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) reported a net loss of $29.4 million for Q2 FY2022, equating to a loss of $0.61 per diluted share. Adjusted loss per share was $0.58. Despite operational challenges, the company experienced a 14% increase in net sales to $396 million year-over-year, driven by demand in the Medical, Transportation, and Industrial markets. The backlog rose 35% sequentially and 106% year-over-year. Operational headwinds included employee isolations due to COVID-19 and supply chain disruptions. Total liquidity stood at $391.6 million.
Carpenter Technology Corporation (NYSE: CRS) will have its CEO, Tony Thene, present at the Cowen Aerospace/Defense & Industrials Conference on February 9, 2022, at 1:30 PM ET. The presentation will be available via webcast on their investor relations website, with a replay accessible afterward. Carpenter Technology is a leader in specialty alloy-based materials for various critical industries, including aerospace and medical, and has enhanced its additive manufacturing capabilities to boost innovation.
Carpenter Technology Corporation (NYSE: CRS) has declared a quarterly cash dividend of $0.20 per share, payable on March 3, 2022, to shareholders of record on February 1, 2022. The ex-dividend date is set for January 31, 2022. Carpenter Technology specializes in high-performance specialty alloy materials for various critical sectors, including aerospace, defense, and medical. Founded in 1889, the company is known for its innovations in titanium, nickel, and cobalt alloys, among others.
Danimer Scientific has appointed Michael Hajost as the new Chief Financial Officer, effective March 2022. He will succeed Jad Dowdy, who transitions to Senior Vice President of Financial Planning and Analysis. Hajost brings over 30 years of experience, previously serving as CFO for Strategic Materials and Accuride Corporation, where he significantly increased revenues. The management change aims to strengthen Danimer’s financial strategies as it aims to capitalize on the growing bioplastics market.
Carpenter Technology Corporation (NYSE: CRS) will host a conference call and webcast on February 2, 2022, at 10:00 a.m. ET, to discuss its fiscal 2022 second quarter results for the period ending December 31, 2021. This event follows the release of the financial results before the market opens on the same day. Interested parties can listen via a live call or the archived webcast available on Carpenter's website.
Carpenter Technology Corporation (NYSE: CRS) announced a mechanical failure of its critical 4500 ton press in Reading, PA, leading to an unplanned outage expected to last 45 to 60 days. Repairs will coincide with scheduled maintenance, reducing downtime by 14 days. The company anticipates an operating loss of $20 to $22 million in its Specialty Alloys segment for Q2 fiscal 2022, alongside an adjusted operating loss of $32 to $35 million, equating to a loss per share of $0.60 to $0.65. However, the Performance Engineered Products segment is projected to generate income of $1 to $2 million. Despite these short-term challenges, the company remains optimistic about long-term growth.
Carpenter Technology Corporation (NYSE: CRS) has appointed Dr. Suniti Moudgil as the new Chief Technology Officer, effective December 6, 2021. In her role, Dr. Moudgil will lead the technology strategy and R&D organization, focusing on aligning R&D with commercial objectives. Previously, she was a Global Technology Leader at DuPont, where she directed technology strategy for various product lines. Dr. Moudgil holds a BS in Chemical Engineering from the University of Florida and a Ph.D. from MIT, complemented by executive education from UC Berkeley and Six Sigma Black Belt certification.
Carpenter Technology Corporation (NYSE: CRS) has appointed Shakthimani Logasundaram as Chief Digital Officer, effective November 15, 2021. He will lead the development and execution of the company's digital strategy aimed at enhancing business outcomes through technology. Logasundaram previously held roles at Honeywell and GE, bringing extensive experience in digital transformation. This move signifies Carpenter Technology's commitment to unlocking additional value through data and technology in its operations and customer interactions.
Carpenter Technology Corporation (NYSE: CRS) announced an average price increase of 6% to 8% on new non-contract orders for its specialty alloy products, effective from November 8, 2021. This decision aims to offset rising costs and maintain profitability in the competitive market of specialty alloys. The company continues to uphold applicable surcharges on its products. Carpenter Technology is recognized for its advanced materials tailored for industries such as aerospace, defense, and energy, reinforcing its position as a leader in premium specialty alloys.
Carpenter Technology reported a net loss of $14.8 million ($0.31 loss per diluted share) for Q1 2022, an improvement from a $47.1 million loss in Q1 2021. Net sales increased by 9.7% to $387.6 million, despite a 2% volume decrease. Operational challenges included COVID-19 delays and labor shortages, leading to negative cash flow of $71.2 million. The company maintains a strong liquidity position with $508 million available. CEO Tony R. Thene noted improving demand in Aerospace, hinting at potential growth in 2022.
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