Carpenter Technology Corporation reported significant financial growth for the three months ended September 30, 2024, with net sales reaching $717.6 million, a 10% increase from $651.9 million in the same period of 2023. This growth was driven by a 34% rise in sales within the Aerospace and Defense sector, which totaled $437.4 million, up from $352.5 million in the prior year. The company also noted a 17% increase in sales in the Energy sector, amounting to $52.5 million.
Gross profit for the quarter was $176.3 million, representing 24.6% of net sales, compared to $124.1 million (19.0% of net sales) in the previous year. Operating income surged to $113.6 million, up from $69.0 million, reflecting an operating margin increase from 10.6% to 15.8%. Adjusted operating income reached a record $117.2 million, marking the most profitable first quarter in the company's history.
Net income for the quarter was $84.8 million, or $1.67 per diluted share, compared to $43.9 million, or $0.88 per diluted share, in the same period last year. The company’s comprehensive income also rose to $87.6 million from $41.4 million in the prior year. Cash generated from operating activities improved significantly to $40.2 million, up from $7.4 million.
Carpenter Technology's total assets decreased slightly to $3,255.0 million from $3,291.7 million as of June 30, 2024. Total stockholders' equity increased to $1,660.3 million from $1,628.8 million. The company reported a reduction in total current liabilities to $406.2 million from $466.3 million.
In terms of strategic developments, Carpenter Technology initiated a share repurchase program in July 2024, authorizing the purchase of up to $400.0 million of its common stock. During the quarter, the company repurchased 230,000 shares for $32.1 million, leaving $367.9 million available for future repurchases.
The company also incurred restructuring and asset impairment charges of $3.6 million during the quarter, a notable increase from no charges in the same period last year. Additionally, net pension contributions rose to $9.6 million from $4.6 million in the prior year, with expected contributions for the remainder of fiscal year 2025 projected at $17.0 million.
Overall, Carpenter Technology's performance in the first quarter of fiscal year 2025 reflects strong revenue growth, improved profitability, and strategic initiatives aimed at enhancing shareholder value.
About CARPENTER TECHNOLOGY CORP
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