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Carpenter Technology Posts Decline In Q3 Profit

Carpenter Technology Corp. (CRS) reported a decline in third-quarter net income to $39.9 million, from $51.1 million in the prior year. On a per-share basis, earnings were $0.82, down from $1.05 in the previous year.

On average, 4 analysts polled by Thomson Reuters expected the company to earn $0.77 per share. Analysts' estimates usually exclude special items.

Net sales for the quarter decreased to $584.4 million from 4609.9 million a year ago. Street estimates were for revenue of $576.15 million.

The company said the results were significantly impacted by the COVID-19 pandemic and a challenging environment due to the impact of the 737 MAX production halt.

Further, the company said it expects to save $15 million to $20 million annually and to record restructuring charges of between $80 million and $100 million before taxes, in the fourth quarter of the fiscal year 2020 towards the exit of the Amega West downstream oil and gas business and to idle two domestic powder metals production facilities.

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