Carpenter Tech. Q3 Earnings Drop, Meet Estimates

(RTTNews) - Carpenter Technology Corp. (CRS) Thursday reported lower earnings for the third quarter reflecting decline in sales growth. Earnings per share matched with the Street estimates.

Net income attributable to carpenter decreased to $30.6 million or $0.57 per share from $32.9 million or $0.62 per share during the year-ago period. On average,7 analysts polled by Thomson Reuters expected earnings per share of $0.57 for the quarter. Analysts' estimates typically exclude one-time items. The company's operating income for the period declined to $49.5 million from $53.0 million, last year. Quarterly sales were down to $566.3 million from $581.4 million, last year, while analysts estimated revenues of $563.04 million for the quarter.