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Sep 30, 2023
Carpenter Technology Q1 2024 Earnings Report
Carpenter Technology's Q1 2024 performance exceeded expectations, driven by strong demand and improved operating efficiency.
Key Takeaways
Carpenter Technology reported a strong first quarter for fiscal year 2024, exceeding expectations with earnings per diluted share of $0.88 and operating income of $69.0 million. The company benefited from strong demand across end-use markets and improved operating performance, particularly within the Specialty Alloys Operations segment. Looking ahead, the company anticipates continued profitability and progress toward its long-term financial goals.
Reported earnings per diluted share of $0.88, up from $0.78 in the previous quarter.
Achieved operating income of $69.0 million, up from $62.9 million in the previous quarter.
Specialty Alloys Operations segment reached $80.8 million of operating income and 19.4 percent adjusted operating margin.
Generated $7.4 million of cash from operating activities compared to $78.0 million cash used in the prior year first quarter.
Carpenter Technology
Carpenter Technology
Carpenter Technology Revenue by Segment
Revenue by Segment
Specialty Alloys Operations Revenue
CapyFin.comPerformance Engineered Products Revenue
CapyFin.com Forward Guidance
Carpenter Technology expects operating income for the second quarter to be in line with the first quarter, in the range of $66.0 million to $72.0 million. The company anticipates an even stronger second half of fiscal year 2024, with operating income expected to increase 28-35 percent compared to the first half, resulting in $310 million to $330 million in total operating income for fiscal year 2024.
Positive Outlook
- Operating income for the second quarter is expected to be in line with the first quarter.
- Anticipate an even stronger second half of fiscal year 2024.
- Expect operating income to increase 28-35% in the second half compared to the first half of this fiscal year.
- Expect $310 million to $330 million in total operating income for fiscal year 2024.
- Expect to make significant progress toward doubling fiscal year 2019 operating income by fiscal year 2027.
Challenges Ahead
- No specific negatives were mentioned in the provided text.
Revenue & Expenses
Visualization of income flow from segment revenue to net income