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) will host a conference call and webcast on February 2, 2022, at 10:00 a.m. ET, to discuss its fiscal 2022 second quarter results for the period ending December 31, 2021. This event follows the release of the financial results before the market opens on the same day. Interested parties can listen via a live call or the archived webcast available on Carpenter's website.
Carpenter Technology Corporation (NYSE: CRS) announced a mechanical failure of its critical 4500 ton press in Reading, PA, leading to an unplanned outage expected to last 45 to 60 days. Repairs will coincide with scheduled maintenance, reducing downtime by 14 days. The company anticipates an operating loss of $20 to $22 million in its Specialty Alloys segment for Q2 fiscal 2022, alongside an adjusted operating loss of $32 to $35 million, equating to a loss per share of $0.60 to $0.65. However, the Performance Engineered Products segment is projected to generate income of $1 to $2 million. Despite these short-term challenges, the company remains optimistic about long-term growth.
Carpenter Technology Corporation (NYSE: CRS) has appointed Dr. Suniti Moudgil as the new Chief Technology Officer, effective December 6, 2021. In her role, Dr. Moudgil will lead the technology strategy and R&D organization, focusing on aligning R&D with commercial objectives. Previously, she was a Global Technology Leader at DuPont, where she directed technology strategy for various product lines. Dr. Moudgil holds a BS in Chemical Engineering from the University of Florida and a Ph.D. from MIT, complemented by executive education from UC Berkeley and Six Sigma Black Belt certification.
Carpenter Technology Corporation (NYSE: CRS) has appointed Shakthimani Logasundaram as Chief Digital Officer, effective November 15, 2021. He will lead the development and execution of the company's digital strategy aimed at enhancing business outcomes through technology. Logasundaram previously held roles at Honeywell and GE, bringing extensive experience in digital transformation. This move signifies Carpenter Technology's commitment to unlocking additional value through data and technology in its operations and customer interactions.
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.