PHILADELPHIA, July 2, 2019 – Shares of Carpenter Technology Corporation (NYSE: CRS) showed the bearish trend with a lower momentum of -0.67% to $47.85. The company traded total volume of 23.04K shares as contrast to its average volume of 278.40K shares. The company has a market value of $2.30B and about 47.67M shares outstanding.
For the quarter, Carpenter Technology Corporation (NYSE: CRS) stated net income of $51.10M, or $1.05 earnings per diluted share. The stated results included an $11.40M, or $0.18 per share, benefit from an insurance recovery.
Net sales for the third quarter of fiscal year 2019 were $609.90M contrast with $572.20M in the third quarter of fiscal year 2018, a boost of $37.70M (6.6 percent), on 1.4 percent lower volume. Net sales excluding surcharge were $503.00M, a boost of $30.50M (6.5 percent) from the same period a year ago.
Operating income was $73.20M contrast to $45.70M in the prior year period. These results mainly reflect strong commercial execution and improved end-use market conditions contrast to the prior year period. The current quarter’s results include an $11.40M, or $0.18 per share, benefit related to an insurance recovery.
Cash offered from operating activities in the third quarter of fiscal year 2019 was $10.00M, contrast to $73.40M in the same quarter last year. The decrease in operating cash flow mainly reflects increased inventory partially offset by higher earnings in the current year quarter. Free cash flow in the third quarter of fiscal year 2019 was negative $37.00M, contrast to positive $34.50M in the same quarter last year. The decrease in free cash flow was mainly because of lower cash from operating activities as well as increased capital expenditures in the current year quarter. Capital expenditures were $49.00M in the third quarter of fiscal year 2019 contrast to $25.20M in the same quarter last year because of ongoing investment in target growth areas counting additive manufacturing and soft magnetics.
Total liquidity, counting cash and available revolver balance, was $285.90M at the end of the third quarter of fiscal year 2019. This consisted of $18.90M of cash and $267.00M of available borrowings under the Company’s credit facility.
The Company offered net profit margin of 6.80% while its gross profit margin was 18.50%. ROE was recorded as 10.50% while beta factor was 2.42. The stock, as of recent close, has shown the weekly upbeat performance of 5.28% which was maintained at 35.39% in this year.