Carpenter Technology Q1 Adj. EPS Tops Estimates, But Revenues Miss

(RTTNews) - Carpenter Technology Corp. (CRS) reported Thursday that net income for the first quarter surged to $84.8 million or $1.67 per share from $43.9 million or $0.88 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $1.73 per share, compared to $0.88 per share in the year-ago quarter.

Net sales for the quarter increased 10 percent to $717.6 million from $651.9 million in the same quarter last year. Net sales excluding surcharge were $577.4 million, up 17 percent from $492.8 million last year.

On average, fiver analysts polled by Thomson Reuters expected the company to report earnings of $1.59 per share on revenues of $742.96 million for the quarter. Analysts' estimates typically exclude special items.

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