Carpenter Technology Q1 Profit Slides Amid Sales Drop - Quick Facts

(RTTNews) - Carpenter Technology Corp. (CRS) Tuesday said first-quarter net income declined to $34.6 million or $0.65 per share from $39.2 million or $0.74 per share in the prior year. On average, 10 analysts polled by Thomson Reuters expected earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales dropped to $498.6 million from $544.9 million, amid continued Aerospace and Energy supply chain adjustments that impacted near- term order activity of premium and ultra-premium products. Analysts expected earnings of $544.88 million.

William Wulfsohn, CEO, said, ''Our first quarter earnings were in-line with our expectations. 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.''

Wulfsohn added that the company's second-quarter now looks weaker than initially anticipated at the start of the year. Even as volumes stabilize, the mix will remain weak. The firm could see a similar change in earnings from the first quarter to the second quarter as it saw last year.

The timing and duration of seasonal customer closures can impact, positively or negatively, shipments near the end of the calendar year, it noted.