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Carpenter Technology (CRS) Q4 Earnings Top Estimates, Rise Y/Y
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Carpenter Technology Corporation (CRS - Free Report) reported adjusted earnings of $1.82 per share in fourth-quarter fiscal 2024, beating the Zacks Consensus Estimate of adjusted earnings of $1.52. It recorded adjusted earnings of 78 cents in the year-ago quarter.
Including one-time items, the company reported earnings per share of $1.85 compared with the year-ago quarter’s 78 cents.
Net sales increased 5.4% year over year to $799 million in the reported quarter. The figure topped the Zacks Consensus Estimate of $764 million. The upside was driven by solid sales in the Aerospace and Defense, and Medical end-use markets.
CRS witnessed a year-over-year revenue increase of 27.9% in the Aerospace and Defense end-use market. Revenues in the Energy end market grew 4.9%. Revenues in the Medical end-use market rose 37.7%. Revenues in the Distribution market decreased 29.4%, whereas the same for the industrial and consumer end-use market declined 14.3%. The transportation end-use market’s revenues fell 31.4%.
Carpenter Technology Corporation Price, Consensus and EPS Surprise
The cost of goods sold in fourth-quarter fiscal 2024 moved down 4.9% year over year to $608 million. The gross profit increased 60.2% year over year to $191 million. The adjusted operating income in the reported quarter was $125.2 million compared with the prior-year quarter’s operating profit of $62.9 million.
Segmental Performance
The Specialty Alloys Operations segment reported sales of $716 million compared with the prior-year quarter’s $667 million. We predicted the segment’s sales to be $710 million. The segment sold 57,204 pounds compared with the year-ago quarter’s 61,528 pounds. The reported figure missed our estimate of 59,173 pounds. The segment posted an operating profit of $141 million compared with the prior-year quarter’s $80 million. Our estimate for the segment’s operating profit was $127 million.
The Performance Engineered Products’ net sales decreased 6.3% year over year to $111 million. The reported figure surpassed our estimate of $101 million. The segment sold 2,856 pounds compared with the year-ago quarter’s 3,328 pounds. It was higher than our projection of 2,732 pounds. The segment reported an operating profit of $10.6 million compared with the prior-year quarter’s $5.9 million. Our estimate for the segment’s operating profit was $10.4 million.
FY24 Performance
Carpenter Technology reported adjusted earnings of $4.74 per share in fiscal 2024, beating the Zacks Consensus Estimate of adjusted earnings of $4.44 per share. The company reported an adjusted earnings per share of $1.14 in fiscal 2023. Including one-time items, the company posted earnings per share of $3.70 compared with the year-ago quarter’s earnings per share of $1.14.
Net sales increased 8.2% year over year to $2.76 billion. The figure topped the Zacks Consensus Estimate of $2.73 billion.
Cash Flow & Balance Sheet Updates
Carpenter Technology ended fiscal 2024 with cash and cash equivalents of $199 million compared with $45 million at the end of fiscal 2023. The long-term debt was $694 million at the end of fiscal 2024 compared with $693 as of the end of fiscal 2023. Cash flow from operating activities was $275 million in fiscal 2024 compared with $14.7 million in the prior fiscal.
The company’s Board of Directors authorized a share repurchase program of up to $400 million.
Price Performance
Shares of the company have gained 138.6% in the past year compared with the industry’s growth of 37.1%.
Worthington Steel, Inc. (WS - Free Report) reported adjusted earnings per share of $1.06 in the fourth quarter of fiscal 2024 (ended May 31, 2024), beating the Zacks Consensus Estimate of 67 cents. However, the bottom line fell 28% year over year.
Net sales in the reported quarter came in at $911 million compared with the year-ago quarter’s $884 million. The reported figure surpassed the Zacks Consensus Estimate of $903 million.
Commercial Metals Company (CMC - Free Report) reported adjusted earnings per share of $1.02 in third-quarter fiscal 2024 (ended May 31, 2024), beating the Zacks Consensus Estimate of $1.00. However, the bottom line fell 48.5% year over year.
Net sales in the reported quarter came in at $2.08 billion compared with the year-ago quarter’s $2.34 billion. The reported figure surpassed the Zacks Consensus Estimate of $2 billion.
Peer Stock Awaiting Results
ATI Inc. (ATI - Free Report) , scheduled to release third-quarter fiscal 2024 results on Aug 6, has a trailing four-quarter average surprise of 8.3%. The Zacks Consensus Estimate for ATI’s third-quarter fiscal 2024 earnings is pegged at 58 cents per share, suggesting a year-over-year fall of 1.7%.
The Zacks Consensus Estimate for the company’s top line is pegged at $1.1 billion, indicating growth of 5.6% from the prior-year reported figure.
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Carpenter Technology (CRS) Q4 Earnings Top Estimates, Rise Y/Y
Carpenter Technology Corporation (CRS - Free Report) reported adjusted earnings of $1.82 per share in fourth-quarter fiscal 2024, beating the Zacks Consensus Estimate of adjusted earnings of $1.52. It recorded adjusted earnings of 78 cents in the year-ago quarter.
Including one-time items, the company reported earnings per share of $1.85 compared with the year-ago quarter’s 78 cents.
Net sales increased 5.4% year over year to $799 million in the reported quarter. The figure topped the Zacks Consensus Estimate of $764 million. The upside was driven by solid sales in the Aerospace and Defense, and Medical end-use markets.
CRS witnessed a year-over-year revenue increase of 27.9% in the Aerospace and Defense end-use market. Revenues in the Energy end market grew 4.9%. Revenues in the Medical end-use market rose 37.7%. Revenues in the Distribution market decreased 29.4%, whereas the same for the industrial and consumer end-use market declined 14.3%. The transportation end-use market’s revenues fell 31.4%.
Carpenter Technology Corporation Price, Consensus and EPS Surprise
Carpenter Technology Corporation price-consensus-eps-surprise-chart | Carpenter Technology Corporation Quote
Operational Results
The cost of goods sold in fourth-quarter fiscal 2024 moved down 4.9% year over year to $608 million. The gross profit increased 60.2% year over year to $191 million. The adjusted operating income in the reported quarter was $125.2 million compared with the prior-year quarter’s operating profit of $62.9 million.
Segmental Performance
The Specialty Alloys Operations segment reported sales of $716 million compared with the prior-year quarter’s $667 million. We predicted the segment’s sales to be $710 million. The segment sold 57,204 pounds compared with the year-ago quarter’s 61,528 pounds. The reported figure missed our estimate of 59,173 pounds. The segment posted an operating profit of $141 million compared with the prior-year quarter’s $80 million. Our estimate for the segment’s operating profit was $127 million.
The Performance Engineered Products’ net sales decreased 6.3% year over year to $111 million. The reported figure surpassed our estimate of $101 million. The segment sold 2,856 pounds compared with the year-ago quarter’s 3,328 pounds. It was higher than our projection of 2,732 pounds. The segment reported an operating profit of $10.6 million compared with the prior-year quarter’s $5.9 million. Our estimate for the segment’s operating profit was $10.4 million.
FY24 Performance
Carpenter Technology reported adjusted earnings of $4.74 per share in fiscal 2024, beating the Zacks Consensus Estimate of adjusted earnings of $4.44 per share. The company reported an adjusted earnings per share of $1.14 in fiscal 2023. Including one-time items, the company posted earnings per share of $3.70 compared with the year-ago quarter’s earnings per share of $1.14.
Net sales increased 8.2% year over year to $2.76 billion. The figure topped the Zacks Consensus Estimate of $2.73 billion.
Cash Flow & Balance Sheet Updates
Carpenter Technology ended fiscal 2024 with cash and cash equivalents of $199 million compared with $45 million at the end of fiscal 2023. The long-term debt was $694 million at the end of fiscal 2024 compared with $693 as of the end of fiscal 2023. Cash flow from operating activities was $275 million in fiscal 2024 compared with $14.7 million in the prior fiscal.
The company’s Board of Directors authorized a share repurchase program of up to $400 million.
Price Performance
Shares of the company have gained 138.6% in the past year compared with the industry’s growth of 37.1%.
Image Source: Zacks Investment Research
Zacks Rank
Carpenter Technology currently sports a Zacks Rank 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Peer Performance
Worthington Steel, Inc. (WS - Free Report) reported adjusted earnings per share of $1.06 in the fourth quarter of fiscal 2024 (ended May 31, 2024), beating the Zacks Consensus Estimate of 67 cents. However, the bottom line fell 28% year over year.
Net sales in the reported quarter came in at $911 million compared with the year-ago quarter’s $884 million. The reported figure surpassed the Zacks Consensus Estimate of $903 million.
Commercial Metals Company (CMC - Free Report) reported adjusted earnings per share of $1.02 in third-quarter fiscal 2024 (ended May 31, 2024), beating the Zacks Consensus Estimate of $1.00. However, the bottom line fell 48.5% year over year.
Net sales in the reported quarter came in at $2.08 billion compared with the year-ago quarter’s $2.34 billion. The reported figure surpassed the Zacks Consensus Estimate of $2 billion.
Peer Stock Awaiting Results
ATI Inc. (ATI - Free Report) , scheduled to release third-quarter fiscal 2024 results on Aug 6, has a trailing four-quarter average surprise of 8.3%. The Zacks Consensus Estimate for ATI’s third-quarter fiscal 2024 earnings is pegged at 58 cents per share, suggesting a year-over-year fall of 1.7%.
The Zacks Consensus Estimate for the company’s top line is pegged at $1.1 billion, indicating growth of 5.6% from the prior-year reported figure.