The following is a summary of the Carpenter Technology Corporation (CRS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Carpenter Technology Corp. posted a substantial Q3 2024 financial result with $90 million adjusted operating income, marking their most profitable quarter yet.

• The guidance for Q4 operating income is anticipated, with an 8% increase, to reach between $110 million and $115 million, presenting a 25% sequential improvement.

• The full fiscal year adjusted operating income is set to conclude within a range of $339 million to $344 million.

• SAO segment exhibited an operating income of $103.5 million, a 24% sequential improvement. Q4 anticipations for this sector range between $124 million and $127 million.

• The PEP segment improved to $9.2 million operating income for Q3 from $7.1 million in Q2. Q4 predictions for PEP lie between $9.5 million to $11 million.

Business Progress:

• Significant growth was observed in aerospace, defense, and medical end-use markets, with sales growing by 14% sequentially.

• Aerospace and defense customers, producing 57% of revenue, witnessed a rise of 28% sequentially and 30% year-over-year.

• Medical sales, covering 15% of total revenue, increased by 15% sequentially and 35% year-over-year.

• With improved profitability and outlook, strategic plans for FY '27 are being expedited to be accomplished a year earlier.

• The forecast for Q4 revenue stands between $110 million to $115 million, marking a 25% rise from Q3.

• Looking ahead, Q1 2025 is projected to align with Q4 predictions.

• They have dropped their CapEx expectations for FY24 to around $100 million in light of project delays.

• The company is exploring options of capacity expansion that promises strong, quick returns.

• Priorities have been set for the use of generated cash, focusing on growth projects and shareholder returns.

More details: Carpenter Technology IR

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