Carpenter Technology Increases Quarterly Cash Dividend
August 15 2018 - 4:15PM
Carpenter Technology Corporation (NYSE:CRS)
(the “Company”) today announced that its Board of Directors, at its
regular meeting, authorized an 11% increase in its quarterly cash
dividend to $0.20 per common share, representing a $0.02
increase. The annual dividend rate has accordingly been
increased to $0.80 per share from $0.72.
“Representing our first increase since 2008, this increase
reflects our confidence in our long-term growth potential, as well
as our strong financial position and stable free cash generation,”
said Tony Thene, Carpenter’s President and CEO. “Our increased
dividend payout is consistent with our balanced capital allocation
approach as we look to rapidly invest in target growth areas like
additive manufacturing and soft magnetics while also delivering
direct returns to our shareholders. In addition, this further
strengthens our long-standing commitment to providing direct
returns to our shareholders as fiscal 2019 marks our 112th straight
year of uninterrupted dividend payments.”
The quarterly cash dividend is payable September 6, 2018, to
shareholders of record on August 28, 2018. The ex-dividend date
(the date the common stock trades without the dividend) is August
27, 2018.
About Carpenter Technology
Carpenter Technology Corporation (NYSE:CRS) is a recognized
leader in high-performance specialty alloy-based materials and
process solutions for critical applications in the aerospace,
defense, transportation, energy, medical, industrial, and consumer
electronics markets. Founded in 1889, Carpenter has evolved to
become a pioneer in premium specialty alloys, including titanium,
nickel, and cobalt, as well as alloys specifically engineered for
additive manufacturing (AM) processes and soft magnetics
applications. Carpenter has expanded its AM capabilities to provide
a complete “end-to-end” solution to accelerate materials innovation
and streamline parts production. www.cartech.com.
Forward-Looking Statements
This presentation contains forward-looking statements within the
meaning of the Private Securities Litigation Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ from those projected,
anticipated or implied. The most significant of these uncertainties
are described in Carpenter’s filings with the Securities and
Exchange Commission, including its report on Form 10-K for the year
ended June 30, 2018, and the exhibits attached to that filing. They
include but are not limited to: (1) the cyclical nature of the
specialty materials business and certain end-use markets, including
aerospace, defense, industrial, transportation, consumer, medical,
and energy, or other influences on Carpenter’s business such as new
competitors, the consolidation of competitors, customers, and
suppliers or the transfer of manufacturing capacity from the United
States to foreign countries; (2) the ability of Carpenter to
achieve cash generation, growth, earnings, profitability, operating
income, cost savings and reductions, qualifications, productivity
improvements or process changes; (3) the ability to recoup
increases in the cost of energy, raw materials, freight or other
factors; (4) domestic and foreign excess manufacturing capacity for
certain metals; (5) fluctuations in currency exchange rates; (6)
the effect of government trade actions; (7) the valuation of the
assets and liabilities in Carpenter’s pension trusts and the
accounting for pension plans; (8) possible labor disputes or work
stoppages; (9) the potential that our customers may substitute
alternate materials or adopt different manufacturing practices that
replace or limit the suitability of our products; (10) the ability
to successfully acquire and integrate acquisitions; (11) the
availability of credit facilities to Carpenter, its customers or
other members of the supply chain; (12) the ability to obtain
energy or raw materials, especially from suppliers located in
countries that may be subject to unstable political or economic
conditions; (13) Carpenter’s manufacturing processes are dependent
upon highly specialized equipment located primarily in facilities
in Reading and Latrobe, Pennsylvania and Athens, Alabama for which
there may be limited alternatives if there are significant
equipment failures or a catastrophic event; (14) the ability to
hire and retain key personnel, including members of the executive
management team, management, metallurgists and other skilled
personnel; and (15) fluctuations in oil and gas prices and
production. Any of these factors could have an adverse and/or
fluctuating effect on Carpenter’s results of operations. The
forward-looking statements in this document are intended to be
subject to the safe harbor protection provided by Section 27A of
the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended.
Carpenter undertakes no obligation to update or revise any
forward-looking statements.
Media Inquiries:William J. Rudolph, Jr.+1
610-208-3892wrudolph@cartech.com
Investor Inquiries:Brad EdwardsThe Plunkett Group+1
212-739-6740brad@theplunkettgroup.com
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