Last $58.54 USD
Change Today -0.70 / -1.18%
Volume 103.5K
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carpenter technology (CRS) Key Developments

Carpenter Technology Corp. expected to report Fiscal Year 2014 results on July 29, 2014. This event was calculated by Capital IQ (Created on July 10, 2014).

Carpenter Technology Corp. expected to report Fiscal Year 2014 results on July 29, 2014. This event was calculated by Capital IQ (Created on July 10, 2014).

Carpenter Technology Corp., 2014 Earnings Call, Jul 29, 2014

Carpenter Technology Corp., 2014 Earnings Call, Jul 29, 2014

Carpenter Technology Corporation Declares Quarterly Cash Dividend, Payable June 5, 2014

The Board of Directors of Carpenter Technology Corporation at its meeting April 29, 2014, declared a quarterly cash dividend of $0.18 per share of common stock, payable June 5, 2014, to shareholders of record on May 13, 2014. The ex-dividend date (the date the common stock trades without the dividend) is May 9, 2014.

Carpenter Technology Corp. Provides Capital Expenditure Guidance for the Fourth Quarter of Fiscal 2014 and Earnings Guidance for the Full Year of Fiscal 2014 and Fiscal 2015

Carpenter Technology Corp. provided capital expenditure guidance for the fourth quarter of fiscal 2014 and earnings guidance for the full year of fiscal 2014 and fiscal 2015. For the fourth quarter of fiscal 2014, continue to use effective tax rate of 34% in new models. The company expects capital expenditures to be significantly lower than the third quarter as the Athens spending winds down, and free cash flow will be positive. While not impacting EBITDA growth, the company anticipates higher depreciation expense in fiscal 2015, primarily due to Athens facility coming online. Once the facility is fully-operational, the company expects approximately $4.5 million per quarter. Therefore, for the full year of fiscal 2015, the company will estimate Athens depreciation to be approximately $18 million. In terms of gross interest expense, the company expects to be relatively flat year-over-year at approximately $32 million. However, the company expects capitalized interest to be much lower as it significantly reduces capital expenditures in fiscal 2015. The company anticipates capitalized interest to decrease from approximately $15 million in fiscal 2014, to $4 million in fiscal 2015. Therefore, the net interest expense is expected to increase from approximately $17 million in fiscal 2014, to $28 million in fiscal 2015. For fiscal 2015, the company expects effective tax rate to be 34.5%.

Carpenter Technology Corporation Announces Consolidated Unaudited Financial Results for the Third Quarter and Nine Months Ended March 31, 2014

Carpenter Technology Corporation announced consolidated unaudited financial results for the third quarter and nine months ended March 31, 2014. For the quarter, the company reported revenue of $566.3 million compared to $581.4 million a year ago. Operating income was $49.5 million against $53 million a year ago. Income before income taxes was $46.2 million against $49.2 million a year ago. Net income attributable to company was $30.6 million against $32.9 million a year ago. Diluted earnings per share was $0.57 against $0.62 a year ago. Net cash provided from operating activities was $81.0 million against $26.5 million a year ago. Purchases of property, equipment and software was $93.6 million against $83.6 million a year ago. Adjusted EBITDA was $92 million against $96.5 million a year ago. For the nine months, the company reported net income of $1,568.4 million compared to $1,659.9 million a year ago. Operating income was $152.8 million against $167.3 million a year ago. Income before income taxes was $142.1 million against $157.8 million a year ago. Net income attributable to company was $94.7 million against $105.1 million a year ago. Diluted earnings per share was $1.76 against $1.97 a year ago. Net cash provided from operating activities was $144 million against $9.3 million a year ago. Purchases of property, equipment and software was $298.2 million against $201.1 million a year ago.

 

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