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Carpenter Technology Reports First Quarter Results

Carpenter Technology Corporation (NYSE:CRS) today reported net income of $34.6 million or $0.65 per diluted share for the quarter ended September 30, 2013 compared to $39.2 million or $0.74 per diluted share in the prior year first quarter.

Financial Highlights

     
($ in millions) Q1 Q1 Q4

FY2014

FY2013

FY2013

Net Sales $ 498.6 $ 544.9 $ 611.8
Net Sales Excluding Surcharge (a) $ 412.1 $ 440.8 $ 496.6
Operating Income $ 55.8 $ 61.6 $ 65.4
Net Income Attributable to Carpenter $ 34.6 $ 39.2 $ 40.9
Free Cash Flow (a) $ (60.5 ) $ (102.7 ) $ 61.3
Adjusted EBITDA (a) $ 97.4 $ 104.3 $ 109.5
 
(a) non-GAAP financial measure explained in the attached tables
 

“Our first quarter earnings were in-line with our expectations,” said William A. Wulfsohn, President and Chief Executive Officer. “The team executed at a high level within the context of generally soft market conditions. Our core markets remained relatively weak as continued supply chain destocking in the aerospace and energy markets reduced demand for our premium and ultra-premium products. At the same time, the commercial team executed well by bringing in more 'value' sales to meet growing demand from the Transportation and Industrial & Consumer markets. Thus our sales, excluding surcharge, declined by 7 percent but our volume increased by 1 percent.

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