Last $50.86 USD
Change Today -0.55 / -1.07%
Volume 538.0K
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As of 8:04 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

carpenter technology (CRS) Key Developments

Carpenter Technology Corp., Board Meeting, Aug 12, 2014

Carpenter Technology Corp., Board Meeting, Aug 12, 2014. Agenda: To consider quarterly cash dividend on common stock.

Carpenter Technology Corporation Declares Quarterly Cash Dividend, Payable on September 5, 2014

The board of directors of Carpenter Technology Corporation, at its meeting held on August 12, 2014, declared a quarterly cash dividend of $0.18 per share of common stock, payable on September 5, 2014, to shareholders of record on August 26, 2014. The ex-dividend date is August 22, 2014.

Carpenter Technology Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended June 30, 2014; Provides Earnings Guidance for the Fiscal Year 2015

Carpenter Technology Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended June 30, 2014. For the quarter, the company reported net sales of $604.6 million compared to $611.8 million a year ago. Operating income was $59.2 million compared to operating income of $65.4 million a year ago. Income before income taxes was $54.2 million compared to $59.0 million a year ago. Net income attributable to the company was $38.1 million or $0.71 per diluted share compared to net income attributable to the company of $40.9 million or $0.77 per diluted share a year ago. Operating income excluding pension earnings, interest and deferrals was $65.2 million compared to $73.3 million a year ago. Adjusted EBITDA was $105.2 million compared to $109.5 million a year ago. Cash flow from operations was at it's annual peak in the fourth quarter at $96 million, and free cash flow was positive coming in at $35 million for the quarter. Capital expenditures were down 46% sequentially to $51 million, a 63% of the total was related to Athens. For the full year, the company reported net sales of $2,173.0 million compared to $2,271.7 million a year ago. Operating income was $212.0 million compared to operating income of $232.7 million a year ago. Income before income taxes was $196.4 million compared to $216.8 million a year ago. Net income attributable to the company was $132.8 million or $2.47 per diluted share compared to net income attributable to the company of $146.1 million or $2.73 per diluted share a year ago. Net cash provided from operating activities was $239.6 million compared to $188.5 million a year ago. Purchases of property, equipment and software were $349.2 million compared to $310.2 million a year ago. Operating income excluding pension earnings, interest and deferrals was $233.8 million compared to $264.6 million a year ago. Adjusted EBITDA was $381.8 million compared to $405.6 million a year ago. While not impacting EBITDA growth, the company is expecting higher depreciation and amortization, D&A expense, in fiscal year 2015, primarily due to Athens facility coming online. Net interest expense, as shown on the income statement, is expected to increase from approximately $17 million in fiscal year 2014 to $30 million in fiscal year 2015. The company expects the effective tax rate to be 34.5%. CapEx level is expected to be approximately $120 million, plus any remaining Athens spend. So for fiscal year 2015, an all in range of $160 million to $175 million.

Carpenter Technology Seeks Acquisitions

Carpenter Technology Corp. (NYSE:CRS) is seeking acquisitions. Bill Wulfsohn, President and Chief Executive Officer of Carpenter Technology, said, "We are excited about prospects for acquisitions and we see a number of interesting opportunities that are out there and we have been quite consistent in stating that we're focused on accretive cost synergy-based acquisitions that are essentially completed at a reasonable purchase price. And if those are not available to us, then we would look at other mechanisms to get that back to -- that cash back to shareholders.

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

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

 

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