Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today
announced financial results for the fiscal first quarter ended
September 30, 2021. For the quarter, the Company reported a net
loss of $14.8 million, or $0.31 loss per diluted share. Excluding
the special item, adjusted loss per diluted share was $0.28 for the
quarter.
“Demand patterns across our end-use markets continue to improve
as our backlog finished up 25 percent sequentially and 49 percent
year-over-year,” said Tony R. Thene, President and CEO of Carpenter
Technology. “We continue to see signs of a broad-based recovery
taking hold across the Aerospace supply chain with an acceleration
of demand conditions expected in calendar year 2022.”
“Our Performance Engineered Products segment finished ahead of
our expectations driven primarily by strong demand for our titanium
fasteners in the Aerospace and Defense end-use market. Within the
Specialty Alloys Operations segment, our performance was impacted
by short-term operational delays including COVID-19 isolations at
key work centers, supply chain disruptions across the world and
hiring challenges in a difficult labor environment. The operational
delays resulted in a temporary build in inventory during the
current quarter, which negatively impacted our cash flow.”
“Looking ahead, we plan to continue navigating near-term
challenges and partnering with our customers during the recovery.
We are well positioned for growth in our core business with a
strong financial position, including $508 million in total
liquidity, and a positive long-term outlook for our end-use
markets. Our soft magnetics and additive manufacturing capabilities
provide additional opportunities for long-term growth and to
deliver increasing returns to our shareholders.”
Financial Highlights
($ in millions except per share
amounts) |
Q1 |
|
Q1 |
|
Q4 |
|
FY2022 |
|
FY2021 |
|
FY2021 |
Net Sales |
$ |
387.6 |
|
|
$ |
353.3 |
|
|
$ |
421.6 |
|
Net Sales Excluding Surcharge
(a) |
$ |
312.9 |
|
|
$ |
307.2 |
|
|
$ |
348.1 |
|
Operating Loss |
$ |
(19.1 |
) |
|
$ |
(48.8 |
) |
|
$ |
(70.7 |
) |
Adjusted Operating Loss Excluding
Special Items (a) |
$ |
(17.5 |
) |
|
$ |
(30.9 |
) |
|
$ |
(12.5 |
) |
Net Loss |
$ |
(14.8 |
) |
|
$ |
(47.1 |
) |
|
$ |
(57.1 |
) |
Loss per Share |
$ |
(0.31 |
) |
|
$ |
(0.98 |
) |
|
$ |
(1.18 |
) |
Adjusted Loss Per Share (a) |
$ |
(0.28 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.28 |
) |
Cash (Used For) Provided from
Operating Activities |
$ |
(47.0 |
) |
|
$ |
88.0 |
|
|
$ |
74.5 |
|
Free Cash Flow (a) |
$ |
(71.2 |
) |
|
$ |
62.6 |
|
|
$ |
42.6 |
|
(a) Non-GAAP financial measures explained in the
attached tables
Net sales for the first quarter of fiscal year 2022 were $387.6
million compared with $353.3 million in the first quarter of fiscal
year 2021, an increase of $34.3 million (9.7 percent), on 2 percent
lower volume. Net sales excluding surcharge were $312.9 million, an
increase of $5.7 million (1.9 percent) from the same period a year
ago.
Operating loss was $19.1 million compared to operating loss of
$48.8 million in the prior year period. Adjusted operating loss
excluding special items was $17.5 million in the recent first
quarter compared to an adjusted operating loss of $30.9 million a
year ago. The year-over-year improvement in operating performance
is largely due to higher sales in the current quarter while the
first quarter of last year included negative profitability impacts
of lower activity levels and targeted inventory reductions.
The special item excluded from adjusted operating loss in the
current quarter totaled $1.6 million. The special item in the
current quarter represents COVID-19 costs consisting of direct
incremental operating costs including outside services to execute
enhanced cleaning protocols, additional personal protective
equipment, isolation pay for production employees potentially
exposed to COVID-19 and various operating supplies necessary to
maintain the operations while keeping employees safe against
possible exposure in the Company’s facilities. Special items in the
prior year period included COVID-19 related costs as well as
restructuring and asset impairment charges.
Cash used for operating activities in the first quarter of
fiscal year 2022 was $47.0 million, compared to cash provided from
operating activities of $88.0 million in the same quarter last
year. Negative free cash flow in the first quarter of fiscal year
2022 was $71.2 million, compared to positive free cash flow of
$62.6 million in the same quarter last year. The decrease in
operating cash flow primarily reflects an increase in inventory
following targeted reductions last fiscal year. Inventories during
the recent quarter rose as operational activity levels increased to
address improving demand as well as the impacts of operational
delays associated with COVID-19 isolations at key work centers and
labor shortages.
Total liquidity, including cash and available credit facility
borrowings, was $507.8 million at the end of the first quarter of
fiscal year 2022. This consisted of $213.2 million of cash and
$294.6 million of available borrowings under the Company’s credit
facility.
Conference Call and Webcast Presentation
Carpenter Technology will host a conference call and webcast
presentation today, October 28th at 10:00 a.m. ET, to discuss the
financial results of operations for the first quarter of fiscal
year 2022. Please dial +1 412-317-9259 for access to the live
conference call. Access to the live webcast will be available at
Carpenter Technology’s website
(http://www.carpentertechnology.com), and a replay will soon be
made available at http://www.carpentertechnology.com. Presentation
materials used during this conference call will be available for
viewing and download at http://www.carpentertechnology.com.
Non-GAAP Financial Measures
This press release includes discussions of financial measures
that have not been determined in accordance with U.S. Generally
Accepted Accounting Principles (GAAP). A reconciliation of the
non-GAAP financial measures to their most directly comparable
financial measures prepared in accordance with GAAP, accompanied by
reasons why the Company believes the non-GAAP measures are
important, are included in the attached schedules.
About Carpenter Technology
Carpenter Technology Corporation is a recognized leader in
high-performance specialty alloy-based materials and process
solutions for critical applications in the aerospace, defense,
medical, transportation, energy, industrial and consumer
electronics markets. Founded in 1889, Carpenter Technology 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 Technology has expanded its AM
capabilities to provide a complete “end-to-end” solution to
accelerate materials innovation and streamline parts production.
More information about Carpenter Technology can be found
at www.carpentertechnology.com.
Forward-Looking Statements
This press release 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 Technology’s filings with the Securities
and Exchange Commission, including its report on Form 10-K for the
year ended June 30, 2021, 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, medical, transportation, energy, industrial and
consumer, or other influences on Carpenter Technology’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 Technology 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 Technology’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 Technology, 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 Technology’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; (15) fluctuations in oil and gas prices and production;
(16) uncertainty regarding the return to service of the Boeing 737
MAX aircraft and the related supply chain disruption; (17)
potential impacts of the COVID-19 pandemic on our operations,
financial results and financial position; (18) our efforts and
efforts by governmental authorities to mitigate the COVID-19
pandemic, such as travel bans, shelter in place orders and business
closures, and the related impact on resource allocations and
manufacturing and supply chains; (19) our status as a “critical”,
“essential” or “life-sustaining” business in light of COVID-19
business closure laws, orders and guidance being challenged by a
governmental body or other applicable authority; (20) our ability
to execute our business continuity, operational, budget and fiscal
plans in light of the COVID-19 pandemic; and (21) our ability to
successfully carry out restructuring and business exit activities
on the expected terms and timelines. Any of these factors could
have an adverse and/or fluctuating effect on Carpenter Technology’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 Technology undertakes no
obligation to update or revise any forward-looking statements.
PRELIMINARYCONSOLIDATED
STATEMENTS OF OPERATIONS(in millions, except per share
data)(Unaudited)
|
Three Months Ended |
|
September 30, |
|
2021 |
|
2020 |
|
|
|
|
NET SALES |
$ |
387.6 |
|
|
$ |
353.3 |
|
Cost of sales |
362.4 |
|
|
349.8 |
|
Gross profit |
25.2 |
|
|
3.5 |
|
|
|
|
|
Selling, general and
administrative expenses |
44.3 |
|
|
42.3 |
|
Restructuring and asset
impairment charges |
— |
|
|
10.0 |
|
Operating loss |
(19.1 |
) |
|
(48.8 |
) |
|
|
|
|
Interest expense, net |
10.2 |
|
|
6.7 |
|
Debt extinguishment losses,
net |
— |
|
|
8.2 |
|
Other (income) expense,
net |
(4.1 |
) |
|
2.3 |
|
|
|
|
|
Loss before income taxes |
(25.2 |
) |
|
(66.0 |
) |
Income tax benefit |
(10.4 |
) |
|
(18.9 |
) |
|
|
|
|
NET LOSS |
$ |
(14.8 |
) |
|
$ |
(47.1 |
) |
|
|
|
|
LOSS PER COMMON SHARE: |
|
|
|
Basic |
$ |
(0.31 |
) |
|
$ |
(0.98 |
) |
Diluted |
$ |
(0.31 |
) |
|
$ |
(0.98 |
) |
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
Basic |
48.5 |
|
|
48.3 |
|
Diluted |
48.5 |
|
|
48.3 |
|
|
|
|
|
PRELIMINARYCONSOLIDATED
STATEMENTS OF CASH FLOWS(in millions)(Unaudited)
|
Three Months Ended |
|
September 30, |
|
2021 |
|
2020 |
OPERATING ACTIVITIES |
|
|
|
Net loss |
$ |
(14.8 |
) |
|
$ |
(47.1 |
) |
Adjustments to reconcile net
loss to net cash (used for) provided from operating
activities: |
|
|
|
Depreciation and amortization |
32.5 |
|
|
30.9 |
|
Non-cash restructuring and asset impairment charges |
— |
|
|
8.7 |
|
Debt extinguishment losses, net |
— |
|
|
8.2 |
|
Deferred income taxes |
(8.0 |
) |
|
(3.9 |
) |
Net pension (income) expense |
(1.8 |
) |
|
4.1 |
|
Share-based compensation expense |
2.8 |
|
|
2.7 |
|
Net loss on disposals of property, plant and equipment |
— |
|
|
0.1 |
|
Changes in working capital and
other: |
|
|
|
Accounts receivable |
(3.8 |
) |
|
42.0 |
|
Inventories |
(66.5 |
) |
|
84.9 |
|
Other current assets |
(13.2 |
) |
|
(23.0 |
) |
Accounts payable |
69.3 |
|
|
(7.4 |
) |
Accrued liabilities |
(41.7 |
) |
|
(8.0 |
) |
Pension plan contributions |
(0.2 |
) |
|
(2.9 |
) |
Other postretirement plan contributions |
(0.7 |
) |
|
(0.6 |
) |
Other, net |
(0.9 |
) |
|
(0.7 |
) |
Net cash (used for) provided from operating activities |
(47.0 |
) |
|
88.0 |
|
INVESTING ACTIVITIES |
|
|
|
Purchases of property, plant,
equipment and software |
(14.4 |
) |
|
(33.3 |
) |
Proceeds from divestiture of
business |
— |
|
|
17.6 |
|
Net cash used for investing activities |
(14.4 |
) |
|
(15.7 |
) |
FINANCING ACTIVITIES |
|
|
|
Net change in short-term
credit agreement borrowings |
— |
|
|
(170.0 |
) |
Proceeds from issuance of
long-term debt, net of offering costs |
— |
|
|
395.5 |
|
Payments on long-term
debt |
— |
|
|
(250.0 |
) |
Payments for debt
extinguishment costs, net |
— |
|
|
(8.2 |
) |
Payments for debt issue
costs |
— |
|
|
(1.1 |
) |
Dividends paid |
(9.8 |
) |
|
(9.7 |
) |
Withholding tax payments on
share-based compensation awards |
(3.0 |
) |
|
(2.2 |
) |
Net cash used for financing activities |
(12.8 |
) |
|
(45.7 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
— |
|
|
(0.8 |
) |
(DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS |
(74.2 |
) |
|
25.8 |
|
Cash and cash equivalents at
beginning of fiscal year |
287.4 |
|
|
193.1 |
|
Cash and cash equivalents at
end of period |
$ |
213.2 |
|
|
$ |
218.9 |
|
PRELIMINARYCONSOLIDATED
BALANCE SHEETS(in millions)(Unaudited)
|
September 30, |
|
June 30, |
|
2021 |
|
2021 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
213.2 |
|
|
$ |
287.4 |
|
Accounts receivable, net |
311.6 |
|
|
308.7 |
|
Inventories |
491.4 |
|
|
425.7 |
|
Other current assets |
110.7 |
|
|
95.6 |
|
Total current assets |
1,126.9 |
|
|
1,117.4 |
|
Property, plant and equipment,
net |
1,440.9 |
|
|
1,457.5 |
|
Goodwill |
241.4 |
|
|
241.4 |
|
Other intangibles, net |
41.1 |
|
|
43.1 |
|
Deferred income taxes |
6.2 |
|
|
5.3 |
|
Other assets |
103.4 |
|
|
106.5 |
|
Total assets |
$ |
2,959.9 |
|
|
$ |
2,971.2 |
|
|
|
|
|
LIABILITIES |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
212.0 |
|
|
$ |
142.4 |
|
Accrued liabilities |
120.4 |
|
|
163.9 |
|
Total current liabilities |
332.4 |
|
|
306.3 |
|
Long-term debt |
694.8 |
|
|
694.5 |
|
Accrued pension
liabilities |
218.1 |
|
|
222.6 |
|
Accrued postretirement
benefits |
98.3 |
|
|
98.6 |
|
Deferred income taxes |
150.5 |
|
|
156.9 |
|
Other liabilities |
98.2 |
|
|
100.0 |
|
Total liabilities |
1,592.3 |
|
|
1,578.9 |
|
STOCKHOLDERS' EQUITY |
|
|
|
Common stock |
280.1 |
|
|
280.1 |
|
Capital in excess of par
value |
316.3 |
|
|
322.6 |
|
Reinvested earnings |
1,274.7 |
|
|
1,299.3 |
|
Common stock in treasury, at
cost |
(311.3 |
) |
|
(317.4 |
) |
Accumulated other
comprehensive loss |
(192.2 |
) |
|
(192.3 |
) |
Total stockholders' equity |
1,367.6 |
|
|
1,392.3 |
|
Total liabilities and stockholders' equity |
$ |
2,959.9 |
|
|
$ |
2,971.2 |
|
PRELIMINARYSEGMENT
FINANCIAL DATA(in millions, except pounds
sold)(Unaudited)
|
Three Months Ended |
|
September 30, |
|
2021 |
|
2020 |
Pounds sold (000): |
|
|
|
Specialty Alloys Operations |
43,008 |
|
|
43,368 |
|
Performance Engineered Products |
2,372 |
|
|
1,466 |
|
Intersegment |
(1,852 |
) |
|
(486 |
) |
Consolidated pounds sold |
43,528 |
|
|
44,348 |
|
|
|
|
|
Net sales: |
|
|
|
Specialty Alloys Operations |
|
|
|
Net sales excluding surcharge |
$ |
258.2 |
|
|
$ |
254.8 |
|
Surcharge |
73.7 |
|
|
45.9 |
|
Specialty Alloys Operations net sales |
331.9 |
|
|
300.7 |
|
|
|
|
|
Performance Engineered Products |
|
|
|
Net sales excluding surcharge |
73.6 |
|
|
61.2 |
|
Surcharge |
1.0 |
|
|
0.6 |
|
Performance Engineered Products net sales |
74.6 |
|
|
61.8 |
|
|
|
|
|
Intersegment |
|
|
|
Net sales excluding surcharge |
(18.9 |
) |
|
(8.8 |
) |
Surcharge |
— |
|
|
(0.4 |
) |
Intersegment net sales |
(18.9 |
) |
|
(9.2 |
) |
|
|
|
|
Consolidated net sales |
$ |
387.6 |
|
|
$ |
353.3 |
|
|
|
|
|
Operating (Loss) Income: |
|
|
|
Specialty Alloys Operations |
$ |
(5.9 |
) |
|
$ |
(18.6 |
) |
Performance Engineered Products |
0.6 |
|
|
(3.6 |
) |
Corporate (including restructuring and asset impairment
charges) |
(14.2 |
) |
|
(26.6 |
) |
Intersegment |
0.4 |
|
|
— |
|
Consolidated operating loss |
$ |
(19.1 |
) |
|
$ |
(48.8 |
) |
The Company has two reportable segments, Specialty Alloys
Operations (“SAO”) and Performance Engineered Products (“PEP”).
The SAO segment is comprised of Carpenter’s major premium alloy
and stainless steel manufacturing operations. This includes
operations performed at mills primarily in Reading and Latrobe,
Pennsylvania and surrounding areas as well as South Carolina and
Alabama.
The PEP segment is comprised of the Company’s differentiated
operations. This segment includes the Dynamet titanium business,
the Carpenter Additive business and the Latrobe and Mexico
distribution businesses. The Amega West business was part of the
PEP segment however the business was divested during the quarter
ended September 30, 2020. The businesses in the PEP segment are
managed with an entrepreneurial structure to promote flexibility
and agility to quickly respond to market dynamics. It is our belief
this model will ultimately drive overall revenue and profit growth.
The pounds sold data above for the PEP segment includes only the
Dynamet and Additive businesses.
Corporate costs are comprised of executive and director
compensation, and other corporate facilities and administrative
expenses not allocated to the segments. Also included are items
that management considers not representative of ongoing operations
and other specifically identified income or expense items.
The service cost component of net pension (income) expense,
which represents the estimated cost of future pension liabilities
earned associated with active employees, is included in the
operating results of the business segments. The residual net
pension (income) expense is comprised of the expected return on
plan assets, interest costs on the projected benefit obligations of
the plans, and amortization of actuarial gains and losses and prior
service costs and is included in other (income) expense, net.
PRELIMINARYNON-GAAP
FINANCIAL MEASURES(in millions, except per share
data)(Unaudited)
|
Three Months Ended |
|
September 30, |
ADJUSTED OPERATING MARGIN
EXCLUDING SURCHARGE REVENUE AND SPECIAL ITEMS |
2021 |
|
2020 |
|
|
|
|
Net sales |
$ |
387.6 |
|
|
$ |
353.3 |
|
Less: surcharge revenue |
74.7 |
|
|
46.1 |
|
Net sales excluding surcharge
revenue |
$ |
312.9 |
|
|
$ |
307.2 |
|
|
|
|
|
Operating loss |
$ |
(19.1 |
) |
|
$ |
(48.8 |
) |
Special items: |
|
|
|
COVID-19 costs |
1.6 |
|
|
7.9 |
|
Restructuring and asset impairment charges |
— |
|
|
10.0 |
|
Operating loss |
$ |
(17.5 |
) |
|
$ |
(30.9 |
) |
|
|
|
|
Operating margin |
|
(4.9 |
)% |
|
|
(13.8 |
)% |
|
|
|
|
Adjusted operating margin
excluding surcharge revenue and special items |
|
(5.6 |
)% |
|
|
(10.1 |
)% |
Management believes that removing the impact of raw material
surcharge from operating margin provides a more consistent basis
for comparing results of operations from period to period, thereby
permitting management to evaluate performance and investors to make
decisions based on the ongoing operations of the Company. In
addition, management believes that excluding the impact of special
items from operating margin is helpful in analyzing the operating
performance of the Company, as these items are not indicative of
ongoing operating performance. Management uses its results
excluding these amounts to evaluate its operating performance and
to discuss its business with investment institutions, the Company’s
board of directors and others.
ADJUSTED LOSS PER SHARE EXCLUDING SPECIAL ITEM |
|
Loss Before Income Taxes |
|
Income Tax Benefit |
|
Net Loss |
|
Loss Per Diluted Share* |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2021, as reported |
|
$ |
(25.2 |
) |
|
$ |
10.4 |
|
|
$ |
(14.8 |
) |
|
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special item: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 costs |
|
|
1.6 |
|
|
|
(0.7 |
) |
|
|
0.9 |
|
|
|
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2021, as adjusted |
|
$ |
(23.6 |
) |
|
$ |
9.7 |
|
|
$ |
(13.9 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Impact per
diluted share calculated using weighted average common shares
outstanding of 48.5 million for the three months ended September
30, 2021. |
|
|
|
ADJUSTED LOSS PER SHARE EXCLUDING SPECIAL ITEMS |
|
Loss Before Income Taxes |
|
Income Tax Benefit |
|
Net Loss |
|
Loss Per Diluted Share* |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2020, as reported |
|
$ |
(66.0 |
) |
|
$ |
18.9 |
|
|
$ |
(47.1 |
) |
|
$ |
(0.98 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COVID-19 costs |
|
|
7.9 |
|
|
|
(2.6 |
) |
|
|
5.3 |
|
|
|
0.11 |
|
Restructuring and asset impairment charges |
|
|
10.0 |
|
|
|
(2.4 |
) |
|
|
7.6 |
|
|
|
0.16 |
|
Debt extinguishment losses, net |
|
|
8.2 |
|
|
|
(2.0 |
) |
|
|
6.2 |
|
|
|
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2020, as adjusted |
|
$ |
(39.9 |
) |
|
$ |
11.9 |
|
|
$ |
(28.0 |
) |
|
$ |
(0.58 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Impact per
diluted share calculated using weighted average common shares
outstanding of 48.3 million for the three months ended September
30, 2020. |
Management believes that loss per share adjusted to exclude the
impact of the special items is helpful in analyzing the operating
performance of the Company, as these items are not indicative of
ongoing operating performance. Management uses its results
excluding these amounts to evaluate its operating performance and
to discuss its business with investment institutions, the Company’s
board of directors and others.
|
Three Months Ended |
|
September 30, |
FREE CASH FLOW |
2021 |
|
2020 |
Net cash (used for) provided from operating activities |
$ |
(47.0 |
) |
|
$ |
88.0 |
|
Purchases of property, plant,
equipment and software |
(14.4 |
) |
|
(33.3 |
) |
Proceeds from divestiture of
business |
— |
|
|
17.6 |
|
Dividends paid |
(9.8 |
) |
|
(9.7 |
) |
|
|
|
|
Free cash flow |
$ |
(71.2 |
) |
|
$ |
62.6 |
|
Management believes that the free cash flow measure provides
useful information to investors regarding the Company's financial
condition because it is a measure of cash generated which
management evaluates for alternative uses.
PRELIMINARYSUPPLEMENTAL
SCHEDULE(in millions)(Unaudited)
|
Three Months Ended |
|
September 30, |
NET SALES BY END-USE
MARKET |
2021 |
|
2020 |
End-Use Market Excluding
Surcharge Revenue: |
|
|
|
Aerospace and Defense |
$ |
134.9 |
|
|
$ |
147.5 |
|
Medical |
37.1 |
|
|
30.0 |
|
Transportation |
31.4 |
|
|
24.5 |
|
Energy |
16.2 |
|
|
21.3 |
|
Industrial and Consumer |
66.3 |
|
|
63.1 |
|
Distribution |
27.0 |
|
|
20.8 |
|
|
|
|
|
Total net sales excluding
surcharge revenue |
312.9 |
|
|
307.2 |
|
|
|
|
|
Surcharge revenue |
74.7 |
|
|
46.1 |
|
|
|
|
|
Total net sales |
$ |
387.6 |
|
|
$ |
353.3 |
|
Media
Inquiries: |
Investor
Inquiries: |
Heather Beardsley |
The Plunkett Group |
+1 610-208-2278 |
Brad Edwards |
hbeardsley@cartech.com |
+1 914-582-4187 |
|
brad@theplunkettgroup.com |
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