(RTTNews) - Specialty alloy manufacturer Carpenter Technology Corp. (CRS: News ), Tuesday reported a net loss for the first quarter versus profit one-year ago, citing 44% decline sales. Earnings per share, however, beat Wall street expectations. Market shares are currently up more than 9% .

Wyomissing, Pennsylvania - based Carpenter Technology recorded a first quarter net loss of $9.3 million or $0.21 per share, compared with net profit of $25.8 million or $0.58 per share reported in the same quarter last year.

On average, 6 analysts polled by Thomson Reuters expected the company to report loss of $0.26 per share. Analysts' estimates typically exclude special items.

The company noted that the first quarter results included non-cash net pension expense of $0.21 per share versus $0.06 per share in the same quarter last year.

Net sales declined to $233.7 million from $413.7 million in the prior-year quarter. Excluding surcharge revenue, net sales were $187.9 million, or 38% lower than the same quarter a year ago.

Total pounds sold declined 30% from the first quarter a year ago. While the volumes shipped by the Premium Alloys Operations segment decreased 50% on lower demand, pounds sold by the Advanced Metals Operations segment also dropped 24% due to lower industrial, automotive and consumer demand.
Revenues from Aerospace markets declined 35% to $102.9 million in the first quarter, Industrial markets yielded 49% lower at $50.4 million. Net sales from Medical, Consumer, Automotive and Energy markets also contributed lower to revenues this year, compared with previous year period.

Carpenter's international sales in the quarter, including surcharge declined 53% year-on-year to $72 million, representing 31% of total sales in the first quarter, compared with 37% in the prior year.

First quarter operating loss was $13.3 million, compared with operating income of $40.3 million last year. Excluding surcharge revenues, operating margin was negative 7.1%, down from a positive 13.3% year-ago.

CRS stock is currently up 9.78% or $2.09 on 1.09 million shares. Share price is now $23.46 on the New York Stock Exchange.

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by RTT Staff Writer

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