Carpenter Technology Reports First Quarter Fiscal 2017 Results
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Carpenter Technology (CRS) Misses Q1 EPS by 32c
October 27, 2016 7:35 AM EDTCarpenter Technology (NYSE: CRS) reported Q1 EPS of ($0.08), $0.32 worse than the analyst estimate of $0.24. Revenue for the quarter came in at $339.8 million versus the consensus estimate of $429.24 million.
Our first quarter results were significantly impacted by lower sales driven primarily by volatility and uncertainty in specific Aerospace end-use sub-markets, the moderating global Transportation end-use market and the ongoing weakness in Energy, said Tony Thene, Carpenter's President and CEO. The industry wide and macro-economic challenges we are facing magnified the impacts of our historical sequential seasonality declines and drove volume lower than we had anticipated.... More
