Welcome to our dedicated page for Carpenter Technology news (Ticker: CRS), a resource for investors and traders seeking the latest updates and insights on Carpenter Technology stock.
Carpenter Technology Corporation (NYSE: CRS) is a global leader in high-performance specialty alloy-based materials and process solutions, serving critical applications across numerous industries including aerospace, defense, medical, transportation, energy, and industrial markets. Founded in 1889, the company has evolved to become a pioneer in premium specialty alloys such as titanium, nickel, and cobalt. Carpenter Technology is renowned for its innovative materials solutions tailored to meet the ever-changing needs of diverse sectors.
Headquartered in Philadelphia, with operations in North America, Europe, and Asia, Carpenter Technology specializes in the development, manufacturing, and distribution of a wide range of specialty loose powder metallurgy and cast/wrought alloys. The product lineup includes high-strength steels, corrosion-resistant alloys, nickel-based superalloys, magnetic alloys, controlled expansion and electronic alloys, as well as stainless and specialty steels. The acquisition of Latrobe Specialty Metals in 2012 further bolstered the company's capabilities.
The company operates through two primary segments: Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). The SAO segment, which generates the majority of the revenue, encompasses Carpenter's major premium alloy and stainless steel manufacturing operations, primarily conducted at mills located in Reading and Latrobe, Pennsylvania, and in South Carolina and Alabama. The PEP segment includes the Dynamet titanium business, Carpenter Additive, and the Latrobe and Mexico distribution businesses, all managed with an entrepreneurial structure to quickly respond to market dynamics.
Carpenter Technology has a strong focus on sustainable and advanced manufacturing processes, including additive manufacturing (AM) and soft magnetics applications. With ISO9001:2008 certification, the company ensures high standards of quality across its operations.
In fiscal year 2024, Carpenter Technology reported significant financial milestones, including a 25% increase in net sales year-over-year, driven by higher sales prices and improved end-use market conditions. The company also achieved notable operating income improvements and positive cash flow from operating activities.
Looking ahead, Carpenter Technology is well-positioned to continue its growth trajectory, with projections indicating substantial increases in operating income and productivity. The company's strategic focus on innovative materials, productivity enhancements, and market-driven solutions underscores its commitment to delivering value to shareholders and meeting the evolving demands of its global customer base.
For the latest updates and information, visit www.carpentertechnology.com.
Carpenter Technology Corporation (NYSE: CRS) announced a price increase of 12% to 15% on new, non-contract orders for its premium products, effective from July 5, 2022. The company retains all applicable surcharges. Carpenter Technology is a leader in specialty alloys for various sectors, including aerospace, defense, and energy. Founded in 1889, it focuses on high-performance materials, including titanium and nickel alloys. For more details on the company's offerings, visit carpentertechnology.com.
Carpenter Technology Corporation (NYSE: CRS) reported a Q3 FY2022 net loss of $7.5 million, or $0.16 per diluted share. Adjusted loss per diluted share was $0.20. Despite this, net sales rose to $489.0 million, a 39% increase year-over-year, driven by a 32% increase in shipment volume. The company saw a significant backlog growth of 34% sequentially and 164% year-over-year. Operating income improved to $1.1 million from a loss of $40.0 million last year. Cash provided from operating activities increased to $35.3 million, indicating improved liquidity.
Carpenter Technology Corporation (NYSE: CRS) has declared a quarterly cash dividend of $0.20 per share of common stock. This dividend will be payable on June 2, 2022, to shareholders on record as of May 3, 2022. The ex-dividend date is May 2, 2022.
Carpenter Technology is a leader in specialty alloy materials for critical applications across various sectors, including aerospace and defense. Founded in 1889, the company continues to innovate in premium specialty alloys and additive manufacturing solutions.
Carpenter Technology Corporation (NYSE: CRS) announced the immediate appointment of Kathy Hopinkah Hannan to its Board of Directors. With over 30 years at KPMG, where she held significant leadership positions, Hannan's expertise spans diversity, corporate responsibility, and human resources. She currently serves on the boards of Otis Worldwide Corporation and Annaly Capital Management. Her academic credentials include a bachelor's degree in Accounting and a PhD in Leadership/Ethics. The company's chairman expressed confidence in Hannan's ability to contribute to Carpenter Technology's growth.
Carpenter Technology Corporation (NYSE: CRS) will host a conference call and webcast on April 28, 2022, at 10:00 a.m. ET to discuss its third quarter fiscal 2022 results, which end on March 31, 2022. The financial results will be released prior to the market opening on the same day. Interested participants can join the live call at +1 412-317-9259 or tune in to the webcast available on the company's investor relations site.
Founded in 1889, Carpenter Technology is a leader in specialized alloy materials for critical sectors like aerospace, defense, and medical applications.
Carpenter Technology Corporation (NYSE: CRS) announced a price increase of 12% to 15% on new, non-contract orders for its specialty alloy products, effective for orders placed after March 22, 2022. This decision underscores Carpenter Technology's response to rising costs and market demands while maintaining existing surcharges. The company is recognized for its high-performance specialty alloy materials used in various critical applications, including aerospace and defense.
Carpenter Technology Corporation (NYSE: CRS) has priced an offering of $300 million in 7.625% senior unsecured notes due 2030. The notes will close on March 16, 2022, subject to customary conditions. Net proceeds will be used to redeem the company's 4.450% senior notes due 2023. J.P. Morgan Securities LLC acts as the lead book-running manager. This offering is made under an effective shelf registration with the SEC and is not an offer or solicitation for the notes.
Carpenter Technology Corporation (NYSE: CRS) has initiated an underwritten public offering of senior notes to repay its 4.450% senior notes due 2023. The offering is subject to market conditions, with J.P. Morgan Securities LLC acting as the lead book-running manager. This offering will utilize an automatically effective shelf registration statement filed with the SEC, and additional details will be available through the preliminary prospectus. The offering does not constitute an offer to sell or solicit buying of the notes in any jurisdiction where such actions are unlawful.
Carpenter Technology Corporation (NYSE: CRS) has announced the successful return to service of its 4500 ton press in Reading, PA, which had been offline since December 2021. The press is crucial for producing aerospace materials. Repairs were completed on schedule, allowing the company to address customer demands in the recovering aerospace supply chain. Carpenter Technology is optimistic about its ability to leverage this operational capacity to grow in diversified markets.
Carpenter Technology Corporation (NYSE: CRS) announced leadership updates on February 21, 2022. Brian Malloy has been appointed Senior Vice President and Group President of the Performance Engineered Products (PEP) segment, responsible for safety, growth, operational performance, and marketing, building on his interim leadership since July 2021. Marshall Akins has been promoted to Vice President and Chief Commercial Officer to oversee commercial strategies and market development. These changes aim to enhance growth and operational efficiency within Carpenter Technology’s specialty alloy operations.
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