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Carpenter Technology Corporation (NYSE:CRS) today reported net income of $33.0 million or $0.62 per diluted share for the quarter ended December 31, 2012, which was up from $23.6 million or $0.52 per share in the prior year second quarter.
“We are continuing to see strong end market demand for our Premium and Ultra-Premium products, improving overall product mix, and delivering higher than expected Latrobe synergies,” said William A. Wulfsohn, President and Chief Executive Officer. “At the same time, we see weaker demand for lower value mill product lines and destocking in the titanium medical supply chain. We currently expect a full year operating income improvement of 20 to 30 percent versus our last fiscal year, with strong second half revenue and earnings. We continue to believe that our sustained investment in aerospace and energy markets will continue to drive profitable growth over the next several years.”
Fiscal 2013 operating income growth projections exclude:
Any impacts from the previously announced potential sale of the distribution businesses.
Expected one-time impacts of about $3 million for various restructuring opportunities - mainly Latrobe-related ($0.3 million already expensed in YTD results).
Up to $3 million for system inventory consulting fees communicated as part of the Latrobe deal economics ($1.6 million already expensed in YTD results).
Second Quarter Results
Financial highlights for the second quarter of fiscal year 2013 include:
(in millions, except per share amounts & pounds sold)
2Q FY 2013
2Q FY 2012
YTD FY 2013
YTD FY 2012
Net Sales Excluding Surcharge (a)
Operating Income Excluding Pension Earnings, Interest and Deferrals and Acquisition Related Cost (from transaction)(a)
Net Income Attributable to Carpenter
Diluted Earnings per Share
Net Pension Expense per Diluted Share (a)
Free Cash Flow (a)
Pounds Sold (000) (b)
(a) non-GAAP financial measure that is explained in the attached tables