Carpenter Technology Corporation (NYSE: CRS) announced that its board of directors has authorized a new share repurchase program of up to $1.0 billion of the company's outstanding common stock, according to a press release dated Aug. 12, 2026.

The new authorization follows the completion of the company's previous $400 million repurchase program. Carpenter Technology repurchased the remaining $119.0 million of shares available under that prior program in August 2026.

Repurchases under the new program may be made through open market purchases, privately negotiated transactions, accelerated share repurchase programs, or other methods, subject to market conditions and applicable legal requirements. The authorization does not obligate the company to acquire any specific number of shares and may be modified, suspended, or terminated at any time. The company expects to fund repurchases through cash generated from operations and available liquidity.

Tony R. Thene, Chairman, President and Chief Executive Officer, said the company "effectively exhausted the previous authorization based on our conviction in Carpenter Technology's long-term value creation opportunity." He added that the company expects its fiscal year 2027 outlook to represent "significant growth" over fiscal year 2026 performance, and that a brownfield capacity expansion project is expected to come online beginning in fiscal year 2028.

Carpenter Technology is a Philadelphia-based manufacturer of specialty alloy materials serving aerospace, defense, medical, transportation, energy, and industrial markets.