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 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.
Carpenter Technology Corporation (NYSE: CRS) has declared a quarterly cash dividend of $0.20 per share, to be paid on December 3, 2020, to shareholders recorded by October 27, 2020. The ex-dividend date is set for October 26, 2020. Carpenter Technology is a leader in specialty alloys and process solutions across various industries, including aerospace, defense, and medical sectors.
Carpenter Technology Corporation (NYSE: CRS) will host a conference call and webcast on October 22, 2020, at 10:00 a.m. ET. The event will discuss the company's first-quarter fiscal 2021 results, which end September 30, 2020. Financial results will be released before the market opens on the same day. Interested parties can participate in the live call by dialing +1 412-317-9259 or by accessing the webcast on the company's investor relations website.
Carpenter Technology Corporation (NYSE: CRS) has announced a quarterly cash dividend of $0.20 per share, payable on September 3, 2020, to shareholders of record on August 25, 2020. The ex-dividend date is set for August 24, 2020. Carpenter Technology is a leader in high-performance specialty alloy-based materials, serving various industries including aerospace and medical. Founded in 1889, the company has pioneered premium specialty alloys and expanded its additive manufacturing capabilities.
Carpenter Technology Corporation (NYSE: CRS) will host a conference call and webcast to discuss its fourth quarter and full year fiscal 2020 results on July 30, 2020, at 10:00 a.m. ET. The financial results will be released before the market opens the same day. Carpenter Technology, a leader in high-performance specialty alloys, serves various critical markets including aerospace and medical. This call provides investors with insights into the company's financial performance and strategic direction.
Carpenter Technology Corporation (NYSE: CRS) announced the pricing of $400 million in 6.375% senior unsecured notes due 2028. The notes will close on July 24, 2020, pending customary conditions. Proceeds will repay existing 5.200% senior notes due 2021 and fund general corporate purposes including working capital, capital expenditures, and potential acquisitions. BofA Securities serves as the lead book-runner for the offering. This announcement highlights Carpenter's commitment to financial restructuring and growth opportunities.
Carpenter Technology Corporation (NYSE: CRS) has initiated an underwritten public offering of senior notes to repay its 5.200% senior notes due 2021. The net proceeds will also support general corporate purposes, including working capital, capital expenditures, debt repayment, acquisitions, joint ventures, and stock repurchases. The offering is managed by BofA Securities and is made under an automatic shelf registration statement filed with the SEC. The company highlights its position as a leader in high-performance specialty alloy materials.
Carpenter Technology Corporation (NYSE: CRS) announced a plan to enhance performance amid COVID-19 challenges. The company will reduce around 20% of global salaried positions, generating annual cost savings of $30 to $35 million, with a pre-tax charge of $10 million expected in Q4 FY2020. Additional measures include a hiring freeze, deferral of merit increases, and exiting the Amega West oil and gas business. These actions aim to save $60 to $70 million annually and strengthen cash flow by $50 million in FY2021. As of March 31, 2020, Carpenter reported $317 million in liquidity.
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