Carpenter Technology Reports Q1 Net Loss Narrows

(RTTNews) - Carpenter Technology Corp. (CRS) Thursday reported loss for the first quarter, narrower than the prior year, as net sales increased 35 percent from the prior year.

The quarterly net loss was $6.9 million or $0.14 per share compared to loss of $14.8 million or $0.31 per share last year. On an adjusted basis, loss was $0.14 per share.

On average, 2 analysts polled by Thomson Reuters expected the company to report loss of $0.14 per share. Analysts estimates usually exclude special items.

Revenue for the quarter increased to $522.9 million from $387.6 million a year ago. Analysts were expecting $559.5 million.