-use markets. With higher volumes, improved product mix and increased prices, we expect to realize accelerating sales momentum and improved margins.”
Financial Highlights
| Q3 | Q3 | Q2 | |||||||||||
| ($ in millions except per share amounts) | FY2023 | FY2022 | FY2023 | ||||||||||
| Net sales | $ | 690.1 | $ | 489.0 | $ | 579.1 | |||||||
| Net sales excluding surcharge (a) | $ | 491.5 | $ | 369.0 | $ | 420.8 | |||||||
| Operating income | $ | 39.3 | $ | 1.1 | $ | 22.6 | |||||||
| Adjusted operating income (loss) excluding special items (a) | $ | 39.3 | $ | (1.6 | ) | $ | 22.6 | ||||||
| Net income (loss) | $ | 18.6 | $ | (7.5 | ) | $ | 6.2 | ||||||
| Earnings (loss) per share | $ | 0.38 | $ | (0.16 | ) | $ | 0.13 | ||||||
| Adjusted earnings (loss) per share (a) | $ | 0.38 | $ | (0.20 | ) | $ | 0.13 | ||||||
| Net cash provided from (used for) operating activities | $ | 4.3 | $ | 35.3 | $ | (86.4 | ) | ||||||
| Adjusted free cash flow (a) | $ | (26.0 | ) | $ | 0.4 | $ | (113.7 | ) | |||||
| (a) Non-GAAP financial measures explained in the tables below | |||||||||||||
