Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today
announced financial results for the fiscal first quarter ended
September 30, 2022. For the quarter, the Company reported a
net loss of $6.9 million, or $0.14 loss per diluted share.
“Demand in each of our end-use markets remains strong, with our
backlog up 10 percent sequentially and 155 percent year-over-year,”
said Tony R. Thene, President and CEO of Carpenter Technology. “The
demand is led by the Aerospace and Defense end-use market as the
entire aerospace industry supply chain ramps to meet current OEM
build rates. Our Aerospace and Defense end-use market backlog has
increased 190 percent compared to the same quarter of last
year.”
“From a segment perspective, the Specialty Alloy Operations
(“SAO”) segment finished the first quarter of fiscal year 2023 at
the upper end of our expected range, driven by the aerospace growth
and continued improvement in our operations. The Performance
Engineered Products (“PEP”) segment came in slightly below our
expectations due to delayed shipments caused by Hurricane Ian at
our Dynamet facility in Florida.”
“Looking ahead, as we have stated before, we expect to deliver
operating income at fiscal year 2019 run rate by the fourth quarter
of fiscal year 2023. We remain confident as we continue to see
strength across our end-use markets with order entry activity
driving backlog growth, and with continued improvement in our
operations enabling incremental net sales improvements as we make
our way through the balance of fiscal year 2023.”
Financial Highlights
| |
|
Q1 |
|
Q1 |
|
Q4 |
| ($ in
millions except per share amounts) |
|
FY2023 |
|
FY2022 |
|
FY2022 |
|
Net sales |
|
$ |
522.9 |
|
|
$ |
387.6 |
|
|
$ |
563.8 |
| Net sales excluding surcharge
(a) |
|
$ |
375.7 |
|
|
$ |
312.9 |
|
|
$ |
403.2 |
| Operating income (loss) |
|
$ |
8.3 |
|
|
$ |
(19.1 |
) |
|
$ |
24.6 |
| Adjusted operating income
(loss) excluding special items (a) |
|
$ |
8.3 |
|
|
$ |
(17.5 |
) |
|
$ |
14.9 |
| Net (loss) income |
|
$ |
(6.9 |
) |
|
$ |
(14.8 |
) |
|
$ |
2.6 |
| (Loss) earnings per share |
|
$ |
(0.14 |
) |
|
$ |
(0.31 |
) |
|
$ |
0.05 |
| Adjusted (loss) earnings per
share (a) |
|
$ |
(0.14 |
) |
|
$ |
(0.28 |
) |
|
$ |
0.00 |
| Net cash (used for) provided
from operating activities |
|
$ |
(78.0 |
) |
|
$ |
(47.0 |
) |
|
$ |
106.9 |
| Free cash flow (a) |
|
$ |
(101.3 |
) |
|
$ |
(71.2 |
) |
|
$ |
64.6 |
| |
|
|
|
|
|
|
| (a) Non-GAAP
financial measures explained in the attached tables |
Net sales for the first quarter of fiscal year 2023 were $522.9
million, compared with $387.6 million in the first quarter of
fiscal year 2022, an increase of $135.3 million (or 35 percent), on
a 3 percent increase in shipment volume. Net sales excluding
surcharge were $375.7 million, an increase of $62.8 million (or 20
percent) from the same period a year ago. The year-over-year
increase reflects increasing demand combined with an improving
product mix and favorable pricing.
Operating income was $8.3 million compared to operating loss of
$19.1 million in the prior year period. Earnings per share in the
first quarter of fiscal year 2023 was a loss of $0.14 compared to
loss of $0.31 in the prior year first quarter. The improvement in
operating income and earnings per share is primarily the result of
increased sales as activity levels continued to ramp to meet
improving market conditions in key end-use markets compared to the
prior year period.
Cash used for operating activities in the first quarter of
fiscal year 2023 was $78.0 million compared to $47.0 million in the
same quarter last year. Free cash flow in the first quarter of
fiscal year 2023 was negative $101.3 million, compared to negative
$71.2 million in the same quarter last year. The decrease in
operating cash flow and free cash flow is from higher inventory to
meet growing demand partially offset by improved earnings in the
current year quarter compared to the prior year period. Capital
expenditures in the first quarter of fiscal year 2023 were $13.5
million, compared to $14.4 million in the same quarter last
year.
Total liquidity, including cash and available borrowing under
the Company’s credit facility, was $350.8 million at the end of the
first quarter of fiscal year 2023. This consisted of $52.6 million
of cash and $298.2 million of available borrowing under the
Company’s credit facility.
Conference Call and Webcast Presentation
Carpenter Technology will host a conference call and webcast
presentation today, October 27, 2022, at 10:00 a.m. ET, to discuss
the financial results of operations for the first quarter of fiscal
year 2023. 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, 2022, 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 ability to execute our
business continuity, operational, budget and fiscal plans in light
of the COVID-19 pandemic; and (20) 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. We caution you not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release or as of the dates otherwise indicated in such
forward-looking statements. 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, |
|
|
|
|
2022 |
|
|
|
2021 |
|
| |
|
|
|
|
| NET SALES |
|
$ |
522.9 |
|
|
$ |
387.6 |
|
| Cost of sales |
|
|
468.1 |
|
|
|
362.4 |
|
| Gross profit |
|
|
54.8 |
|
|
|
25.2 |
|
| |
|
|
|
|
| Selling, general and
administrative expenses |
|
|
46.5 |
|
|
|
44.3 |
|
| Operating income (loss) |
|
|
8.3 |
|
|
|
(19.1 |
) |
| |
|
|
|
|
| Interest expense, net |
|
|
12.6 |
|
|
|
10.2 |
|
| Other expense (income),
net |
|
|
3.5 |
|
|
|
(4.1 |
) |
| |
|
|
|
|
| Loss before income taxes |
|
|
(7.8 |
) |
|
|
(25.2 |
) |
| Income tax benefit |
|
|
(0.9 |
) |
|
|
(10.4 |
) |
| |
|
|
|
|
| NET LOSS |
|
$ |
(6.9 |
) |
|
$ |
(14.8 |
) |
| |
|
|
|
|
| LOSS PER COMMON SHARE: |
|
|
|
|
| Basic |
|
$ |
(0.14 |
) |
|
$ |
(0.31 |
) |
| Diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.31 |
) |
| |
|
|
|
|
| WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
|
| Basic |
|
|
48.7 |
|
|
|
48.5 |
|
| Diluted |
|
|
48.7 |
|
|
|
48.5 |
|
PRELIMINARYCONSOLIDATED
STATEMENTS OF CASH FLOWS(in millions)(Unaudited)
| |
|
Three Months Ended |
| |
|
September 30, |
|
|
|
|
2022 |
|
|
|
2021 |
|
|
OPERATING ACTIVITIES |
|
|
|
|
|
Net loss |
|
$ |
(6.9 |
) |
|
$ |
(14.8 |
) |
|
Adjustments to reconcile net loss to net cash used for operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
32.3 |
|
|
|
32.5 |
|
|
Deferred income taxes |
|
|
(2.2 |
) |
|
|
(8.0 |
) |
|
Net pension expense (income) |
|
|
5.0 |
|
|
|
(1.8 |
) |
|
Share-based compensation expense |
|
|
3.6 |
|
|
|
2.8 |
|
|
Net loss on disposals of property, plant and equipment |
|
|
0.3 |
|
|
|
— |
|
|
Changes in working capital and other: |
|
|
|
|
|
Accounts receivable |
|
|
(12.1 |
) |
|
|
(3.8 |
) |
|
Inventories |
|
|
(121.2 |
) |
|
|
(66.5 |
) |
|
Other current assets |
|
|
(11.5 |
) |
|
|
(13.2 |
) |
|
Accounts payable |
|
|
46.7 |
|
|
|
69.3 |
|
|
Accrued liabilities |
|
|
(11.9 |
) |
|
|
(41.7 |
) |
|
Pension plan contributions |
|
|
— |
|
|
|
(0.2 |
) |
|
Other postretirement plan contributions |
|
|
(0.3 |
) |
|
|
(0.7 |
) |
|
Other, net |
|
|
0.2 |
|
|
|
(0.9 |
) |
|
Net cash used for operating activities |
|
|
(78.0 |
) |
|
|
(47.0 |
) |
| INVESTING ACTIVITIES |
|
|
|
|
|
Purchases of property, plant, equipment and software |
|
|
(13.5 |
) |
|
|
(14.4 |
) |
|
Net cash used for investing activities |
|
|
(13.5 |
) |
|
|
(14.4 |
) |
| FINANCING ACTIVITIES |
|
|
|
|
|
Dividends paid |
|
|
(9.8 |
) |
|
|
(9.8 |
) |
|
Withholding tax payments on share-based compensation awards |
|
|
(3.2 |
) |
|
|
(3.0 |
) |
|
Net cash used for financing activities |
|
|
(13.0 |
) |
|
|
(12.8 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
2.9 |
|
|
|
— |
|
| DECREASE IN CASH AND CASH
EQUIVALENTS |
|
|
(101.6 |
) |
|
|
(74.2 |
) |
| Cash and cash equivalents at
beginning of year |
|
|
154.2 |
|
|
|
287.4 |
|
| Cash and cash equivalents at
end of period |
|
$ |
52.6 |
|
|
$ |
213.2 |
|
PRELIMINARYCONSOLIDATED
BALANCE SHEETS(in millions)(Unaudited)
| |
|
September 30, |
|
June 30, |
|
|
|
|
2022 |
|
|
|
2022 |
|
| ASSETS |
|
|
|
|
| Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
52.6 |
|
|
$ |
154.2 |
|
|
Accounts receivable, net |
|
|
390.2 |
|
|
|
382.3 |
|
|
Inventories |
|
|
616.1 |
|
|
|
496.1 |
|
|
Other current assets |
|
|
92.6 |
|
|
|
86.8 |
|
|
Total current assets |
|
|
1,151.5 |
|
|
|
1,119.4 |
|
| Property, plant and equipment,
net |
|
|
1,402.0 |
|
|
|
1,420.8 |
|
| Goodwill |
|
|
241.4 |
|
|
|
241.4 |
|
| Other intangibles, net |
|
|
32.8 |
|
|
|
35.2 |
|
| Deferred income taxes |
|
|
5.1 |
|
|
|
5.7 |
|
| Other assets |
|
|
107.1 |
|
|
|
109.8 |
|
|
Total assets |
|
$ |
2,939.9 |
|
|
$ |
2,932.3 |
|
| |
|
|
|
|
| LIABILITIES |
|
|
|
|
| Current liabilities: |
|
|
|
|
|
Accounts payable |
|
|
288.0 |
|
|
|
242.1 |
|
|
Accrued liabilities |
|
|
122.9 |
|
|
|
133.5 |
|
|
Total current liabilities |
|
|
410.9 |
|
|
|
375.6 |
|
| Long-term debt |
|
|
692.1 |
|
|
|
691.8 |
|
| Accrued pension
liabilities |
|
|
198.0 |
|
|
|
196.6 |
|
| Accrued postretirement
benefits |
|
|
78.3 |
|
|
|
77.4 |
|
| Deferred income taxes |
|
|
158.3 |
|
|
|
162.4 |
|
| Other liabilities |
|
|
95.5 |
|
|
|
98.0 |
|
|
Total liabilities |
|
|
1,633.1 |
|
|
|
1,601.8 |
|
| STOCKHOLDERS' EQUITY |
|
|
|
|
| Common stock |
|
|
280.1 |
|
|
|
280.1 |
|
| Capital in excess of par
value |
|
|
314.3 |
|
|
|
320.3 |
|
| Reinvested earnings |
|
|
1,194.3 |
|
|
|
1,211.0 |
|
| Common stock in treasury, at
cost |
|
|
(300.8 |
) |
|
|
(307.4 |
) |
| Accumulated other
comprehensive loss |
|
|
(181.1 |
) |
|
|
(173.5 |
) |
|
Total stockholders' equity |
|
|
1,306.8 |
|
|
|
1,330.5 |
|
|
Total liabilities and stockholders' equity |
|
$ |
2,939.9 |
|
|
$ |
2,932.3 |
|
PRELIMINARYSEGMENT
FINANCIAL DATA(in millions, except pounds
sold)(Unaudited)
| |
Three Months Ended |
| |
September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
| Pounds sold (000): |
|
|
|
|
Specialty Alloys Operations |
|
44,562 |
|
|
|
43,008 |
|
|
Performance Engineered Products |
|
2,326 |
|
|
|
2,372 |
|
|
Intersegment |
|
(1,998 |
) |
|
|
(1,852 |
) |
|
Consolidated pounds sold |
|
44,890 |
|
|
|
43,528 |
|
| |
|
|
|
| Net sales: |
|
|
|
|
Specialty Alloys Operations |
|
|
|
|
Net sales excluding surcharge |
$ |
305.7 |
|
|
$ |
258.2 |
|
|
Surcharge |
|
141.6 |
|
|
|
73.7 |
|
|
Specialty Alloys Operations net sales |
|
447.3 |
|
|
|
331.9 |
|
| |
|
|
|
|
Performance Engineered Products |
|
|
|
|
Net sales excluding surcharge |
|
87.7 |
|
|
|
73.6 |
|
|
Surcharge |
|
5.5 |
|
|
|
1.0 |
|
|
Performance Engineered Products net sales |
|
93.2 |
|
|
|
74.6 |
|
| |
|
|
|
|
Intersegment |
|
|
|
|
Net sales excluding surcharge |
|
(17.7 |
) |
|
|
(18.9 |
) |
|
Surcharge |
|
0.1 |
|
|
|
— |
|
|
Intersegment net sales |
|
(17.6 |
) |
|
|
(18.9 |
) |
| |
|
|
|
|
Consolidated net sales |
$ |
522.9 |
|
|
$ |
387.6 |
|
| |
|
|
|
| Operating income (loss): |
|
|
|
|
Specialty Alloys Operations |
$ |
19.9 |
|
|
$ |
(5.9 |
) |
|
Performance Engineered Products |
|
6.3 |
|
|
|
0.6 |
|
|
Corporate |
|
(17.1 |
) |
|
|
(14.2 |
) |
|
Intersegment |
|
(0.8 |
) |
|
|
0.4 |
|
|
Consolidated operating income (loss) |
$ |
8.3 |
|
|
$ |
(19.1 |
) |
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 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 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 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 expense (income), 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
ITEM |
|
|
2022 |
|
|
|
2021 |
|
| |
|
|
|
|
| Net sales |
|
$ |
522.9 |
|
|
$ |
387.6 |
|
| Less: surcharge revenue |
|
|
147.2 |
|
|
|
74.7 |
|
| Net sales excluding surcharge
revenue |
|
$ |
375.7 |
|
|
$ |
312.9 |
|
| |
|
|
|
|
| Operating income (loss) |
|
$ |
8.3 |
|
|
$ |
(19.1 |
) |
| Special item: |
|
|
|
|
| COVID-19 costs |
|
|
— |
|
|
|
1.6 |
|
| Adjusted operating income
(loss) |
|
$ |
8.3 |
|
|
$ |
(17.5 |
) |
| |
|
|
|
|
| Operating margin |
|
|
1.6 |
% |
|
(4.9 |
)% |
| |
|
|
|
|
| Adjusted operating margin
excluding surcharge revenue and special item |
|
|
2.2 |
% |
|
(5.6 |
)% |
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 BeforeIncome Taxes |
|
Income TaxBenefit |
|
Net Loss |
|
Loss PerDiluted Share* |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022, as reported |
|
$ |
(7.8 |
) |
|
$ |
0.9 |
|
$ |
(6.9 |
) |
|
$ |
(0.14 |
) |
| |
|
|
|
|
|
|
|
|
| Special item: |
|
|
|
|
|
|
|
|
|
None reported |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Three Months Ended September
30, 2022, as adjusted |
|
$ |
(7.8 |
) |
|
$ |
0.9 |
|
$ |
(6.9 |
) |
|
$ |
(0.14 |
) |
| |
|
|
|
|
|
|
|
|
| * Impact per
diluted share calculated using weighted average common shares
outstanding of 48.7 million for the three months ended
September 30, 2022. |
|
ADJUSTED LOSS PER SHARE EXCLUDING SPECIAL ITEM |
|
Loss BeforeIncome Taxes |
|
Income TaxBenefit |
|
Net Loss |
|
Loss PerDiluted 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. |
Management believes that loss per share adjusted to exclude the
impact of 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 |
|
|
2022 |
|
|
|
2021 |
|
| Net
cash used for operating activities |
|
$ |
(78.0 |
) |
|
$ |
(47.0 |
) |
|
Purchases of property, plant, equipment and software |
|
|
(13.5 |
) |
|
|
(14.4 |
) |
|
Dividends paid |
|
|
(9.8 |
) |
|
|
(9.8 |
) |
|
|
|
|
|
|
| Free
cash flow |
|
$ |
(101.3 |
) |
|
$ |
(71.2 |
) |
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 |
|
|
2022 |
|
|
2021 |
| End-Use Market Excluding
Surcharge Revenue: |
|
|
|
|
|
Aerospace and Defense |
|
$ |
183.5 |
|
$ |
134.9 |
|
Medical |
|
|
49.8 |
|
|
37.1 |
|
Transportation |
|
|
23.7 |
|
|
31.4 |
|
Energy |
|
|
18.3 |
|
|
16.2 |
|
Industrial and Consumer |
|
|
68.4 |
|
|
66.3 |
|
Distribution |
|
|
32.0 |
|
|
27.0 |
| |
|
|
|
|
| Total net sales excluding
surcharge revenue |
|
|
375.7 |
|
|
312.9 |
| |
|
|
|
|
| Surcharge revenue |
|
|
147.2 |
|
|
74.7 |
| |
|
|
|
|
| Total net sales |
|
$ |
522.9 |
|
$ |
387.6 |
|
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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