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 $40.5 million for the fiscal third quarter ended March 31, 2021, equating to $0.84 loss per diluted share. Adjusted loss per diluted share was $0.54. Net sales dropped 40% to $351.9 million compared to the prior year, reflecting a 39% decrease in volume. The company has $538.8 million in total liquidity, including $244.2 million in cash. Despite current challenges, the company anticipates improved market conditions throughout 2021 and is focused on strengthening relationships with customers.
Carpenter Technology Corporation (NYSE: CRS) has declared a quarterly cash dividend of $0.20 per share, payable on June 3, 2021, to shareholders of record on May 4, 2021. The ex-dividend date is May 3, 2021. This decision underscores the company's commitment to returning value to its shareholders while maintaining a robust financial position.
Carpenter Technology Corporation (NYSE: CRS) will host a conference call and webcast on April 29, 2021, at 10:00 a.m. ET to discuss its third-quarter fiscal 2021 financial results, ending March 31, 2021. The results will be released before the market opens on the same day. Carpenter Technology is a leader in high-performance specialty alloy-based materials for industries including aerospace, defense, and energy, emphasizing innovation in additive manufacturing.
Carpenter Technology Corporation (NYSE: CRS) has successfully completed a $300 million syndicated credit facility, amending its existing Credit Agreement set to expire on March 31, 2022. The new facility extends the maturity to March 31, 2024, enhancing the Company’s financial flexibility. A Security Agreement has been established, securing accounts receivable, inventory, and related assets as collateral. This strategic move aims to support Carpenter Technology's growth in high-performance specialty alloy materials across critical markets, including aerospace and defense.
On February 9, 2021, Carpenter Technology Corporation (NYSE: CRS) announced that Tony Thene, President and CEO, will speak at the Cowen Aerospace/Defense & Industrials Conference on February 10, 2021, at 3:10 PM ET. The event will be available via webcast on the company's investor relations website, with a replay accessible afterward. Carpenter Technology, founded in 1889, specializes in high-performance specialty alloys for various critical applications, including aerospace and medical sectors, and offers comprehensive additive manufacturing solutions.
Carpenter Technology Corporation (NYSE: CRS) reported fiscal Q2 2021 results showing a net loss of $84.9 million, or $1.76 per diluted share. Adjusted loss per diluted share was $0.61. Despite challenges, the company generated $84 million in operating cash flow and $51 million in free cash flow, reflecting strong cash management. Total liquidity reached $665 million, including $271 million in cash. The company secured multiple long-term contracts in Aerospace and Defense, anticipating gradual market recovery in the second half of fiscal 2021.
Carpenter Technology Corporation (NYSE: CRS) has declared a quarterly cash dividend of $0.20 per share, payable on March 4, 2021, to shareholders on record as of February 2, 2021. The ex-dividend date is February 1, 2021. This reflects Carpenter's commitment to returning value to its shareholders while maintaining its leadership in high-performance specialty alloys for diverse markets including aerospace and medical.
Carpenter Technology Corporation (NYSE: CRS) will host a conference call and webcast on January 28, 2021, at 10:00 a.m. ET to discuss its second quarter fiscal 2021 financial results, which ended December 31, 2020. This event will follow the release of the financial results prior to market opening on the same day. Interested participants can join the call at +1 412-317-9259 or access the webcast live at ir.carpentertechnology.com.
Carpenter Technology Corporation (NYSE: CRS) reported financial results for Q1 FY2021, showing a net loss of $47.1 million, or $0.98 per diluted share. Despite this, the company's liquidity remained strong with total liquidity of $613 million, including $219 million in cash. The company generated $88 million in operating cash flow and positive free cash flow of $63 million. Net sales dropped 40% to $353.3 million due to lower demand in the Aerospace and Defense and Medical markets amidst ongoing COVID-19 challenges. The company is focused on cash generation and strengthening customer relationships.
Carpenter Technology Corporation (NYSE: CRS) announces the appointment of Chuck McLane as a Board of Directors member, effective immediately. McLane replaces Robert McMaster, who retired during the 2020 Annual Meeting. With over 40 years of financial leadership, including his tenure as CFO at Alcoa, McLane will contribute to the Audit/Finance Committee and Strategy Committee. His experience is expected to aid the company in navigating financial challenges, particularly those related to the ongoing COVID-19 pandemic.
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