Thursday, specialty metals company Carpenter Technology Corp. (CRS) reported a loss for the fourth quarter, compared with earnings last year. Including restructuring charges related to the facility closure, the company posted loss from continuing operations. The company said results were consistent with their earlier expectations. Shares were trading up more than 7% in morning trade.
Anne Stevens, chief executive said, "Despite the difficult economic conditions and a high level of capital investment, we achieved our goal of generating positive free cash flow for the full year." The results also reflected weaker demand throughout the customer base.
Net loss for the fourth quarter was $20.8 million or $0.48 per share, compared to an income of $43.9 million or $0.95 per share in the previous year.
Loss from continuing operations for the quarter was $20.8 million or $0.48 per share, compared to an income of $37.4 million or $0.81 per share a year ago. Results for the quarter include restructuring charges of $7.3 million or $0.14 per share associated with the closing of Crawley, UK metal strip manufacturing facility.
On average, 7 analysts polled by Thomson Reuters expected the company to report loss of $0.28 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined 54% to $256.9 million from $556.3 million last year. Three analysts had a consensus revenue estimate of $290.53 million for the company.
By segment, net sales from Advanced Metals Operations declined to $181.6 million from $393.1 million a year ago due to lower industrial, automotive and consumer demand. Net sales from Premium Alloys Operations were $75.7 million, down from $167.0 million last year as a result of lower demand in the aerospace and energy markets.
By market, Aerospace sales were $120.4 million in the fourth quarter, down 42% compared to the same period a year ago. Industrial market sales were $55.4 million, down 60% compared with the fourth quarter of fiscal 2008. Medical market shipments were up 3% in the fourth quarter although sales decreased to $27.2 million, down 30% from the fourth quarter of fiscal 2008.
Consumer market sales were $20.5 million, a decrease of 55% from the fourth quarter. Energy market sales of $20.3 million represented a decline of 72% and Automotive market sales were $13.1 million, a 76% decrease from a year earlier.
For the fiscal year 2009, income from continuing operations was $47.9 million or $1.08 per share, compared to $277.7 million or $4.14 per share in the previous year. Net sales for the year declined to $1.36 billion from $1.95 billion a year ago.
Analysts expected the company to report earnings of $1.26 per share on revenues of $1.40 billion for the fiscal 2009.
Looking forward, the company anticipates overall demand across markets to bottom out during the first fiscal quarter of 2010, with a gradual recovery after that. Further, the company noted that total revenues for fiscal year 2010 would likely be less than that of fiscal year 2009.
CRS is currently trading at $18.84, up 1.62 or 9.37%, on a volume of 129K shares on the NYSE.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.