Carpenter Technology reports Q3 EPS $1.05 including benefit, consensus 83c
Reports Q3 revenue $609.9M, consensus $585.08M. The Q3 results include an $11.4M, or 18c per share, benefit from an insurance recovery. "Our third quarter results reflect the continued momentum we are driving across our core business as we delivered our ninth consecutive quarter of year-over-year earnings growth," said Tony Thene, Carpenter Technology's President and CEO. "Our strong operational performance and healthy demand across our key end-use markets drove sequential volume growth and richer product mix. Demand signals remain strong as backlog levels continue to increase, marking the eleventh consecutive quarter of growth. We also continue to progress with obtaining the necessary qualifications for our Athens facility and received four additional qualifications in the current quarter. From a commercial perspective, we generated sequential sales growth across four of our five end-use markets during the third quarter, which demonstrates our ability to capitalize on emerging demand and gain market share. In addition, backlog increased 9% sequentially and 44% compared to last year. This includes Aerospace and Defense where backlog increased across all of our major sub-markets. Customer engagement levels related to Athens qualifications remain high and we are working diligently with our partners to secure additional approvals and provide critical incremental capacity for the industry. Other key commercial highlights in the quarter include the Medical market where we delivered robust sequential and year-over-year growth due to our high-value offerings and expanded direct customer relationships."