Carpenter Technology (CRS) Tops Q4 EPS by 11c

Carpenter Technology (NYSE: CRS) reported Q4 EPS of $0.52, $0.11 better than the analyst estimate of $0.41. Revenue for the quarter came in at $558 million versus the consensus estimate of $590.08 million.

Tony Thene, Carpenter's president and chief executive officer, stated: "We are pleased with the progress we have made on the initiatives outlined during our third quarter earnings call. Our efforts are reflected in the operating cost performance improvements and in further reductions in inventory during the quarter. There is no doubt that more work remains. The focus of our ongoing efforts continues to be on executing our improvement plans for workplace safety, customer satisfaction, operating cost performance and working capital management.

"Our performance in fiscal year 2015 was below our expectations; however, we have taken actions that have yielded some early positive results and a markedly changed mindset. Those actions supported $194 million of positive free cash flow generation in the second half of fiscal year 2015, which has been redeployed to purchase approximately $154 million of our shares to date.

"As we look to the first quarter of fiscal year 2016, the significant decline in the Energy market remains a primary concern. This weakness will amplify the seasonal volume decline we typically experience in the first fiscal quarter of each year."

For earnings history and earnings-related data on Carpenter Technology (CRS) click here.

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