Carpenter Technology Corp. (CRS) reported Thursday that net income for the second quarter soared to $42.7 million or $0.85 per share from $6.2 million or $0.13 per share in the prior-year quarter.
Net sales for the quarter increased 8 percent to $624.2 million from $579.1 million in the same quarter last year. Net sales excluding surcharge were $485.3 million, up 15 percent from $420.8 million last year.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.85 per share on revenues of $657.1 million for the quarter. Analysts' estimates typically exclude special items.
"Looking ahead, we are projecting $171 million to $191 million in operating income in the second half of fiscal year 2024. This would result in the most profitable year on record with $310 million to $330 million of operating income," said Tony R. Thene, President and CEO of Carpenter Technology.
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