Carpenter Technology (NYSE:CRS) Issues Quarterly Earnings Results, Beats Expectations By $0.25 EPS

Posted by Cynthia Vaughn on May 2nd, 2024

Carpenter Technology (NYSE:CRS – Get Free Report) announced its earnings results on Wednesday. The basic materials company reported $1.19 EPS for the quarter, topping the consensus estimate of $0.94 by $0.25, Briefing.com reports. Carpenter Technology had a return on equity of 10.21% and a net margin of 5.27%. The firm had revenue of $684.90 million for the quarter, compared to analysts’ expectations of $707.73 million. During the same quarter in the previous year, the company earned $0.38 earnings per share. The firm’s quarterly revenue was down .8% compared to the same quarter last year.

Carpenter Technology Price Performance

NYSE:CRS traded up $1.39 during midday trading on Thursday, hitting $99.72. 553,936 shares of the stock were exchanged, compared to its average volume of 517,205. Carpenter Technology has a one year low of $44.40 and a one year high of $100.21. The company has a market capitalization of $4.93 billion, a price-to-earnings ratio of 34.02 and a beta of 1.47. The business has a 50-day moving average price of $72.59 and a two-hundred day moving average price of $68.55. The company has a current ratio of 2.90, a quick ratio of 1.26 and a debt-to-equity ratio of 0.47.

Carpenter Technology Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Tuesday, April 23rd will be issued a dividend of $0.20 per share. This is a boost from Carpenter Technology’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, April 22nd. This represents a $0.80 annualized dividend and a yield of 0.80%. Carpenter Technology’s payout ratio is presently 27.68%.

About Carpenter Technology

(Get Free Report)

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts.