Industry Overview - 3D Printing, or additive manufacturing, is a transformative technology that creates physical objects from digital designs by layering materials with high precision, significantly changing product design and manufacturing since the 1980s [1] - The technology is gaining traction across various sectors, including healthcare, aerospace, automotive, and consumer goods, due to its ability to produce complex shapes and reduce supply chain costs [3][4] Market Growth - The global 3D Printing market is projected to grow from $24.61 billion in 2024 to $29.29 billion in 2025, and is expected to reach $134.6 billion by 2034, with a CAGR of 18.52% [6] - The healthcare 3D Printing market is anticipated to increase from $1.66 billion in 2024 to $1.96 billion by the end of the year, with projections to exceed $8.71 billion by 2034, reflecting a CAGR of 18% [5] Regional Insights - North America currently leads the 3D Printing market with over 35% share, followed closely by Asia Pacific at 30%, with strong growth expected in the U.S. market at a CAGR of 19.18% from 2025 to 2034 [7] Key Players - Xometry, Proto Labs Inc., and Stratasys, Ltd. are recognized as leaders in the 3D Printing space, capitalizing on the technology's advantages in cost, customization, precision, and sustainability [2] - GE Aerospace has made significant investments in additive manufacturing, enhancing fuel efficiency in its engines by 10% to 15% through 3D-printed components [11][12][13] - PTC's Creo software is designed to optimize product development in 3D printing, offering advanced capabilities for manufacturers [15][16] - Carpenter Technology has developed its additive manufacturing capabilities through strategic acquisitions and is recognized for its versatile metal powder production [17][18][19] - Proto Labs is noted for its rapid prototyping and on-demand production capabilities, generating approximately $84 million in revenue from its 3D Printing services in 2024 [22] - 3D Systems provides a wide range of 3D printing solutions and has made strides in digital dentistry and bioprinting, collaborating on projects with NASA [23][24][25][26]

Part I [Business](index=4&type=section&id=Item%201.%20Business) Carpenter Technology manufactures specialty metals through SAO and PEP segments, serving diverse markets like aerospace and defense - The company is organized into two reportable business segments: Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP)[13](index=13&type=chunk) - SAO comprises the company's major premium alloy and stainless steel manufacturing operations, managed in an integrated manner for efficiency[15](index=15&type=chunk) - PEP consists of differentiated operations, including the Dynamet titanium business, Carpenter Additive, and distribution businesses, managed with an entrepreneurial structure to respond quickly to market dynamics[16](index=16&type=chunk) - The business depends on critical raw materials such as nickel, cobalt, and titanium, with the company using pricing surcharges, indexing, and forward contracts to mitigate price volatility[17](index=17&type=chunk)[18](index=18&type=chunk) - As of June 30, 2025, the company had approximately **4,500 employees**, with collective bargaining agreements covering employees in Washington, PA (expiring Aug 2025) and Latrobe, PA (expiring July 2027)[35](index=35&type=chunk) Research & Development and Environmental Expenditures (FY2023-2025) | Expense Category | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | **R&D Expenditures** | $26.1M | $25.6M | $24.4M | | **Environmental Control Operating Costs** | $18.0M | $17.4M | $15.7M | | **Environmental Control Capital Expenditures** | $1.1M | $0.7M | $0.3M | International Operations Data (FY2023-2025) | Metric | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | **Sales Outside U.S.** | $1,177.2M | $1,136.7M | $994.1M | | **Long-Lived Assets Outside U.S. (Year-End)** | $5.0M | $5.2M | N/A | [Risk Factors](index=8&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from cyclical markets, raw material volatility, environmental regulations, operational disruptions, and cybersecurity threats - Demand in end-use markets is cyclical, particularly in commercial aerospace, defense, and energy, which can significantly affect financial results[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) - The company relies on third parties for critical raw materials like nickel, cobalt, and titanium, making it vulnerable to price volatility and supply disruptions[46](index=46&type=chunk)[47](index=47&type=chunk) - Extensive environmental, health, and safety regulations create potential for significant liabilities from cleanup costs, fines, and third-party claims[51](index=51&type=chunk)[52](index=52&type=chunk) - Manufacturing processes are complex and depend on critical, high-cost equipment, with significant production facilities concentrated in Pennsylvania and Alabama, increasing exposure to geographic-specific disruptions[58](index=58&type=chunk)[59](index=59&type=chunk) - International operations expose the company to risks from tariffs, political instability, and currency fluctuations, alongside potential changes to U.S. trade policies[64](index=64&type=chunk)[65](index=65&type=chunk) - The company is a regular target of cybersecurity threats, and a breach could lead to operational disruptions, theft of confidential data, and financial losses[68](index=68&type=chunk)[69](index=69&type=chunk) [Unresolved Staff Comments](index=14&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[72](index=72&type=chunk) [Cybersecurity](index=14&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity program, aligned with NIST frameworks and overseen by the Audit/Finance Committee, has not materially impacted its business - The company's cybersecurity program is aligned with NIST standards and focuses on imperatives such as rapid response, identity management, and supply chain risk management[74](index=74&type=chunk)[76](index=76&type=chunk) - The Audit/Finance Committee of the Board of Directors oversees cybersecurity risk, which is integrated into the company's Enterprise Risk Management (ERM) process[80](index=80&type=chunk) - A dedicated Chief Information Security Officer (CISO) with over 15 years of experience is responsible for the overall cybersecurity program[81](index=81&type=chunk) - As of the report date, the company is not aware of any risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect its business, operations, or financial condition[79](index=79&type=chunk) [Properties](index=16&type=section&id=Item%202.%20Properties) The company owns principal manufacturing mills in PA and AL, with PEP facilities in PA, FL, and AL, and leases corporate offices - The principal locations of the SAO segment's integrated mills are in Reading, PA, Latrobe, PA, and Athens, AL, and these facilities are owned[83](index=83&type=chunk)[84](index=84&type=chunk) - The PEP segment's main locations include facilities in Washington, PA, Clearwater, FL, and Athens, AL[83](index=83&type=chunk) - Corporate offices are leased and located in Philadelphia, Pennsylvania, and Raleigh, North Carolina[85](index=85&type=chunk) [Legal Proceedings](index=16&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal proceedings, including environmental remediation, not expected to materially impact its long-term financial position - The company has environmental remediation liabilities and has been designated as a Potentially Responsible Party (PRP) for certain Superfund and other waste disposal sites[87](index=87&type=chunk) - Based on current information, management does not expect the ultimate resolution of known contingencies to have a material adverse effect on the company's long-term financial position, cash flows, or results of operations[88](index=88&type=chunk) [Mine Safety Disclosures](index=16&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[90](index=90&type=chunk) [Executive Officers of the Registrant](index=16&type=section&id=Item%204A.%20Executive%20Officers%20of%20the%20Registrant) This section provides a list of the company's corporate executive officers, including their positions and tenure Executive Officers | Name | Age | Position | Assumed Present Position | | :--- | :--- | :--- | :--- | | Tony R. Thene | 64 | President and Chief Executive Officer | July 2015 | | Timothy Lain | 53 | Senior Vice President and Chief Financial Officer | August 2020 | | Brian J. Malloy | 58 | Senior Vice President and Chief Operating Officer | December 2023 | | James D. Dee | 68 | Senior Vice President, General Counsel and Secretary | August 2020 | | Marshall D. Akins | 42 | Vice President - Chief Commercial Officer | February 2022 | Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=19&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Carpenter Technology's common stock trades on NYSE, pays quarterly dividends, and has an active share repurchase program with **$298.1 million** remaining Quarterly Common Stock Price Range (NYSE) | Period Ended | Fiscal Year 2025 High | Fiscal Year 2025 Low | Fiscal Year 2024 High | Fiscal Year 2024 Low | | :--- | :--- | :--- | :--- | :--- | | September 30 | $166.51 | $103.37 | $71.19 | $51.94 | | December 31 | $198.24 | $144.76 | $74.06 | $60.38 | | March 31 | $213.66 | $165.14 | $71.65 | $58.87 | | June 30 | $279.51 | $138.61 | $112.75 | $70.19 | - The company paid a quarterly cash dividend of **$0.20 per share** of common stock during each quarter of fiscal years 2025 and 2024[99](index=99&type=chunk) - A share repurchase program of up to **$400.0 million** was authorized in July 2024, with **$298.1 million** remaining available for future purchases as of June 30, 2025[101](index=101&type=chunk) Share Repurchases for Quarter Ended June 30, 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | May 1-31, 2025 | 50,000 | $233.11 | | June 1-30, 2025 | 50,000 | $248.32 | | **Total** | **100,000** | **$240.72** | [Reserved](index=22&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information - Item 6 is reserved[108](index=108&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2025 was a record year with **$521.8 million** operating income and **$2.9 billion** net sales, driven by SAO performance and strong market demand [Business Trends](index=23&type=section&id=Business%20Trends) Financial performance shows strong growth, with Aerospace and Defense sales increasing to **62%** of total net sales in fiscal 2025 Selected Financial Results (FY2023-2025) | ($ in millions, except per share data) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Net sales | $2,877.1 | $2,759.7 | $2,550.3 | | Operating income | $521.8 | $323.1 | $133.1 | | Net income | $376.0 | $186.5 | $56.4 | | Diluted earnings per share | $7.42 | $3.70 | $1.14 | | Adjusted free cash flow | $287.5 | $179.0 | $(67.6) | Net Sales by End-Use Market (% of Total) | End-Use Market | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Aerospace and Defense | 62% | 56% | 51% | | Medical | 12% | 14% | 12% | | Energy | 7% | 7% | 6% | | Transportation | 4% | 5% | 7% | | Industrial and Consumer | 12% | 15% | 19% | | Distribution | 3% | 3% | 5% | [Results of Operations — Fiscal Year 2025 Compared to Fiscal Year 2024](index=26&type=section&id=Results%20of%20Operations%20%E2%80%94%20Fiscal%20Year%202025%20Compared%20to%20Fiscal%20Year%202024) Fiscal 2025 net income more than doubled to **$376.0 million** on **4%** net sales growth, driven by strong market performance and improved margins FY2025 vs. FY2024 Performance Summary | Metric | FY 2025 | FY 2024 | | :--- | :--- | :--- | | Net Income | $376.0M | $186.5M | | Diluted EPS | $7.42 | $3.70 | | Net Sales | $2,877.1M | $2,759.7M | | Operating Income | $521.8M | $323.1M | - Sales to the Aerospace and Defense market increased by **15%** to **$1,768.6 million**, and sales to the Energy market increased by **8%** to **$200.3 million**[133](index=133&type=chunk) - Gross profit increased to **$768.6 million**, or **26.7%** of net sales, compared to **$584.3 million**, or **21.2%** of net sales, in the prior year[138](index=138&type=chunk) - The effective tax rate for fiscal year 2025 was **19.5%**, compared to **11.9%** for fiscal year 2024[151](index=151&type=chunk) [Business Segment Results (FY2025 vs. FY2024)](index=31&type=section&id=Business%20Segment%20Results) SAO segment operating income increased **44%** to **$588.6 million** on **5%** sales growth, while PEP segment performance remained flat Segment Operating Income (FY2025 vs. FY2024) | Segment | FY2025 Operating Income | FY2024 Operating Income | % Change | | :--- | :--- | :--- | :--- | | Specialty Alloys Operations (SAO) | $588.6M | $408.5M | +44.1% | | Performance Engineered Products (PEP) | $37.0M | $36.0M | +2.8% | - SAO's net sales increased **5%** to **$2,563.6 million**, while its operating margin expanded significantly to **23.0%** from **16.7%** in the prior year[159](index=159&type=chunk)[160](index=160&type=chunk) - PEP's net sales decreased **1%** to **$405.4 million**, with operating income remaining nearly flat compared to fiscal 2024[161](index=161&type=chunk)[162](index=162&type=chunk) [Results of Operations — Fiscal Year 2024 Compared to Fiscal Year 2023](index=33&type=section&id=Results%20of%20Operations%20%E2%80%94%20Fiscal%20Year%202024%20Compared%20to%20Fiscal%20Year%202023) Fiscal 2024 net income surged to **$186.5 million** on **8%** net sales growth, driven by strong market demand and operational efficiencies FY2024 vs. FY2023 Performance Summary | Metric | FY 2024 | FY 2023 | | :--- | :--- | :--- | | Net Income | $186.5M | $56.4M | | Diluted EPS | $3.70 | $1.14 | | Net Sales | $2,759.7M | $2,550.3M | | Operating Income | $323.1M | $133.1M | - Sales growth was strong in key markets: Aerospace and Defense (**+19%**), Medical (**+25%**), and Energy (**+14%**)[167](index=167&type=chunk) - Gross profit margin improved to **21.2%** in FY2024 from **13.2%** in FY2023[173](index=173&type=chunk) - Special items in FY2024 included a **$14.1M** goodwill impairment charge, **$16.9M** in restructuring charges, and a **$51.9M** noncash pension settlement charge[164](index=164&type=chunk) [Liquidity and Financial Resources](index=40&type=section&id=Liquidity%20and%20Financial%20Resources) Fiscal 2025 saw improved liquidity with **$440.4 million** cash from operations and **$664.4 million** total liquidity, with capital expenditures projected to increase in fiscal 2026 Cash Flow and Liquidity Summary | ($ in millions) | FY 2025 | FY 2024 | | :--- | :--- | :--- | | Cash from Operating Activities | $440.4 | $274.9 | | Adjusted Free Cash Flow | $287.5 | $179.0 | | Capital Expenditures | $154.3 | $96.6 | | Total Liquidity (at year-end) | $664.4 | N/A | - Capital expenditures are expected to be in the range of **$280.0 million** to **$300.0 million** in fiscal year 2026[199](index=199&type=chunk) - During fiscal year 2025, the company repurchased **575,000 shares** of common stock for **$101.9 million** and paid dividends of **$40.3 million**[200](index=200&type=chunk) - As of June 30, 2025, the company was in compliance with all financial covenants under its Credit Facility, with a consolidated interest coverage ratio of **14.37 to 1.00** (minimum **3.00**) and a net leverage ratio of **0.86 to 1.00** (maximum **4.00**)[208](index=208&type=chunk)[209](index=209&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=51&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks from commodity prices, energy costs, and currency fluctuations using non-speculative derivative financial instruments - The company uses commodity forward contracts to reduce the risk of profit margin fluctuations on firm price sales arrangements due to volatile raw material prices[250](index=250&type=chunk) - Foreign currency forward contracts are used to hedge certain foreign exchange risks associated with international operations and customer transactions[252](index=252&type=chunk) - All hedging strategies are reviewed and approved by senior financial management, and the use of speculative or leveraged derivatives is prohibited[254](index=254&type=chunk) [Financial Statements and Supplementary Data](index=52&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section provides the company's audited consolidated financial statements, including statements of operations, balance sheets, and cash flows, with accompanying notes and auditor reports Consolidated Statement of Operations Highlights (FY2025) | ($ in millions) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Net sales | $2,877.1 | $2,759.7 | $2,550.3 | | Gross profit | $768.6 | $584.3 | $337.3 | | Operating income | $521.8 | $323.1 | $133.1 | | Net income | $376.0 | $186.5 | $56.4 | Consolidated Balance Sheet Highlights (June 30, 2025) | ($ in millions) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Current Assets | $1,764.7 | $1,591.2 | | Total Assets | $3,486.8 | $3,291.7 | | Total Current Liabilities | $483.7 | $466.3 | | Total Liabilities | $1,599.8 | $1,662.9 | | Total Stockholders' Equity | $1,887.0 | $1,628.8 | Consolidated Statement of Cash Flows Highlights (FY2025) | ($ in millions) | 2025 | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Net cash provided from operating activities | $440.4 | $274.9 | $14.7 | | Net cash used for investing activities | $(152.9) | $(95.9) | $(82.3) | | Net cash used for financing activities | $(167.1) | $(23.3) | $(40.1) | | Increase (Decrease) in Cash | $116.4 | $154.6 | $(109.7) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=100&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable to the company - Not applicable[476](index=476&type=chunk) [Controls and Procedures](index=101&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of June 30, 2025, with no material changes - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[477](index=477&type=chunk) - There were no changes in the company's internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, these controls[479](index=479&type=chunk) [Other Information](index=101&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the fourth quarter of fiscal 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[480](index=480&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=101&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[482](index=482&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=102&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on executive officers, directors, and corporate governance is incorporated by reference from the fiscal year 2025 Proxy Statement - Required information for this item is incorporated by reference from the Company's fiscal year 2025 definitive Proxy Statement[483](index=483&type=chunk) [Executive Compensation](index=102&type=section&id=Item%2011.%20Executive%20Compensation) Executive compensation information, including discussion and analysis, is incorporated by reference from the fiscal year 2025 Proxy Statement - Required information for this item is incorporated by reference from the Company's fiscal year 2025 definitive Proxy Statement[484](index=484&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=102&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information is incorporated by reference, with **3,283,169** securities available for future issuance under equity compensation plans Equity Compensation Plan Information as of June 30, 2025 | Plan Category | Securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 273,991 | $44.76 | 3,283,169 | | Equity compensation plans not approved by security holders | — | — | — | | **Total** | **273,991** | **$44.76** | **3,283,169** | [Certain Relationships, Related Transactions and Director Independence](index=103&type=section&id=Item%2013.%20Certain%20Relationships%2C%20Related%20Transactions%20and%20Director%20Independence) Information on certain relationships, related transactions, and director independence is incorporated by reference from the fiscal year 2025 Proxy Statement - Required information for this item is incorporated by reference from the Company's fiscal year 2025 definitive Proxy Statement[486](index=486&type=chunk) [Principal Accounting Fees and Services](index=103&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on principal accounting fees and services is incorporated by reference from the fiscal year 2025 Proxy Statement - Required information for this item is incorporated by reference from the Company's fiscal year 2025 definitive Proxy Statement[486](index=486&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=103&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K, including consolidated financial statements and Schedule II - The consolidated financial statements are included in Item 8 of the report[487](index=487&type=chunk) - Schedule II — Valuation and Qualifying Accounts is included and should be read with the consolidated financial statements[487](index=487&type=chunk) [Form 10-K Summary](index=108&type=section&id=Item%2016.%20Form%2010-K%20Summary) No summary is provided under this item - None[494](index=494&type=chunk)

Market Overview - The U.S. equity markets have been volatile, reaching record highs due to strong quarterly earnings from blue-chip technology companies, but also experiencing sharp declines due to inflation concerns [1] - Stable labor market conditions and increased nonfarm productivity indicate a robust U.S. economy, although upcoming key inflation data is causing market uncertainty regarding future interest rate cuts [1] Momentum Investing Strategy - Investors are turning to momentum stocks, such as Carpenter Technology Corporation (CRS), Virtu Financial, Inc. (VIRT), and Root, Inc. (ROOT), as a strategy to achieve sustained profits when traditional value or growth investing falls short [2] - Momentum investing is based on the principle of "buying high and selling higher," capitalizing on established trends that are likely to continue due to existing momentum [3] Screening Parameters for Momentum Stocks - The strategy involves selecting the top 50 stocks with the best percentage price change over the last 52 weeks, ensuring steady appreciation [5] - From these, the bottom 10 performers over the past week are chosen to identify short-term pullbacks, combined with a Zacks Rank 1 (Strong Buy) for proven outperformance [6] - Stocks must have a Momentum Style Score of B or better, indicating favorable trading conditions and high probability of success [7] - Additional criteria include a current price greater than $5, being among the top 3000 by market capitalization, and an average 20-day trading volume exceeding 100,000 [8] Company Profiles - **Carpenter Technology Corporation (CRS)**: Specializes in premium specialty alloys, with a stock price increase of 78.4% over the past year but a recent decline of 1.8% in the past week. It holds a Momentum Score of B [9] - **Virtu Financial, Inc. (VIRT)**: A financial services firm that has seen a stock price increase of 45.9% in the past year, with a recent decline of 3.2%. It also has a Momentum Score of B [10] - **Root, Inc. (ROOT)**: Provides insurance products and has experienced a stock price surge of 89.3% over the past year, despite a recent decline of 26.3%. It maintains a Momentum Score of B [11]

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) Carpenter Technology achieved record operating income and free cash flow in Q4 and full FY2025, driven by strong segment performance and a robust financial position [Fourth Quarter Fiscal Year 2025 Performance](index=1&type=section&id=Fourth%20Quarter%20Fiscal%20Year%202025%20Performance) Carpenter Technology reported a record-breaking fourth quarter for fiscal year 2025, achieving its highest-ever quarterly operating income of $151.4 million, a 21% increase year-over-year. The company also generated a record $201.3 million in adjusted free cash flow, driven by strong performance in the Specialty Alloys Operations (SAO) segment and improvements in working capital Fourth Quarter Fiscal Year 2025 Key Financial Metrics ($ in millions) | Financial Metric | Q4 FY2025 | Change (YoY) | Change (QoQ) | | :--- | :--- | :--- | :--- | | Adjusted Operating Income | $151.4 million | +21% | +10% | | Earnings Per Diluted Share | $2.21 | - | - | | Adjusted Free Cash Flow | $201.3 million | - | - | | Net Sales (ex-surcharge) | $623.7 million | -2% | +4% | - The **Specialty Alloys Operations (SAO) segment was a key driver of performance**, with **operating income reaching $167.0 million**, **up 19% year-over-year**. The segment's **adjusted operating margin expanded significantly to 30.5%**, compared to **29.1%** in the previous quarter and **25.2%** a year ago[3](index=3&type=chunk)[6](index=6&type=chunk) - The **company executed $24.1 million in share repurchases** during the quarter[3](index=3&type=chunk) [Full Fiscal Year 2025 Performance](index=2&type=section&id=Full%20Fiscal%20Year%202025%20Performance) Fiscal year 2025 was the most profitable year in the company's history, with adjusted operating income reaching $525.4 million, a 48% increase compared to fiscal year 2024. The company generated $287.5 million in adjusted free cash flow for the full year and returned cash to shareholders through $101.9 million in stock repurchases and $40.3 million in dividends Full Fiscal Year 2025 Key Financial Metrics ($ in millions) | Financial Metric | Fiscal Year 2025 | Change (YoY) | | :--- | :--- | :--- | | Adjusted Operating Income | $525.4 million | +48% | | Adjusted Free Cash Flow | $287.5 million | +61% | | Adjusted EPS | $7.48 | +58% | | Net Sales | $2,877.1 million | +4% | - The **Aerospace and Defense end-market grew to represent over 60% of the company's revenue** during the fiscal year[7](index=7&type=chunk) - The **company executed $101.9 million of stock repurchases against its $400.0 million program and paid $40.3 million in annual dividends**[7](index=7&type=chunk) [Financial Position and Capital Allocation](index=5&type=section&id=Financial%20Position%20and%20Capital%20Allocation) The company maintained a strong financial position, ending the fiscal year with $664.4 million in total liquidity, comprising $315.5 million in cash and $348.9 million in available credit. Under its $400.0 million share repurchase program, $298.1 million remains available for future purchases as of June 30, 2025 - **Total liquidity stood at $664.4 million at the end of Q4 FY2025, consisting of $315.5 million cash and $348.9 million available under the credit facility**[14](index=14&type=chunk) - During **Q4 FY2025**, the company repurchased **100,000 shares for $24.1 million**. For the full fiscal year, **repurchases totaled $101.9 million**. As of **June 30, 2025**, **$298.1 million remains authorized for future repurchases**[7](index=7&type=chunk)[13](index=13&type=chunk) [Business Outlook and Management Commentary](index=2&type=section&id=Business%20Outlook%20and%20Management%20Commentary) The company projects strong operating income and free cash flow growth for FY2026 and FY2027, driven by market demand and strategic investments [Fiscal Year 2026 Outlook](index=2&type=section&id=Fiscal%20Year%202026%20Outlook) Carpenter Technology provided a strong outlook for fiscal year 2026, projecting operating income to be in the range of $660 million to $700 million, which represents a 26% to 33% increase over the record results of fiscal year 2025. The company also anticipates generating $240 million to $280 million in adjusted free cash flow Fiscal Year 2026 Guidance | FY2026 Guidance | Range | | :--- | :--- | | Operating Income | $660M - $700M | | Adjusted Free Cash Flow | $240M - $280M | - For the first quarter of **fiscal year 2026**, the company **anticipates operating income to be between $148 million and $152 million**[7](index=7&type=chunk) [Long-Term Outlook (Fiscal Year 2027 and Beyond)](index=2&type=section&id=Long-Term%20Outlook%20%28Fiscal%20Year%202027%20and%20Beyond%29) The company reaffirmed its fiscal year 2027 target for adjusted operating income of $765 million to $800 million, implying a nearly 25% compound annual growth rate from its fiscal year 2025 results. Management sees continued growth beyond 2027, supported by strong demand in key markets like Aerospace, Defense, Medical, and Power Generation, and strategic investments such as a recently announced brownfield expansion to increase melt capacity - The **company remains on track for its fiscal year 2027 target of $765 million to $800 million in operating income**[7](index=7&type=chunk)[8](index=8&type=chunk) - **Long-term growth is expected to be driven by strong market demand, increasing productivity, optimizing product mix, pricing actions, and investments in capacity like the new brownfield expansion**[7](index=7&type=chunk)[8](index=8&type=chunk) [Segment and Market Performance](index=11&type=section&id=Segment%20and%20Market%20Performance) The SAO segment delivered exceptional performance, driving overall growth, with Aerospace and Defense as a key revenue contributor for the fiscal year [Specialty Alloys Operations (SAO)](index=11&type=section&id=Specialty%20Alloys%20Operations%20%28SAO%29) The SAO segment, the company's largest, delivered an exceptional fourth quarter with operating income of $167.0 million, up from $140.9 million in the prior year. For the full fiscal year 2025, SAO's operating income surged to $588.6 million. A key highlight was the expansion of the adjusted operating margin (excluding surcharge) to 30.5% in Q4 and 28.6% for the full year, reflecting improved pricing and product mix SAO Segment Performance ($ in millions) | SAO Performance ($ in millions) | Q4 FY2025 | Q4 FY2024 | FY 2025 | FY 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $674.1 | $715.8 | $2,563.6 | $2,443.8 | | Operating Income | $167.0 | $140.9 | $588.6 | $408.5 | | Adj. Operating Margin (ex-surcharge) | 30.5% | 25.2% | 28.6% | 21.8% | [Performance Engineered Products (PEP)](index=11&type=section&id=Performance%20Engineered%20Products%20%28PEP%29) The PEP segment, which includes titanium, additive manufacturing, and distribution businesses, reported operating income of $11.7 million for the fourth quarter, a modest increase from $10.6 million year-over-year. For the full fiscal year 2025, operating income was $37.0 million, slightly up from $36.0 million in the prior year. The adjusted operating margin for the year was 9.9% PEP Segment Performance ($ in millions) | PEP Performance ($ in millions) | Q4 FY2025 | Q4 FY2024 | FY 2025 | FY 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $104.6 | $111.2 | $405.4 | $411.0 | | Operating Income | $11.7 | $10.6 | $37.0 | $36.0 | | Adj. Operating Margin (ex-surcharge) | 12.0% | 10.4% | 9.9% | 9.5% | [Performance by End-Use Market](index=16&type=section&id=Performance%20by%20End-Use%20Market) For fiscal year 2025, the Aerospace and Defense market was the primary growth driver, with sales (excluding surcharge) increasing by 20% to $1.44 billion. The Energy market also saw a 16% increase in sales. This growth was partially offset by declines in the Medical, Transportation, and Industrial and Consumer markets Net Sales by End-Use Market (Ex-Surcharge, $ in millions) | Net Sales by End-Use Market (ex-surcharge, $ in millions) | FY 2025 | FY 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Aerospace and Defense | $1,440.7 | $1,199.2 | +20.1% | | Medical | $296.1 | $315.4 | -6.1% | | Energy | $151.3 | $130.4 | +16.0% | | Transportation | $86.4 | $108.9 | -20.7% | | Industrial and Consumer | $288.1 | $319.4 | -9.8% | | Distribution | $83.5 | $94.4 | -11.5% | | **Total** | **$2,346.1** | **$2,167.7** | **+8.2%** | [Consolidated Financial Statements (Preliminary & Unaudited)](index=8&type=section&id=Consolidated%20Financial%20Statements%20%28Preliminary%20%26%20Unaudited%29) Preliminary unaudited financial statements show significant FY2025 growth in net income and operating cash flow, alongside a strengthened balance sheet [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For the fiscal year ended June 30, 2025, the company reported net sales of $2.88 billion and a gross profit of $768.6 million. Net income more than doubled to $376.0 million from $186.5 million in the prior year, resulting in diluted earnings per share of $7.42, up from $3.70 in fiscal year 2024 Consolidated Statements of Operations ($ in millions) | Income Statement ($ in millions) | Year Ended June 30, 2025 | Year Ended June 30, 2024 | | :--- | :--- | :--- | | Net Sales | $2,877.1 | $2,759.7 | | Gross Profit | $768.6 | $584.3 | | Operating Income | $521.8 | $323.1 | | Net Income | $376.0 | $186.5 | | Diluted EPS | $7.42 | $3.70 | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, Carpenter Technology's balance sheet showed total assets of $3.49 billion, an increase from $3.29 billion the previous year. Total liabilities decreased to $1.60 billion, while total stockholders' equity grew significantly to $1.89 billion from $1.63 billion, reflecting strong profitability and reinvested earnings Consolidated Balance Sheets ($ in millions) | Balance Sheet ($ in millions) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total Current Assets | $1,764.7 | $1,591.2 | | Total Assets | $3,486.8 | $3,291.7 | | Total Current Liabilities | $483.7 | $466.3 | | Long-Term Debt | $695.4 | $694.2 | | Total Liabilities | $1,599.8 | $1,662.9 | | Total Stockholders' Equity | $1,887.0 | $1,628.8 | [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For fiscal year 2025, the company generated $440.4 million in net cash from operating activities, a substantial increase from $274.9 million in the prior year. Cash was primarily used for capital expenditures ($154.3 million), share repurchases ($101.9 million), and dividend payments ($40.3 million). The company's cash and cash equivalents increased by $116.4 million to end the year at $315.5 million Consolidated Statements of Cash Flows ($ in millions) | Cash Flow Statement ($ in millions) | Year Ended June 30, 2025 | Year Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $440.4 | $274.9 | | Net Cash used for Investing Activities | ($152.9) | ($95.9) | | Net Cash used for Financing Activities | ($167.1) | ($23.3) | | Increase in Cash | $116.4 | $154.6 | | Cash at End of Year | $315.5 | $199.1 | [Non-GAAP Financial Measures and Reconciliations](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) Reconciliations of non-GAAP measures provide adjusted operating income, EPS, and free cash flow, offering a clearer view of underlying financial performance [Reconciliation of Adjusted Operating Income and Margin](index=13&type=section&id=Reconciliation%20of%20Adjusted%20Operating%20Income%20and%20Margin) The company provides adjusted operating income to exclude special items like restructuring charges. For fiscal year 2025, GAAP operating income of $521.8 million was adjusted for $3.6 million in charges to arrive at an adjusted operating income of $525.4 million. The adjusted operating margin, excluding surcharge revenue, improved to 22.4% for the year from 16.3% in FY2024 Reconciliation of Adjusted Operating Income ($ in millions) | Reconciliation ($ in millions) | Year Ended June 30, 2025 | Year Ended June 30, 2024 | | :--- | :--- | :--- | | Operating Income (GAAP) | $521.8 | $323.1 | | Special Items | $3.6 | $31.0 | | Adjusted Operating Income (Non-GAAP) | $525.4 | $354.1 | [Reconciliation of Adjusted Earnings Per Share (EPS)](index=14&type=section&id=Reconciliation%20of%20Adjusted%20Earnings%20Per%20Share%20%28EPS%29) Adjusted diluted EPS for fiscal year 2025 was $7.48, compared to a GAAP EPS of $7.42. The adjustment removes the per-share impact of restructuring charges. This represents a significant increase from the prior year's adjusted EPS of $4.74 Reconciliation of Adjusted Diluted EPS ($) | EPS Reconciliation | Year Ended June 30, 2025 | Year Ended June 30, 2024 | | :--- | :--- | :--- | | Diluted EPS (GAAP) | $7.42 | $3.70 | | Special Items Impact | $0.06 | $1.04 | | Adjusted Diluted EPS (Non-GAAP) | $7.48 | $4.74 | [Reconciliation of Adjusted Free Cash Flow](index=15&type=section&id=Reconciliation%20of%20Adjusted%20Free%20Cash%20Flow) Adjusted free cash flow is presented as a measure of cash generation available for investments, dividends, and share repurchases. For fiscal year 2025, the company generated $287.5 million in adjusted free cash flow, calculated by subtracting capital expenditures from operating cash flow. This is a substantial increase from $179.0 million in the prior year Reconciliation of Adjusted Free Cash Flow ($ in millions) | Adjusted FCF Reconciliation ($ in millions) | Year Ended June 30, 2025 | Year Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $440.4 | $274.9 | | Purchases of property, plant, etc. | ($154.3) | ($96.6) | | Proceeds from disposals | $1.4 | $0.7 | | Adjusted Free Cash Flow (Non-GAAP) | $287.5 | $179.0 | [Other Information](index=6&type=section&id=Other%20Information) This section provides conference call details and important disclaimers regarding forward-looking statements and associated risks [Conference Call and Webcast Information](index=6&type=section&id=Conference%20Call%20and%20Webcast%20Information) Carpenter Technology scheduled a conference call and webcast for 10:00 a.m. ET on July 31, 2025, to discuss the fourth quarter and full fiscal year 2025 results. Presentation materials and a replay of the webcast are available on the company's investor relations website - A **conference call to discuss financial results was scheduled for July 31, 2025, at 10:00 a.m. ET**[15](index=15&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) The press release includes a standard safe harbor statement regarding forward-looking statements. It cautions investors that actual results could differ materially from projections due to a variety of risks and uncertainties, including the cyclical nature of its markets, raw material costs, geopolitical conflicts, and potential supply chain disruptions - The **report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ**. **Key risks mentioned include market cyclicality, cost fluctuations, geopolitical tensions, and supply chain disruptions**[18](index=18&type=chunk)

Core Insights - Carpenter Technology reported revenue of $755.6 million for the quarter ended June 2025, a decrease of 5.4% year-over-year, with an EPS of $2.21 compared to $1.82 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $770.22 million, resulting in a surprise of -1.9%, while the EPS exceeded the consensus estimate of $2.03 by +8.87% [1] Financial Performance Metrics - Specialty Alloys Operations sold 46.87 million pounds, slightly below the estimated 47.04 million pounds [4] - Total volumes sold were 48.75 million pounds, close to the average estimate of 48.8 million pounds [4] - Net Sales in the End-Use Market excluding surcharge revenue totaled $623.7 million, down -1.9% year-over-year, compared to the average estimate of $629.98 million [4] - Surcharge revenue was reported at $131.9 million, a significant decrease of -19% compared to the year-ago quarter, and below the estimated $139.64 million [4] - Operating Income for Specialty Alloys Operations was $167 million, exceeding the average estimate of $163.52 million [4] Stock Performance - Carpenter's shares returned +3.1% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Financial Data and Key Metrics Changes - For Q4 FY 2025, Carpenter Technology generated $151 million in adjusted operating income, a 21% increase from FY 2024 and a 10% increase from the previous quarter [6][15] - The adjusted operating margin for the SAO segment reached 30.5%, up from 25.2% a year ago [6][42] - The company generated $201.3 million in adjusted free cash flow during the quarter, with a total of $287.5 million for the fiscal year [7][27] Business Line Data and Key Metrics Changes - The SAO segment reported operating income of $167 million, a 19% year-over-year increase [7][17] - PEP segment net sales were $97.1 million, down 5% year-over-year but operating income improved to $11.7 million [18][19] - Sales in the aerospace and defense market increased 3% sequentially and 2% year-over-year, with engine sales up 5% sequentially [8][9] Market Data and Key Metrics Changes - Sales in the medical market were up 6% sequentially but down 16% compared to the record prior year [11] - The energy market saw a 27% sequential increase and a 22% year-over-year increase in sales [11] - The aerospace supply chain is experiencing increased activity as build rates ramp up, with strong demand for materials [10][12] Company Strategy and Development Direction - Carpenter Technology is focused on achieving a zero injury workplace and improving safety performance [5] - The company plans to continue investing in its brownfield capacity expansion project, which is expected to enhance growth starting in FY 2028 [22][39] - The strategic focus remains on increasing productivity, optimizing product mix, and maintaining pricing power in a strong demand environment [26][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing ramp in aerospace demand and the positive outlook for the defense sector [10][34] - The company anticipates a strong start to FY 2026, projecting operating income between $660 million and $700 million, representing a 26% to 33% increase over FY 2025 [29][42] - Management highlighted the importance of maintaining operational efficiency through preventive maintenance to support long-term growth [72][74] Other Important Information - The effective tax rate for Q4 FY 2025 was 19.7%, lower than anticipated due to discrete tax benefits [16] - The company ended the fiscal year with $664.4 million in total liquidity, including $315.5 million in cash [23][24] - Carpenter Technology executed $101.9 million in share repurchases during FY 2025, reflecting its commitment to returning cash to shareholders [28][42] Q&A Session Summary Question: Can you discuss lead times and pricing expectations? - Management indicated that lead times remain extended, particularly in jet engines, and pricing actions are expected to continue as a tailwind due to a significant supply-demand gap [48][50][52] Question: Is the initial FY 2026 EBIT guidance conservative? - Management confirmed that the guidance is based on internal assessments and is designed to be achievable without overexposing the company [57][58] Question: Are there orders supporting a reacceleration in aerospace and defense volumes? - Management noted that there is a positive trend in orders, particularly in the defense sector, with increased bookings observed [60][64] Question: How does the company view the urgent requests in defense versus regular orders? - Management explained that defense orders are historically uneven but have seen an increase recently, with expectations for elevated order levels moving forward [70][71] Question: What is the outlook for power generation revenues? - Management highlighted significant year-over-year growth in power generation revenues, indicating a strategic advantage in this market [76][66] Question: Will there be further mix gains in FY 2026? - Management expects to see continued growth in aerospace and medical markets, which will strengthen the overall product mix [82][87]

Financial Data and Key Metrics Changes - For Q4 FY 2025, Carpenter Technology generated $151 million in adjusted operating income, a 21% increase from FY 2024 and a 10% increase from the previous quarter [6][15][25] - The adjusted operating margin for the SAO segment reached 30.5%, up from 25.2% a year ago and 29.1% in the prior quarter [6][7][41] - The company reported $201.3 million in adjusted free cash flow for the quarter, contributing to a total of $287.5 million for the fiscal year [7][20][26] Business Line Data and Key Metrics Changes - The SAO segment achieved $167 million in operating income, a 19% year-over-year increase and a 10% sequential increase [7][17] - PEP segment net sales were $97.1 million, down 5% year-over-year but operating income improved to $11.7 million from $10.6 million a year ago [18][19] - Sales in the aerospace and defense market increased 3% sequentially and 2% year-over-year, with engine sales up 5% sequentially [8][9] Market Data and Key Metrics Changes - Sales in the energy end-use market increased 27% sequentially and 22% year-over-year, driven by demand from power generation customers [12][13] - Medical sales were up 6% sequentially but down 16% compared to the record prior year fourth quarter [11] Company Strategy and Development Direction - Carpenter Technology aims to achieve $660 million to $700 million in adjusted operating income for FY 2026, representing a 26% to 33% increase over FY 2025 [32][41] - The company is focused on expanding its brownfield capacity, with a $400 million project underway to enhance production capabilities [22][38] - The strategic focus remains on high-margin markets such as aerospace, medical, and energy, with a commitment to innovation and customer solutions [33][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand across aerospace and defense, medical, and energy markets, anticipating continued growth [13][34] - The company highlighted the importance of maintaining operational efficiency through preventive maintenance to support long-term growth [29][72] - Management noted that the supply-demand imbalance in the industry remains favorable, supporting pricing power [49][50] Other Important Information - The company ended the fiscal year with $664.4 million in total liquidity, including $315.5 million in cash [22][23] - The effective tax rate for Q4 was 19.7%, lower than anticipated due to discrete tax benefits [16] Q&A Session Summary Question: Lead times and pricing expectations - Management indicated that lead times for jet engines remain extended and pricing actions are expected to continue as a tailwind due to a significant supply-demand gap [47][49][51] Question: Initial EBIT guidance for FY 2026 - Management confirmed that the EBIT guidance was approached conservatively, ensuring a realistic target based on internal assessments [56] Question: Orders supporting aerospace and defense volume acceleration - Management noted aggressive pulls on the defense side and positive discussions with aerospace customers, indicating a potential reacceleration in volumes [58][62] Question: Urgent requests in defense versus regular orders - Management explained that defense orders are historically uneven and dependent on various factors, but recent clarity in the defense budget suggests elevated order levels [69][70] Question: Power generation revenue growth - Management confirmed significant year-over-year growth in power generation revenues, highlighting its strategic importance [65][75] Question: Further mix gains in FY 2026 - Management expects continued growth in aerospace and medical markets, with a strong focus on innovation to drive mix improvements [81][86]

Group 1 - Carpenter Technology (CRS) reported quarterly earnings of $2.21 per share, exceeding the Zacks Consensus Estimate of $2.03 per share, and up from $1.82 per share a year ago, representing an earnings surprise of +8.87% [1] - The company posted revenues of $755.6 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 1.9%, and down from $798.7 million year-over-year [2] - Carpenter shares have increased approximately 67.1% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.2% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $2.06 on revenues of $770.06 million, and for the current fiscal year, it is $9.11 on revenues of $3.15 billion [7] - The Zacks Industry Rank for Steel - Specialty is currently in the top 39% of over 250 Zacks industries, indicating that the industry outlook can materially impact stock performance [8]

July 31, 2025 CARPENTER TECHNOLOGY CORPORATION 4 th Quarter Fiscal Year 2025 Earnings Call © 2025 CRS Holdings, LLC. All rights reserved. Cautionary Statement Forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties ...

Core Viewpoint - Wall Street analysts predict Carpenter Technology (CRS) will report quarterly earnings of $2.03 per share, reflecting an 11.5% year-over-year increase, while revenues are expected to decline by 3.6% to $770.22 million [1]. Earnings Estimates - The consensus EPS estimate has been revised 0.4% lower over the last 30 days, indicating a collective reevaluation by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue and Sales Projections - Analysts estimate 'Net Sales- End-Use Market Excluding Surcharge Revenue- Total' at $629.98 million, a decrease of 0.9% from the prior year [5]. - The estimate for 'Net Sales- End-Use Market Excluding Surcharge Revenue- Surcharge revenue' is $139.64 million, indicating a 14.3% decline year-over-year [5]. - 'Net Sales- Performance Engineered Products' is projected at $110.82 million, down 0.4% from the previous year [6]. - 'Net Sales- Specialty Alloys Operations' is expected to reach $685.66 million, reflecting a 4.2% decrease year-over-year [6]. Volume and Operating Income Estimates - 'Volumes Sold in Pounds - Specialty Alloys Operations' are projected to be 47.04 million, down from 57.20 million in the same quarter last year [7]. - 'Volumes Sold in Pounds' overall is expected to be 48.80 million, compared to 56.78 million in the same quarter of the previous year [7]. - 'Operating Income- Performance Engineered Products' is forecasted at $11.14 million, up from $10.60 million in the same quarter last year [8]. - The consensus for 'Operating Income- Specialty Alloys Operations' stands at $163.52 million, compared to $140.90 million a year ago [8]. Stock Performance - Carpenter shares have changed by +0.2% in the past month, compared to a +4.9% move of the Zacks S&P 500 composite [8]. - With a Zacks Rank 2 (Buy), CRS is expected to outperform the overall market in the near future [8].