Industry Overview - The steel industry has experienced a loss of momentum after a strong performance earlier in the year, with steel prices undergoing a sharp downward correction both in the United States and globally [1][3] - A significant pullback in steel prices has been observed, with benchmark hot-rolled coil (HRC) prices dropping over 40% from $1,200 per short ton at the start of 2024 to around $700 per short ton [3][4] - Factors contributing to the downturn include oversupply, reduced demand from key industries, economic uncertainties, and sluggish industrial production and construction activities [4][5] Demand Dynamics - Steel demand in China has softened due to a slowdown in the economy, particularly following a protracted property crisis, which has significantly impacted the real estate sector that accounts for approximately 40% of China's steel consumption [5] - The global automotive production slowdown has also curtailed steel consumption, while high interest rates have dampened demand in the U.S. construction sector [6] - Despite challenges, demand from non-residential construction remains strong, driven by government initiatives for infrastructure projects, which are expected to continue into 2025 [6] Company Performances - Certain steel companies have shown resilience and delivered impressive performances in 2024, including Carpenter Technology Corporation, Universal Stainless & Alloy Products, L.B. Foster Company, and Worthington Steel [2][7] - Carpenter Technology has a strong financial position and is benefiting from demand in aerospace and defense, with expected earnings growth of 42.2% for fiscal 2025 and a share price increase of 156.5% year to date [10][11] - Universal Stainless & Alloy Products is experiencing significant growth in the aerospace market, with an expected earnings growth rate of 522.4% for 2024 and a share price increase of 120.2% year to date [12][13] - L.B. Foster is seeing growth in its Rail Technologies and Precast Concrete businesses, with an expected earnings growth of 3,146.2% for 2024 and a share price increase of 31.5% year to date [14][15][16] - Worthington Steel is focused on value-added solutions and investments in the electrical steel market, with stable earnings estimates and a share price increase of 57.5% year to date [16][17]

Group 1: Market Overview - U.S. stock markets have shown renewed momentum in 2024 following a strong performance in 2023, with a bull run lasting 21 months, excluding minor fluctuations [1] - Market participants anticipate a 70% chance of a 25 basis points rate hike by the Fed in December, which could lead to a 1% reduction in the benchmark lending rate in 2024 [1] Group 2: Mid-Cap Stocks Performance - The S&P 400 index, focused on mid-cap stocks, has rallied 21.4% year to date, indicating strong performance in this segment [2] - Five mid-cap stocks with potential to transition to large-cap status by 2025 include MACOM Technology Solutions Holdings Inc. (MTSI), Masimo Corp. (MASI), Leonardo DRS Inc. (DRS), Ingredion Inc. (INGR), and Carpenter Technology Corp. (CRS) [2] Group 3: Investment Rationale for Mid-Cap Stocks - Mid-cap stocks are recognized for their portfolio diversification benefits, combining attributes of both small and large-cap stocks, with high potential for profitability and market share growth [3] - In a slowing economy, mid-cap stocks are less vulnerable to losses compared to large-cap stocks due to lower international exposure [4] - Conversely, in a thriving economy, mid-cap stocks are expected to outperform small caps due to established management, broad distribution networks, brand recognition, and access to capital markets [4] Group 4: Company-Specific Insights MACOM Technology Solutions Holdings Inc. (MTSI) - MTSI is experiencing strong momentum across telecom, data center, and defense markets, driven by 5G deployments and demand for RF and microwave products [6][7] - Expected revenue and earnings growth rates for MTSI are 22.5% and 31.3%, respectively, for the current year ending September 2025, with a 3.7% improvement in earnings estimates over the last 30 days [8] Masimo Corp. (MASI) - MASI focuses on patient monitoring and has a strong product suite supported by ongoing R&D efforts, enhancing its global business presence [11] - Expected revenue and earnings growth rates for MASI are 6.1% and 12.8%, respectively, for the next year, with a 0.2% improvement in earnings estimates over the last seven days [12] Leonardo DRS Inc. (DRS) - DRS provides defense electronic products and systems, with a focus on advanced sensing and military support services [15] - Expected revenue and earnings growth rates for DRS are 7.4% and 16.9%, respectively, for the next year, with a 0.9% improvement in earnings estimates over the last seven days [16] Ingredion Inc. (INGR) - INGR specializes in nature-based sweeteners and nutrition ingredients, serving various sectors including food and pharmaceuticals [19] - Expected revenue and earnings growth rates for INGR are 1.3% and 6.1%, respectively, for the next year, with a 3.7% improvement in earnings estimates over the last 30 days [20] Carpenter Technology Corp. (CRS) - CRS has a strong backlog indicating high demand and is positioned to benefit from ongoing momentum across its end-use markets [22][23] - Expected revenue and earnings growth rates for CRS are 6.9% and 42.2%, respectively, for the current year ending June 2025, with a 2% improvement in earnings estimates over the last seven days [25]

Investors might want to bet on Carpenter Technology (CRS) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this maker of stainless steels and special alloys, should get reflected in its stock price. After all, empirical researc ...

Exhibit 99.1 Investor Inquiries: Media Inquiries: John Huyette Heather Beardsley +1 610-208-2061 +1 610-208-2278 jhuyette@cartech.com hbeardsley@cartech.com CARPENTER TECHNOLOGY REPORTS FIRST QUARTER FISCAL YEAR 2025 RESULTS Delivered Record First Quarter Operating Income Exceeded First Quarter Operating Income Guidance for Specialty Alloys Operations Segment Expanded Operating Margins in Specialty Alloys Operations Segment Generated Positive Adjusted Free Cash Flow Repurchased Shares Against Authorized Sha ...

Core Viewpoint - Carpenter Technology Corporation (CRS) reported strong financial results for the first quarter of fiscal 2025, with adjusted earnings per share (EPS) of $1.73, surpassing estimates and showing significant year-over-year growth [1][2]. Financial Performance - Net revenues increased by 10.1% year-over-year to $718 million, driven by a 3% rise in shipment volume, exceeding the Zacks Consensus Estimate of $708 million [2]. - The cost of goods sold rose by 2.6% year-over-year to $541 million, while gross profit surged by 42.1% to $176 million [4]. - Adjusted operating income was $117 million, up from $69 million in the prior year, with an adjusted operating margin of 15.8%, compared to 10.6% in the previous year [4]. Segment Performance - The Aerospace and Defense market saw a revenue increase of 34.1%, while the Energy market experienced a decline of 27.7% [3]. - Specialty Alloys Operations segment reported sales of $645 million, up from $570 million year-over-year, although it slightly missed the estimated $618 million [5]. - Performance Engineered Products segment's net sales fell by 1% to $101 million, missing the estimate of $108 million [6]. Cash Flow and Balance Sheet - Cash and cash equivalents at the end of the quarter were $150 million, down from $199 million at the end of fiscal 2024, while long-term debt increased slightly to $694.5 million [8]. - Cash flow from operating activities improved significantly to $40.2 million, compared to $7.4 million in the prior-year quarter [8]. Share Price Performance - Shares of Carpenter Technology have increased by 148.7% over the past year, outperforming the industry growth of 67.2% [10].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-5828 CARPENTER TECHNOLOGY CORPORATION (Exact name of Registrant as specified in its Charter) Delaware 23-045 ...

Financial Performance - Carpenter Technology reported quarterly earnings of $1.73 per share, exceeding the Zacks Consensus Estimate of $1.57 per share, and up from $0.88 per share a year ago, representing an earnings surprise of 10.19% [1] - The company posted revenues of $717.6 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.32%, compared to $651.9 million in the same quarter last year [1] Stock Performance - Carpenter shares have increased approximately 121.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 21.5% [2] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating expectations for continued outperformance in the near future [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.37 on revenues of $710 million, while the estimate for the current fiscal year is $6.63 on revenues of $2.95 billion [4] - The trend for estimate revisions ahead of the earnings release was favorable, suggesting potential positive adjustments in earnings expectations [4] Industry Context - Carpenter Technology operates within the Steel - Specialty industry, which is currently ranked in the top 8% of over 250 Zacks industries, indicating a strong industry performance [5] - Another company in the same industry, Metallus, is expected to report a significant decline in earnings, with a forecast of $0.06 per share, down 88.5% year-over-year, and revenues expected to decrease by 21.4% [5]

Delivered Record First Quarter Operating Income Exceeded First Quarter Operating Income Guidance for Specialty Alloys Operations SegmentExpanded Operating Margins in Specialty Alloys Operations SegmentGenerated Positive Adjusted Free Cash FlowRepurchased Shares Against Authorized Share Repurchase ProgramStrengthening FY25 Outlook PHILADELPHIA, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today announced financial results for the fiscal first quarter ended Se ...

Core Viewpoint - Carpenter Technology Corporation (CRS) is expected to report first-quarter fiscal 2025 results on October 24, with projected revenues of $708.2 million, reflecting an 8.6% year-over-year growth, and earnings estimated at $1.57 per share, indicating a significant 78.4% increase from the previous year [1]. Financial Estimates - The Zacks Consensus Estimate for CRS's fiscal first-quarter revenues is $708.2 million, showing an 8.6% growth from the prior year [1]. - The earnings estimate for the first quarter is $1.57 per share, which has decreased by 1% over the past 60 days but still represents a 78.4% year-over-year increase [1]. - The current earnings estimates for fiscal 2025 are $6.63 for F1 and $7.39 for F2, with no changes in the last 60 days [2]. Earnings Surprise History - Carpenter Technology has a history of beating earnings estimates, with an average surprise of 15.9% over the last four quarters [3]. - The reported earnings for the last four quarters were consistently above estimates, with the most recent quarter showing a surprise of 19.74% [3]. Earnings Prediction Model - The current model does not predict an earnings beat for CRS, as the Earnings ESP is 0.00% despite a Zacks Rank of 1 (Strong Buy) [4][5]. Performance Factors - Growth in end-use markets, particularly in aerospace, defense, and medical applications, is expected to positively impact CRS's performance in fiscal 2025 [6]. - Demand in aerospace submarkets is anticipated to increase due to rising travel demand, although labor and chip shortages may pose challenges [6]. - Increased productivity, higher prices, and improved product mix are expected to mitigate some of the negative impacts on margins [6]. Segment Performance Expectations - Specialty Alloys Operations segment sales are projected to be $618 million, an 8.4% increase from the previous year, with an expected operating profit of $131.7 million [7]. - Performance Engineered Products segment net sales are estimated to rise by 6.1% year-over-year to $108 million, with an operating profit of $10.6 million [7]. Stock Performance - Carpenter Technology shares have outperformed the industry, gaining 161.5% over the past year compared to the industry's 77.5% growth [8].

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Carpenter Technology (CRS) due to higher revenues, with the actual results being crucial for stock price movement [1] Earnings Expectations - Carpenter Technology is expected to report quarterly earnings of $1.57 per share, reflecting a year-over-year increase of +78.4% [2] - Revenues are projected to be $708.22 million, which is an 8.6% increase from the same quarter last year [2] Estimate Revisions - The consensus EPS estimate has been revised 2.92% lower in the last 30 days, indicating a reassessment by analysts [3] Earnings Surprise Prediction - The Zacks Earnings ESP model shows that the Most Accurate Estimate matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% for Carpenter [4][6] - The stock holds a Zacks Rank of 1, indicating a strong buy, but this combination makes it challenging to predict an earnings beat [6] Historical Performance - In the last reported quarter, Carpenter exceeded the expected earnings of $1.52 per share by delivering $1.82, resulting in a surprise of +19.74% [7] - Over the past four quarters, Carpenter has beaten consensus EPS estimates three times [7] Conclusion - While Carpenter does not appear to be a compelling earnings-beat candidate, investors should consider other factors before making investment decisions [8]