Carpenter Technology Turns To Profit In Q1

(RTTNews) - Carpenter Technology Corp. (CRS) reported net income of $23.4 million, or $0.49 per share, for the first quarter of fiscal year 2018, compared to a loss of $6.2 million or $0.13 per share in the prior year.

Operating income was $41.7 million compared to $1.4 million in the prior year period. Operating income—excluding pension earnings, interest and deferrals (EID) and special items—was $42.2 million, compared to $9.0 million in the prior year period. These results primarily reflect higher sales and improved mix compared to the same quarter a year ago, stronger market conditions as well as the continued positive impact of the Carpenter Operating Model.

Net sales for the first quarter of fiscal year 2018 were $479.8 million compared with $389.0 million in the first quarter of fiscal year 2017, an increase of $90.8 million or 23.3 percent, on 16.9 percent higher volume. Net sales excluding surcharge were $409.8 million, an increase of $70.0 million or 20.6 percent from the same period a year ago.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share and revenues of $454.36 million. Analysts' estimates typically exclude special items.