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TheStreet Open House

Carpenter Technology Reports Fourth Quarter Results

Stock quotes in this article: CRS

“Looking forward, we are beginning our new fiscal year with strong momentum. Our business has remained resilient to recent global economic pressures. We are well positioned in growing end markets, and have low exposure to economically sensitive products and market segments, such as flat rolled stainless products. We continue to expand our breadth and market share positions in Aerospace. We have differentiated ourselves, and are benefitting from geographic, product and market share expansion in the Oil & Gas and broader Energy market. And we’ve positioned ourselves for growth in higher value, differentiated products in other segments like Industrial and Transportation, as you’ve seen in our results. Finally, our business model and pricing mechanisms help minimize the impact of raw material price fluctuations on our earnings.

“Our order backlog remains strong, and we are moving forward to add capacity to support our customers’ demand. Along with our actions to increase near term capacity in Reading and Latrobe by roughly 4,000 premium tons over each of the next two years, we are expanding our Dynamet Titanium wire capacity. In addition, we have started construction of our new $500 million state of the art premium products facility in Alabama. When completed in April, 2014, this facility will provide the capacity needed to support industry demand through the remainder of the decade and enable Carpenter to significantly reduce lead times. All of these actions support our customers’ growth needs and will have a positive impact on the size, scope and profitability of our business for years to come.”

Fourth Quarter Results

Financial highlights for the fourth quarter of fiscal year 2012 include:

           
(in millions, except per share amounts

& pounds sold)

 

4Q

FY 2012

4Q

FY 2011

FY 2012

FY 2011

Net Sales   $643.7   $483.6   $2,028.7   $1,675.1  
Net Sales Excluding Surcharge (a)   $506.7   $352.4   $1,569.6   $1,231.1  
Operating Income Excluding Pension Earnings, Interest and Deferrals (a)   $70.8   $43.8   $225.4   $131.6  
Acquisition Related Costs (from transaction)   -   $2.4   $11.7   $ 3.1  
Operating Income Excluding Pension Earnings, Interest and Deferrals and Acquisition Related Costs (from transaction) (a)   $70.8   $46.2   $237.1   $134.7  
Net Income Attributable to Carpenter   $40.8   $25.5   $121.2   $71.0  
Diluted Earnings per Share   $0.77   $0.57   $2.53   $1.59  
Net Pension Expense per Diluted Share (a)   ($0.14 ) ($0.21 ) ($0.55 ) ($0.84 )
Free Cash Flow (a)   $37.1   $61.5   ($58.8 ) ($88.9 )
Pounds Sold (000)   76,028   58,052   235,532   216,834  

(a) non-GAAP financial measure that is explained in the attached tables

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