WYOMISSING, Pa.--(BUSINESS WIRE)--Apr. 10, 2014--
Carpenter Technology Corporation (NYSE: CRS) today announced that it now
anticipates earnings per diluted share to be in the range of $0.54 to
$0.58 for its third fiscal quarter which ended March 31, 2014. These
earnings include approximately $0.10 per share of non-recurring,
weather-related energy expense.
"The impact of weather-related expense was roughly double what we
expected and communicated in January. In addition, while Specialty
Alloys Operations realized double digit sequential quarterly volume
growth, this gain was less than we expected in January,” said William A.
Wulfsohn, President and Chief Executive Officer.
“At the same time, we made great progress on multiple fronts. We
successfully completed the primary phase of our Athens construction
below budget and ahead of schedule. In fact, we have already shipped
commercial product from the facility to the aerospace industry. Now,
with the majority of this project complete, we expect to return to
positive cash generation after the third quarter.
“Our strategic position with heavy concentration in the attractive and
growing aerospace and energy markets helped drive a substantial increase
in our backlog during the quarter. As our production lead times have
increased in several key manufacturing areas, we expect this increased
backlog to benefit our financial performance in fiscal year 2015, which
begins in July.”
As previously announced, Carpenter will report its third quarter results
on Thursday, April 24, 2014 and host a conference call and webcast at
10:00 a.m., ET.
About Carpenter Technology
Carpenter produces and distributes premium alloys, including special
alloys, titanium alloys and powder metals, as well as stainless steels,
alloy steels and tool steels. Information about Carpenter can be found
at www.cartech.com.
Forward-Looking Statements
This press release contains forward-looking statements, including
statements about our future cash generation, growth and profitability,
within the meaning of the Private Securities Litigation Act of 1995.
These forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ from those projected,
anticipated or implied. The most significant of these uncertainties are
described in Carpenter’s filings with the Securities and Exchange
Commission, including its annual report on Form 10-K for the year ended
June 30, 2013, 10Q for the quarters ended September 30, 2013, December
31, 2013 and the exhibits attached to those filings. They include but
are not limited to: (1) the cyclical nature of the specialty materials
business and certain end-use markets, including aerospace, defense,
industrial, transportation, consumer, medical and energy, or other
influences on Carpenter’s business, such as new competitors, the
consolidation of competitors, customers and suppliers, or the transfer
of manufacturing capacity from the United States to foreign countries;
(2) the ability of Carpenter to achieve cost savings, productivity
improvements or process changes; (3) the ability to recoup increases in
the cost of energy, raw materials, freight or other factors; (4)
domestic and foreign excess manufacturing capacity for certain metals;
(5) fluctuations in currency exchange rates; (6) the degree of success
of government trade actions; (7) the valuation of the assets and
liabilities in Carpenter’s pension trusts and the accounting for pension
plans; (8) possible labor disputes or work stoppages; (9) the potential
that our customers may substitute alternate materials or adopt different
manufacturing practices that replace or limit the suitability of our
products; (10) the ability to successfully acquire and integrate
acquisitions; (11) the availability of credit facilities to Carpenter,
its customers or other members of the supply chain; (12) the ability to
obtain energy or raw materials, especially from suppliers located in
countries that may be subject to unstable political or economic
conditions; (13) Carpenter’s manufacturing processes are dependent upon
highly specialized equipment located primarily in facilities in Reading,
Athens and Latrobe, for which there may be limited alternatives if there
are significant equipment failures or catastrophic events; and (14)
Carpenter’s future success depends on the continued service and
availability of key personnel, including members of the executive
management team, management, metallurgists and other skilled personnel,
and the loss of these key personnel could affect Carpenter’s ability to
perform until suitable replacements are found. Any of these factors
could have an adverse and/or fluctuating effect on Carpenter’s results
of operations. The forward-looking statements in this document are
intended to be subject to the safe harbor protection provided by Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Carpenter undertakes no
obligation to update or revise any forward-looking statements.
Source: Carpenter Technology Corporation
Carpenter Technology Corporation
Media Inquiries:
William J.
Rudolph Jr., 610-208-3892
wrudolph@cartech.com
or
Investor
Inquiries:
Michael A. Hajost, 610-208-3476
mhajost@cartech.com