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Carpenter Technology Q4 Adj. Loss Narrower Than Estimates, But Revenues Miss

Carpenter Technology Corp. (CRS) on Thursday reported fourth-quarter net loss of $118.4 million or $2.46 per share, compared to net income of $48.9 million or $1.00 per share in the year-ago period.

Excluding special items, adjusted loss for the quarter was $0.31 per share, compared to adjusted earnings of $1.00 per share last year.

Net sales for the quarter declined 32 percent to $437.3 million from $641.4 million in the year-ago period, on 32 percent lower volume. Net sales excluding surcharge were $375.9 million, down 30 percent from the same period a year ago.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.34 per share for the quarter on revenues of $438.9 million. Analysts' estimates typically exclude special items.

Carpenter Technology said it has executed targeted cost reductions and portfolio restructurings that are expected to deliver annual cost savings in the range of $60 to $70 million. In addition, the company increased its liquidity with the $400 million bond offering that it completed in July.

"Moving forward, we will be in constant dialogue with our customers and align our production schedules to match their evolving material needs. While we currently expect demand patterns to remain subdued during the first half of fiscal year 2021, the long-term outlook for our key end-use markets remains strong and our supply chain position remains resilient," said Tony Thene, President and CEO of Carpenter Technology.

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