Welcome to our dedicated page for Carpenter Technology news (Ticker: CRS), a resource for investors and traders seeking the latest updates and insights on Carpenter Technology stock.
Carpenter Technology Corporation reports developments tied to high-performance specialty alloy materials and process solutions for aerospace and defense, medical, transportation, energy, and industrial and consumer markets. The company’s updates commonly cover Specialty Alloys Operations, Performance Engineered Products, demand in commercial aerospace and defense applications, and premium nickel, cobalt, and titanium alloys.
Recurring news also includes quarterly operating results, segment margin commentary, bookings and long-term customer agreements, common-stock dividends, share repurchases, debt financing, and governance changes. The company’s manufacturing base includes alloy and stainless steel operations in Pennsylvania, South Carolina, and Alabama, with revenue reported across the United States and international regions.
Carpenter Technology Corporation (NYSE: CRS) announced an average price increase of 6% to 8% on new non-contract orders for its specialty alloy products, effective from November 8, 2021. This decision aims to offset rising costs and maintain profitability in the competitive market of specialty alloys. The company continues to uphold applicable surcharges on its products. Carpenter Technology is recognized for its advanced materials tailored for industries such as aerospace, defense, and energy, reinforcing its position as a leader in premium specialty alloys.
Carpenter Technology reported a net loss of $14.8 million ($0.31 loss per diluted share) for Q1 2022, an improvement from a $47.1 million loss in Q1 2021. Net sales increased by 9.7% to $387.6 million, despite a 2% volume decrease. Operational challenges included COVID-19 delays and labor shortages, leading to negative cash flow of $71.2 million. The company maintains a strong liquidity position with $508 million available. CEO Tony R. Thene noted improving demand in Aerospace, hinting at potential growth in 2022.
Carpenter Technology Corporation (NYSE: CRS) has appointed Ramin Younessi to its Board of Directors, effective immediately. Younessi brings over 30 years of experience from his tenure at Caterpillar, where he led multiple divisions, including the Construction Industries Group. His background also includes senior roles at Daimler AG and Navistar. With advanced degrees in Electrical Engineering and Engineering Management, he is expected to enhance Carpenter Technology's business as it expands its portfolio of high-performance materials across various markets.
Carpenter Technology Corporation (NYSE: CRS) will host a conference call on October 28, 2021, at 10:00 a.m. ET, to discuss its first quarter fiscal 2022 results, which end on September 30, 2021. The call will be held after the financial results are released that morning. Interested parties can join via a live call at +1 412-317-9259 or through a webcast available on the company’s investor relations page.
Carpenter Technology specializes in high-performance specialty alloys for various industries, highlighting its leadership in premium specialty alloys.
Carpenter Technology Corporation (NYSE: CRS) has declared a quarterly cash dividend of $0.20 per share, payable on December 2, 2021. Shareholders must be on record by October 26, 2021, with the ex-dividend date set for October 25, 2021. As a leader in specialty alloy-based materials, Carpenter serves multiple industries, including aerospace and medical, and aims to boost materials innovation through its advanced manufacturing capabilities.
Carpenter Technology Corporation (NYSE: CRS) appointed I. Martin Inglis as Chairman of the Board, succeeding Gregory Pratt, who retired after over a decade in the role. Inglis, a board member since 2003, brings extensive experience from his roles as Executive Vice President at Battelle and Group Vice President at Ford Motor Company. Additionally, Charles McLane was named Chair of the Audit/Finance Committee. The leadership transition is expected to enhance strategic execution and operational insight, impacting Carpenter Technology's growth trajectory.
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Carpenter Technology Corporation (NYSE: CRS) has declared a quarterly cash dividend of $0.20 per share, payable on September 7, 2021. Shareholders of record by August 31, 2021 will receive this dividend, with an ex-dividend date of August 30, 2021. This announcement reflects the company's commitment to returning value to its shareholders.
Carpenter Technology Corporation (NYSE: CRS) reported a fiscal Q4 net loss of $57.1 million, or $1.18 loss per diluted share, exceeding expectations. Adjusted loss per diluted share was $0.28. Total liquidity reached $582 million, with $287 million in cash. Despite a 3.6% decline in net sales to $421.6 million, the company achieved $43 million in free cash flow, signaling operational stability. CEO Tony R. Thene highlighted strengthening demand in end-use markets and ongoing initiatives to enhance productivity and customer relationships.
Carpenter Technology Corporation (NYSE: CRS) plans to host a conference call on July 29, 2021, at 10:00 a.m. ET to discuss its fourth quarter and full year fiscal 2021 results, which ended on June 30, 2021. The financial results will be released before the market opens on the same day. Investors can participate by calling +1 412-317-9259 or via webcast at ir.carpentertechnology.com.