Carpenter Technology (CRS) Tops Q2 EPS by 3c, Revenues Miss
- S&P, Dow futures edge higher ahead of inflation data
- U.S. Calls for Pause of J&J (JNJ) Vaccine After Clotting Cases, Including One Death
- Biggest SPAC Deal Ever: Grab To Go Public in a $40 Billion Merger With Altimeter (AGC), Backed by Fidelity and BlackRock
- Oil prices tick up after robust China data
- Bitcoin (BTC) Price Soars 5% to Fresh Record Highs Ahead of Coinbase IPO
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Carpenter Technology (NYSE: CRS) reported Q2 EPS of ($0.61), $0.03 better than the analyst estimate of ($0.64). Revenue for the quarter came in at $348.8 million versus the consensus estimate of $362.79 million.
- Generated $84 million of operating cash flow; free cash flow of $51 million
- Total liquidity of $665 million including $271 million of cash on hand
“Our second quarter results reflect our continued emphasis on driving cash flow generation as we ended the second quarter with $665 million in total liquidity including $271 million in cash,” said Tony R. Thene, President and CEO of Carpenter Technology. “Over the last nine months, we have generated $214 million in free cash flow. We also moved quickly to implement targeted cost reduction initiatives and portfolio realignments that are delivering significant costs savings. We believe the combination of these strategic actions gives us increased flexibility and places us on solid ground to capitalize on demand patterns as market conditions normalize.”
“During the pandemic, we continued to strengthen our customer relationships. To that end, in the Aerospace and Defense end-use market, we have recently secured multiple, beneficial long-term contracts with key customers which further demonstrates the future outlook is strong. We are also well positioned to benefit from a recovery in the Medical end-use market as the supply chain gains confidence to meet pent up demand for elective procedures. Overall, we believe end-use market conditions will gradually improve during the second half of fiscal year 2021 and are working hard to capitalize on the recovery.”
“Our core business is built upon over 130 years of advanced material development, production and expertise. We remain a critical supply chain partner today and have made strategic investments to build upon that position in the years to come. The addition of our hot strip mill will significantly strengthen our soft magnetic capabilities at a time when electrification is helping to shape the long-term profile of many of our end-use markets. We also have built an additive manufacturing platform focused on powder lifecycle management. These investments are a strategic extension of our core business and consistent with our mandate to deliver increasing value to our customers and our stakeholders.”
For earnings history and earnings-related data on Carpenter Technology (CRS) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Organigram Holdings (OGI) Reports Q2 Net Revenues of $14.643M
- Lithia Motors (LAD) Adds $2.4 Billion in Annualized Revenue with Addition of The Suburban Collection, a Major Platform in Key North Central Region
- Trane, Inc. (TT) Launches Air Purification System for Public Buses: 98% Effective in Deactivating Surrogate for Virus That Causes COVID-19
Create E-mail Alert Related CategoriesCorporate News, Earnings, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!