Carpenter Technology Reports First Quarter Fiscal Year 2021 Results

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Go back to Carpenter Technology Reports First Quarter Fiscal Year 2021 Results

Carpenter Technology (CRS) Misses Q1 EPS by 40c, Revenues Miss

October 22, 2020 8:04 AM EDT

Carpenter Technology (NYSE: CRS) reported Q1 EPS of ($0.98), $0.40 worse than the analyst estimate of ($0.58). Revenue for the quarter came in at $353.3 million versus the consensus estimate of $371 million.

During the first quarter, we further strengthened our liquidity position through solid operating and free cash flow generation, said Tony R. Thene, President and CEO of Carpenter Technology. While our targeted inventory reduction efforts impacted profitability, we believe managing for cash flow in the current environment is prudent and helped us finish the first quarter with over $600 million in total liquidity. As anticipated, our operating... More