Carpenter Technology Q2 Profit Falls, Revenue Rises - Quick Facts

(RTTNews) - Carpenter Technology Corp. (CRS), which produces and distributes premium alloys, Wednesday said net income for the second quarter fell to $24.1 million from $29.5 million in the prior year. Earnings per share were $0.45, compared to $0.55 last year.

Excluding a discrete tax charge of $0.03 per share related to the enactment of the Tax Increase Prevention Act of 2014, earnings per share would have been $0.48 in the just concluded quarter.

On average, nine analysts polled by Thomson Reuters expected earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales rose to $548.4 million from $503.5 million in the prior year. Analysts expected revenues of $564.84 million.

Gregory Pratt, Carpenter's chairman, president and CEO, said, "...uncertainty remains over the full impact of lower oil prices. We are already experiencing cancellations and deferrals for oil and gas materials as drilling and completion activity slows."