Carpenter Technology Swings To Profit In Q4, Beats Estimates

(RTTNews) - Carpenter Technology Corporation (CRS) that makes specialty metals on Thursday said it reversed to profit amidst strong demand, pricing power and strong performance. The results beat estimates by The Street on earnings as well as revenue.

The result for the fourth quarter was a net income of $2.6 million or $0.05 per share, as compared to a loss of $57.1 million or $1.18 per share in the year-ago quarter.

Excluding items, it reported breakeven earnings compared to a loss of $0.28 in the same period of the previous fiscal.

4 analysts polled by Thomson Reuters were expecting the company to report loss of $0.02 per share. Analysts typically exclude one-time items.

Operating income increased to $24.6 million, from an operating loss of $70.7 million in the year-ago period. Operating income was driven by strong revenue growth in the Aerospace and Defense and Medical end-use markets.

Net sales for the period were $563.8 million, up from $421.6 million in the fourth quarter of the previous financial year.

5 analysts polled by Thomson-Reuters were expecting the company to report revenues of $506.52 million during the quarter.

Shares of Carpenter Technology Corporation are currently trading in pre-market at $29.95, up $0.28 or 0.94 percent from the previous close.