Carpenter Technology Corporation (CRS - Free Report) reported adjusted net income of $39.9 million or 82 cents per share in third-quarter fiscal 2020 (ended Mar 31, 2020), which beat the Zacks Consensus Estimate of 77 cents. However, the figure was lower than the year-ago quarter’s net income of $51.1 million or $1.05 per share. This can primarily be attributed to the COVID-19 pandemic, which impacted customer demand.
Net sales of $585 million for the quarter were down 4% year over year. The top line surpassed the Zacks Consensus Estimate of $580 million. Volumes were down 9% on a year-over-year basis.
Cost of goods sold in the fiscal third quarter was down 2% year over year to $476 million. Gross profit declined 11% year over year to $110 million. Operating profit in the reported quarter came in at $58.7 million, down 20% from the prior-year quarter. COVID-19 related disruptions had a negative impact of $5.5 million on the quarter under review. This was on account of disruption in the shipment of certain materials late in the quarter as additional safety measures were implemented across the company’s facilities and as certain customers were unable to accept deliveries due to shutdowns. Operating margin was 10% in the quarter compared with the year-earlier quarter’s 12%.
Carpenter Technology Corporation Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Carpenter Technology Corporation (CRS - Free Report) reported adjusted net income of $39.9 million or 82 cents per share in third-quarter fiscal 2020 (ended Mar 31, 2020), which beat the Zacks Consensus Estimate of 77 cents. However, the figure was lower than the year-ago quarter’s net income of $51.1 million or $1.05 per share. This can primarily be attributed to the COVID-19 pandemic, which impacted customer demand.
Net sales of $585 million for the quarter were down 4% year over year. The top line surpassed the Zacks Consensus Estimate of $580 million. Volumes were down 9% on a year-over-year basis.
Cost of goods sold in the fiscal third quarter was down 2% year over year to $476 million. Gross profit declined 11% year over year to $110 million. Operating profit in the reported quarter came in at $58.7 million, down 20% from the prior-year quarter. COVID-19 related disruptions had a negative impact of $5.5 million on the quarter under review. This was on account of disruption in the shipment of certain materials late in the quarter as additional safety measures were implemented across the company’s facilities and as certain customers were unable to accept deliveries due to shutdowns. Operating margin was 10% in the quarter compared with the year-earlier quarter’s 12%.
Carpenter Technology Corporation Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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