CARPENTER TECHNOLOGY CORP

Listed Company

CRSCIK 0000017843NYSELarge AcceleratedSteel Works, Blast Furnaces & Rolling Mills (Coke Ovens)DelawareFY ends Jun 30

Period

FY 2025

Revenue

$2.88B

Net Income

$376.00M

Total Assets

$3.49B

Equity

$1.89B

Shares Out

49.69M

Op. Cash Flow

$440.40M

Business

CARPENTER TECHNOLOGY CORP is a manufacturer, fabricator and distributor of specialty metals and engineered material solutions. It offers premium specialty alloys and related products, including titanium alloys, powder metals, stainless steels, alloy and tool steels, alloys for additive manufacturing and soft magnetics, plus metallurgical and process solutions. The company operates through two reportable segments: Specialty Alloys Operations (SAO), encompassing major alloy and stainless steel mill operations, and Performance Engineered Products (PEP), which includes Dynamet titanium, Carpenter Additive and distribution businesses. Carpenter serves aerospace, defense, medical, transportation, energy, industrial and consumer markets through integrated manufacturing, distribution businesses and export channels.

Summary from filing dated 2025-08-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Net sales	2,877	2,760	2,550	1,836	1,476
Cost of sales	2,109	2,175	2,213	1,687	1,470
Gross profit	769	584	337	150	1
Selling, general and administrative expenses	243	230	204	175	180
Goodwill impairment charge	0	14	0	0	53
Restructuring and asset impairment charges	4	17	0	0	17
Operating income	522	323	133	−25	−249
Interest expense, net	48	51	54	45	—
Other expense, net	6	61	7	−13	8
Income before income taxes	467	212	73	−63	−298
Income tax expense	91	25	16	−14	−68
Net income	376	187	56	−49	−230
Basic (in dollars per share)	7.5	3.75	1.15	−1.01	−4.76
Diluted (in dollars per share)	7.42	3.7	1.14	−1.01	−4.76
Basic (in shares)	50	50	49	49	48
Diluted (in shares)	51	50	49	49	48

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalents	316	199	45	154	287
Accounts receivable, net of allowance for doubtful accounts of $12.9 million and $6900000 million at June 30, 2025 and 2024, respectively	576	563	531	382	309
Inventories	794	735	640	496	426
Other current assets	80	94	66	87	96
Total current assets	1,765	1,591	1,282	1,119	1,117
Property, plant, equipment and software, net	1,359	1,335	1,384	1,421	1,458
Goodwill	227	227	241	241	241
Other intangibles, net	10	15	29	35	43
Deferred income taxes	8	8	7	6	5
Other assets	118	115	112	110	107
Total assets	3,487	3,292	3,054	2,932	2,971
Accounts payable	267	264	278	242	142
Accrued liabilities	216	202	181	134	164
Total current liabilities	484	466	459	376	306
Long-term debt	695	694	693	692	695
Accrued pension liabilities	147	208	190	197	223
Accrued postretirement benefits	13	21	46	77	99
Deferred income taxes	163	174	170	162	157
Other liabilities	99	100	99	98	100
Total liabilities	1,600	1,663	1,658	1,602	1,579
Contingencies and commitments (see Note $12)	—	—	—	—	—
Common stock authorized 100,000,000 shares; issued 57,230,002 shares at June 30, 2025, and 56,978,663 shares at June 30, 2024; outstanding 49,707,379 shares at June 30, 2025, and 49,776,955 shares at June 30, 2024	286	285	281	280	280
Capital in excess of par value	354	353	328	320	323
Reinvested earnings	1,710	1,375	1,228	1,211	1,299
Common stock in treasury (7,522,623 shares and 7,201,708 shares at June 30, 2025 and 2024, respectively), at cost	−396	−289	−298	−307	—
Accumulated other comprehensive loss	−68	−94	−143	−174	−192
Total stockholders' equity	1,887	1,629	1,396	1,331	1,392
Total liabilities and stockholders' equity	3,487	3,292	3,054	2,932	2,971

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Depreciation and amortization	139	135	131	131	124
Noncash restructuring and asset impairment charges	3	16	0	0	16
Deferred income taxes	−17	−13	−400,000	−3	−34
Net pension expense	25	76	20	−7	25
Share-based compensation expense	23	20	16	11	10
Net loss on disposal of property, plant, and equipment and assets held for sale	2	5	3	2	300,000
Accounts receivable	−2	−33	−145	−79	−15
Inventories	−60	−97	−140	−72	239
Other current assets	14	−31	13	8	−34
Accounts payable	−1	−11	29	96	22
Accrued liabilities	14	24	38	−25	34
Pension plan contributions	−65	−11	0	−700,000	−20
Other postretirement plan contributions	−4	−3	−3	−2	−3
Other, net	−5	−1	−3	−6	−3
Net cash provided from operating activities	440	275	15	6	250
Purchases of property, plant, equipment and software	−154	−97	−82	−91	−101
Proceeds from disposals of property, plant and equipment and assets held for sale	1	700,000	0	2	—
Net cash used for investing activities	−153	−96	−82	−89	−79
Credit agreement borrowings	0	63	184	—	—
Credit agreement repayments	0	−63	−184	—	—
Payments for debt issue costs	0	0	−2	−800,000	−3
Dividends paid	−40	−40	−39	−39	−39
Purchases of treasury stock	−102	0	0	—	—
Proceeds from stock options exercised	13	41	5	0	500,000
Withholding tax payments on share-based compensation awards	−38	−24	−4	−3	−2
Net cash used for financing activities	−167	−23	−40	−53	−76
Effect of exchange rate changes on cash and cash equivalents	−4	−1	−2	3	−700,000
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	116	155	−110	−133	94

Filings

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