CRS
Carpenter Technology Corporation321.49
-2.13-0.66%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q2 '26
Structural ramp accelerates; pricing firm
Q&A drilled into aerospace structural customers finally ramping urgently post-Boeing destock, placing first large orders in quarters with bigger ones imminent. Tony confirmed recent LTAs carry over 30% price increases—post-COVID renewals—dismissing sequential mix-driven price-per-pound dips as non-issues amid 30% engine booking surges. Medical distribution hit bottom, with January bookings highest in 2025; additive manufacturing gains traction as future tailwind. Power gen eyes LTAs too. Structural customers placed first big orders in quarters. No hedges; management exuded supply-crunch confidence. Investors track airframe order hockey stick.
Key Stats
Market Cap
16.03BP/E (TTM)
39.35Basic EPS (TTM)
8.17Dividend Yield
0%Recent Filings
8-K
CEO transition to Malloy July 1
Carpenter Technology announced CEO Tony Thene's resignation effective July 1, 2026, with President and COO Brian Malloy stepping in as new CEO; Thene shifts to Executive Chairman for strategy continuity. Malloy brings 10 years at the firm, including COO since 2023 and prior commercial leadership. Smooth internal transition. No family ties or conflicts disclosed.
10-Q
Q2 FY2026 results
Carpenter Technology posted Q2 FY2026 net sales of $728M, up 8% y/y, with operating income jumping 31% to $155.2M on Aerospace and Defense strength (up 14% y/y to $472M). Gross margin expanded to 30.0% from 26.2%, fueled by richer product mix and pricing. Cash from operations hit $171.4M YTD; free cash flow $82.5M (derived). Refinanced debt with $700M 5.625% notes due 2034, $690.1M total debt, $498.9M revolver available, $231.9M cash. EPS reconciles at $2.09 diluted. Debt extinguishment hit $15.6M. Supply chain disruptions linger.
8-K
Record Q2 profits soar 31%
Carpenter Technology posted record Q2 FY26 operating income of $155M, up 31% year-over-year, driven by SAO's $175M haul and 33.1% adjusted margins from aerospace strength and pricing wins. Aerospace & Defense sales ex-surcharge hit $385M, up 15% YoY, while bookings surged 23% sequentially. Record profits. Q3 SAO income eyes $195M-$200M.
8-K
Record Q2 income, raised guidance
Carpenter Technology posted record Q2 FY2026 operating income of $155.2 million, up 31% year-over-year, fueled by Specialty Alloys Operations' $174.6 million and 33.1% adjusted margin. Aerospace bookings surged 23% sequentially amid long-term agreement wins. Guidance jumps to $680-700 million for FY2026. Shares repurchased: $32.1 million.
8-K
Closes $700M notes, amends revolver
Carpenter Technology closed its $700M 5.625% senior notes due 2034 on November 20, 2025, paying semiannual interest from March 2026. It simultaneously amended its credit facility, boosting unsecured revolver to $500M from $350M secured, extending maturity to 2030 with a $650M accordion. Notes feature make-whole call protection pre-2029; change of control triggers 101% buyback.
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