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Carpenter Technology Corp. Q1 Profit Misses Estimates

Carpenter Technology Corp. (CRS) reported that its first-quarter net income per share increased to $0.85 from $0.65, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.89, for the quarter. Analysts' estimates typically exclude special items.

Net sales for the first quarter were $585.4 million compared to $572.4 million in the first quarter of fiscal year 2019, an increase of 2 percent, on 5 percent lower volume. Net sales excluding surcharge were $486.6 million, an increase of 7 percent from the same period a year ago. Analysts expected revenue of $607.14 million, for the quarter.

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