Carpenter Technology (CRS) Q2 FY2024 earnings: revenue $624 million, up 7.8% on the year

Carpenter Technology Corp. (CRS) reported revenue of $624 million for Q2 FY2024, the quarter ended 31 December 2023, up 7.8% on the same quarter a year earlier. Net income was $43 million, up 588.7% on the year, and diluted earnings per share $0.85. The figures are the company's own, from the 10-Q it filed with the SEC on 25 January 2024.

Revenue$624 millionup 7.8%

Net income$43 millionup 588.7%

Diluted EPS$0.85

QuarterQ2 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	624	652	n/a	n/a
Gross profit	123	124	n/a	n/a
Gross margin	19.6%	19.0%	n/a
Selling, general and administrative	52.8	55.1	n/a	n/a
Operating income	69.8	69.0	n/a	n/a
Operating margin	11.2%	10.6%	n/a
Interest expense	13.0	12.7	n/a	n/a
Pre-tax income	55.2	52.3	n/a	n/a
Income tax	12.5	8.4	n/a	n/a
Effective tax rate	22.6%	16.1%	n/a
Net income	42.7	43.9	n/a	n/a
Net margin	6.8%	6.7%	n/a
Diluted EPS	$0.85	$0.88	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	14.5	7.4	n/a	n/a
Capital expenditure	25.3	22.0	n/a	n/a
Free cash flow	-10.8	-14.6	n/a	n/a
Free cash flow margin	-1.7%	-2.2%	n/a
Cash from investing	-25.3	-22.0	n/a	n/a
Cash from financing	8.4	-12.9	n/a	n/a
Depreciation and amortisation	33.6	33.1	n/a	n/a
Share-based compensation	4.1	4.4	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	9.9	9.9	n/a	n/a
Dividend per share	$0.20	$0.20	n/a	n/a
Diluted shares, weighted	50m	50m	n/a	n/a
Shares outstanding at period end	49m	49m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,474	1,429	n/a	n/a
Short-term borrowings	13.9	n/a	n/a	n/a
Debt	694	693	n/a	n/a
Other liabilities	978	954	n/a	n/a
Total liabilities and equity	3,159	3,077	n/a	n/a
Fixed assets	1,364	1,371	n/a	n/a
Goodwill	241	241	n/a	n/a
Intangible assets	25.4	26.8	n/a	n/a
Cash and equivalents	15.7	18.1	n/a	n/a
Receivables	508	511	n/a	n/a
Inventory	798	707	n/a	n/a
Other assets	206	202	n/a	n/a
Total assets	3,159	3,077	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026
Revenue	652	624	685	799	718	677	727	756	734	728	812	851
Gross profit	124	123	147	191	176	178	201	214	216	218	252	269
Gross margin	19%	20%	21%	24%	25%	26%	28%	28%	29%	30%	31%	32%
SG&A	55.1	52.8	57.0	65.3	59.1	58.6	63.0	62.5	63.1	63.1	65.3	62.0
Operating income	69.0	69.8	75.9	108	114	119	138	151	153	155	186	207
Operating margin	11%	11%	11%	14%	16%	18%	19%	20%	21%	21%	23%	24%
Interest expense	12.7	13.0	12.9	12.4	12.4	12.2	12.0	11.8	11.5	10.2	8.7	7.4
Pre-tax income	52.3	55.2	10.1	94.0	101	105	122	139	145	130	177	205
Tax rate	16%	23%	38%	0%	16%	20%	22%	20%	15%	19%	21%	21%
Net income	43.9	42.7	6.3	93.6	84.8	84.1	95.4	112	122	105	140	162
Net margin	7%	7%	1%	12%	12%	12%	13%	15%	17%	14%	17%	19%
Diluted EPS	$0.88	$0.85	$0.12	$1.85	$1.67	$1.66	$1.88	$2.21	$2.43	$2.09	$2.77	$3.23
Operating cash flow	7.4	14.5	83.5	170	40.2	67.9	74.2	258	39.2	132	194	240
Capital expenditure	22.0	25.3	21.6	27.7	26.9	29.3	40.2	57.9	42.6	46.3	68.7	85.1
Free cash flow	-14.6	-10.8	61.9	142	13.3	38.6	34.0	200	-3.4	85.9	125	155
Buybacks	0.0	0.0	0.0	0.0	32.1	8.2	37.5	24.1	49.1	32.1	52.7	45.2
Dividends paid	9.9	9.9	10.1	10.1	10.1	10.1	10.0	10.1	10.1	10.0	10.1	10.1
Shares outstanding	49m	49m	49m	50m	50m	50m	50m	50m	50m	50m	50m	50m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 25 January 2024, accession 0000017843-24-000003: the filing on EDGAR. All of Carpenter Technology Corp.'s filings: EDGAR company page.

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