Carpenter Technology (CRS) Misses Q1 EPS by 9c, Revenues Beat

Carpenter Technology (NYSE: CRS) reported Q1 EPS of $0.65, $0.09 worse than the analyst estimate of $0.74. Revenue for the quarter came in at $572.4 million versus the consensus estimate of $559 million.

“Our first quarter results reflect further execution of our commercial strategy and success in capitalizing on strong market conditions partially offset by our annual preventative maintenance shutdowns at certain key work centers,” said Tony Thene, Carpenter’s President and CEO. “While this created a near-term headwind, our solutions focus continues to generate significant customer response as our backlog increased 9% on a sequential basis and 38% compared to last year.”

“Demand patterns are robust and all five of our end-use markets delivered year-over-year revenue growth. In the Aerospace and Defense end-use market, engine activity remains near record levels and we are also generating healthy customer demand in other sub-markets. We also continue to experience strong demand for our titanium solutions in the Medical end-use market as we further implement our solutions-focused approach and broaden our relationships with leading industry OEMs.”

“Looking ahead, we are focused on executing our commercial and manufacturing strategies while also strategically investing in targeted growth areas that will enhance our long-term growth profile. This includes our announced acquisition of LPW Technology Ltd., a leader in advanced metal powders and powder lifecycle management solutions for additive manufacturing, and the investment in our high-value soft magnetics portfolio. These priorities are consistent with our strategic mandate to be a complete solutions provider for our customers and best position Carpenter to deliver increasing long-term value to shareholders.”

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

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