Carpenter Technology (CRS) Q4 FY2024 earnings: revenue $799 million, down 56.5% on the year

Carpenter Technology Corp. (CRS) reported revenue of $799 million for Q4 FY2024, the quarter ended 30 June 2024, down 56.5% on the same quarter a year earlier. Net income was $94 million, up 143.1% on the year, and diluted earnings per share $1.85. The figures are the company's own, from the 10-K it filed with the SEC on 13 August 2024.

Revenue$799 milliondown 56.5%

Net income$94 millionup 143.1%

Diluted EPS$1.85

QuarterQ4 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Revenue	799	685	n/a	n/a
Gross profit	191	147	n/a	n/a
Gross margin	23.9%	21.5%	n/a
Selling, general and administrative	65.3	57.0	n/a	n/a
Operating income	108	75.9	n/a	n/a
Operating margin	13.6%	11.1%	n/a
Interest expense	12.4	12.9	n/a	n/a
Pre-tax income	94.0	10.1	n/a	n/a
Income tax	0.4	3.8	n/a	n/a
Effective tax rate	0.4%	37.6%	n/a
Net income	93.6	6.3	n/a	n/a
Net margin	11.7%	0.9%	n/a
Diluted EPS	$1.85	$0.12	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Operating cash flow	170	83.5	n/a	n/a
Capital expenditure	27.7	21.6	n/a	n/a
Free cash flow	142	61.9	n/a	n/a
Free cash flow margin	17.8%	9.0%	n/a
Cash from investing	-27.1	-21.5	n/a	n/a
Cash from financing	5.0	-23.8	n/a	n/a
Depreciation and amortisation	33.8	34.1	n/a	n/a
Share-based compensation	6.1	5.2	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	10.1	10.1	n/a	n/a
Dividend per share	n/a	$0.20	n/a	n/a
Diluted shares, weighted	51m	50m	n/a	n/a
Shares outstanding at period end	50m	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	Q4 FY2024	Q3 FY2024	A year earlier	Change on the year
Shareholders' equity	1,629	1,503	n/a	n/a
Debt	694	694	n/a	n/a
Operating lease liabilities	38.4	n/a	n/a	n/a
Other liabilities	930	980	n/a	n/a
Total liabilities and equity	3,292	3,176	n/a	n/a
Fixed assets	1,335	1,351	n/a	n/a
Goodwill	227	227	n/a	n/a
Intangible assets	15.2	23.8	n/a	n/a
Cash and equivalents	199	53.5	n/a	n/a
Receivables	563	521	n/a	n/a
Inventory	735	796	n/a	n/a
Other assets	217	203	n/a	n/a
Total assets	3,292	3,176	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-K for the period ended 30 June 2024, filed 13 August 2024, accession 0000017843-24-000014: the filing on EDGAR. All of Carpenter Technology Corp.'s filings: EDGAR company page.

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