Carpenter Technology 1Q results top Street's view
WYOMISSING, Pa.—Carpenter Technology Corp.'s third-quarter net income rose 15 percent, driven by increased pricing and strong sales overseas. The alloy maker's results topped analysts' estimates, and the company's shares climbed nearly 7 percent in morning trading.
Carpenter reported Wednesday that it earned $33 million, or 69 cents per share, for the three months ended March 31. A year earlier it earned $28.6 million, or 64 cents per share.
Taking out Latrobe acquisition-related costs, adjusted earnings were 84 cents per share. Carpenter announced in June that it was buying Latrobe Specialty Metals Inc. in a $558 million deal.
The earnings handily beat the 66 cents per share that analysts surveyed by FactSet expected. Its stock gained $3.61, or 6.9 percent, to $56.12 in morning trading. The shares have traded in a 52-week range of $39.32 to $60.
Revenue climbed 16 percent to $539.9 million from $464.2 million, topping Wall Street's $499.7 million.
International sales rose 30 percent, led by a 38 percent increase in European sales and a 33 percent rise in Asia-Pacific sales.
Revenue from the energy market climbed 28 percent to $68.6 million, while aerospace and defense sales rose 21 percent to $240.5 million. Medical market revenue increased 15 percent, and transportation revenue gained 6 percent. Revenue from the industrial and consumer market fell 3 percent to $128.7 million.