This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Carpenter Technology Reports Fourth Quarter Results

** Carpenter issued 8.1 million shares of common stock as part of the Latrobe acquisition. The weighted average impact was 8.1 million and 2.7 million shares for the three months and year ended June 30, 2012, respectively.

Carpenter Technology Corporation (NYSE:CRS) today reported net income attributable to Carpenter of $40.8 million or $0.77 per share for the quarter ended June 30, 2012. Legacy Carpenter earnings, before Latrobe-related income and share dilution, would have been $0.80 per share. The net accretion from Latrobe’s operating results before inventory fair value cost adjustments, offset by a higher share count, contributed $0.08 per share – resulting in adjusted earnings per share before Latrobe inventory fair value cost adjustments of $0.88. During the quarter, the Company had $0.11 per share of Latrobe inventory fair value cost adjustments, resulting in reported earnings of $0.77 per share. Further detail on the Latrobe impacts to earnings is provided in the attached Non-GAAP Financial Schedules.

“We had a very strong finish to an excellent year,” said William A. Wulfsohn, President and Chief Executive Officer. “We exceeded our financial goals. These results were driven by solid execution of our strategies to grow premium product output while improving productivity, mix and pricing. For the year, the legacy Carpenter business saw a 68 percent increase in operating income, excluding pension EID. SAO average profit per pound improved by $0.44 over the course of the year, and we reduced our manufacturing cost per ton for the third straight year. We also shipped 4,500 additional premium tons this year and expect to ship about 4,000 additional premium tons over each of the next two years.

“A highlight of the year was our acquisition of Latrobe Specialty Metals. The integration process is going extremely well, and we are even more excited about the strategic value and synergies from this transaction. As we expected, the acquisition has been immediately accretive to earnings per share, excluding acquisition related costs. We remain confident that we will achieve at least $25 million of net pre-tax synergies by year three.

2 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs