Philadelphia-based Carpenter Technology Corporation (NYSE: CRS) noted its shares taking off Thursday, on word of financial results for the fiscal fourth quarter ended June 30, 2024. For the quarter, the Company reported operating income of $108.3 million, and earnings per diluted share of $1.85. Adjusted operating income was $125.2 million and adjusted earnings per diluted share was $1.82 for the current quarter.
Carpenter delivered $125.2 million of adjusted operating income, up 39% sequentially and a record quarterly result. It also realized adjusted earnings per diluted share of $1.82
Carpenter generated $169.5 million of cash from operating activities, or $142.4 million of adjusted free cash flow, increased net sales excluding surcharge 15 percent sequentially, driven by increased sales in Aerospace and Defense and Medical end-use markets
Carpenter exceeded expectations in Specialty Alloys Operations segment with operating income of $140.9 million, up 36% sequentially
Delivered adjusting operating margin of 25.2% in the SAO segment, up from 21.4% in the previous quarter. Completed most profitable year on record, with $354.1 million in total adjusted operating income in fiscal year 2024, up 166% over fiscal year 2023.
“In the fourth quarter of fiscal year 2024 we exceeded our previous guidance, generating $125.2 million of adjusted operating income,” said CEO Tony R. Thene. “The record fourth quarter performance completed the most profitable year in Carpenter Technology’s history, achieving $354.1 million in adjusted operating income in fiscal year 2024.
CRS shares bounced $17.48, or 14.4%, to $138.98.
