Carpenter Technology Reports Strong Third-Quarter Earnings, Raises Guidance for Fourth Quarter
Friday, 3 May 2024, 12:32
Carpenter Technology's third-quarter earnings
CEO Tony Thene shared key takeaways:
- Beat our guidance for the third quarter: adjusted operating income reached $90 million compared to guidance.
- Increased guidance for the fourth quarter: adjusted operating profit now $110 million to $115 million.
- 'Meaningful' cash flow in the third quarter: adjusted free cash flow of $61.9 million.
- FY '27 guidance pulled forward: management anticipates $460 million to $500 million in adjusted operating profit in 2026.
- Earnings growth is just beginning and early in the company's cycle.
Why Carpenter's growth can continue
Carpenter Technology's specialty alloys have a strong presence in the aerospace market, serving various segments from OEM to MRO, including companies like Boeing and Airbus. The company's margins react swiftly to revenue growth, potentially benefiting from the ongoing aerospace market supercycle.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.