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) 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.
Carpenter Technology Corporation (NYSE: CRS) has appointed Ramin Younessi to its Board of Directors, effective immediately. Younessi brings over 30 years of experience from his tenure at Caterpillar, where he led multiple divisions, including the Construction Industries Group. His background also includes senior roles at Daimler AG and Navistar. With advanced degrees in Electrical Engineering and Engineering Management, he is expected to enhance Carpenter Technology's business as it expands its portfolio of high-performance materials across various markets.
Carpenter Technology Corporation (NYSE: CRS) will host a conference call on October 28, 2021, at 10:00 a.m. ET, to discuss its first quarter fiscal 2022 results, which end on September 30, 2021. The call will be held after the financial results are released that morning. Interested parties can join via a live call at +1 412-317-9259 or through a webcast available on the company’s investor relations page.
Carpenter Technology specializes in high-performance specialty alloys for various industries, highlighting its leadership in premium specialty alloys.
Carpenter Technology Corporation (NYSE: CRS) has declared a quarterly cash dividend of $0.20 per share, payable on December 2, 2021. Shareholders must be on record by October 26, 2021, with the ex-dividend date set for October 25, 2021. As a leader in specialty alloy-based materials, Carpenter serves multiple industries, including aerospace and medical, and aims to boost materials innovation through its advanced manufacturing capabilities.
Carpenter Technology Corporation (NYSE: CRS) appointed I. Martin Inglis as Chairman of the Board, succeeding Gregory Pratt, who retired after over a decade in the role. Inglis, a board member since 2003, brings extensive experience from his roles as Executive Vice President at Battelle and Group Vice President at Ford Motor Company. Additionally, Charles McLane was named Chair of the Audit/Finance Committee. The leadership transition is expected to enhance strategic execution and operational insight, impacting Carpenter Technology's growth trajectory.
Carpenter Technology Corporation (NYSE: CRS) has declared a quarterly cash dividend of $0.20 per share, payable on September 7, 2021. Shareholders of record by August 31, 2021 will receive this dividend, with an ex-dividend date of August 30, 2021. This announcement reflects the company's commitment to returning value to its shareholders.
Carpenter Technology Corporation (NYSE: CRS) reported a fiscal Q4 net loss of $57.1 million, or $1.18 loss per diluted share, exceeding expectations. Adjusted loss per diluted share was $0.28. Total liquidity reached $582 million, with $287 million in cash. Despite a 3.6% decline in net sales to $421.6 million, the company achieved $43 million in free cash flow, signaling operational stability. CEO Tony R. Thene highlighted strengthening demand in end-use markets and ongoing initiatives to enhance productivity and customer relationships.
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