Carpenter Technology Corp Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Carpenter Technology Corp filed its Q2 2024 10-Q report on January 25, 2024, detailing financial performance for the period ending December 31, 2023.</b>

AI Summary

CARPENTER TECHNOLOGY CORP (CRS) filed a Quarterly Report (10-Q) with the SEC on January 25, 2024. Carpenter Technology Corp filed a 10-Q report for the period ending December 31, 2023. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on June 30. The filing was submitted on January 25, 2024. The company's principal business is Steel Works, Blast Furnaces, and Rolling Mills.

Why It Matters

For investors and stakeholders tracking CARPENTER TECHNOLOGY CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management's discussion of results for Carpenter Technology Corp, crucial for understanding the company's performance and outlook. The detailed financial information in the 10-Q allows stakeholders to assess the company's operational efficiency, profitability, and financial health in the second quarter of fiscal year 2024.

Risk Assessment

Risk Level: — CARPENTER TECHNOLOGY CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate significant positive or negative developments beyond normal business operations.

Analyst Insight

Review the detailed financial statements and management's discussion within the 10-Q to assess Carpenter Technology Corp's performance trends and identify any emerging risks or opportunities.

Key Numbers

• 20231231 — Period of Report (10-Q filing)
• 20240125 — Filed As Of Date (10-Q filing)
• 0630 — Fiscal Year End (Company fiscal year)

Key Players & Entities

• CARPENTER TECHNOLOGY CORP (company) — Filer name
• 20231231 (date) — Period of report
• 20240125 (date) — Filed as of date
• 3312 (industry_code) — Standard Industrial Classification

Forward-Looking Statements

• Carpenter Technology Corp. will continue to show stable equity component balances in the next quarter, reflecting consistent operational performance. (CARPENTER TECHNOLOGY CORP) — medium confidence, target: 2024-03-31

FAQ

Industry Context

Carpenter Technology Corp operates in the steel manufacturing sector, specifically focusing on specialty alloys and advanced materials.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and EPS trends.
2. Review management's discussion and analysis for insights into operational performance and future outlook.
3. Examine any disclosed risk factors for potential impacts on the company's business.

Key Dates

• 2023-12-31: Period End Date — End of the reporting period for the 10-Q.
• 2024-01-25: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the second quarter of fiscal year 2024, following the previous 10-Q filing for the first quarter of fiscal year 2024 (period ending September 30, 2023).

Key Financial Figures

• $5 — ction 12(b) of the Act: Common Stock, $5 Par Value CRS New York Stock Exchange

Filing Documents

• crs-20231231.htm (10-Q) — 1741KB
• crs-ex31ax20231231.htm (EX-31.A) — 11KB
• crs-ex31bx20231231.htm (EX-31.B) — 11KB
• crs-ex32x20231231.htm (EX-32) — 7KB
• 0000017843-24-000003.txt (&nbsp;) — 8290KB
• crs-20231231.xsd (EX-101.SCH) — 36KB
• crs-20231231_cal.xml (EX-101.CAL) — 66KB
• crs-20231231_def.xml (EX-101.DEF) — 155KB
• crs-20231231_lab.xml (EX-101.LAB) — 560KB
• crs-20231231_pre.xml (EX-101.PRE) — 359KB
• crs-20231231_htm.xml (XML) — 1720KB

Financial Statements

Financial Statements Consolidated Balance Sheets (unaudited) as of December 3 1 , 2023 and June 30, 2023 2 Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended December 3 1 , 2023 and 2022 3 Consolidated Statements of Comprehensive Income (unaudited) for the Three and Six Months Ended December 3 1 , 2023 and 2022 4 Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended December 3 1 , 2023 and 2022 5 Consolidated Statements of Changes in Equity (unaudited) for the Three and Six Months Ended December 3 1 , 2023 and 2022 6 Notes to the Consolidated Financial Statements (unaudited) 8 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4

Controls and Procedures

Controls and Procedures 47 PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 47 Item 1A

Risk Factors

Risk Factors 47 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 5 Other Information 47 Item 6 Exhibits 48 Signature 49 1 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CARPENTER TECHNOLOGY CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) ($ in millions, except share data) December 31, 2023 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 15.7 $ 44.5 Accounts receivable, net 508.4 531.3 Inventories 797.8 639.7 Other current assets 88.3 66.4 Total current assets 1,410.2 1,281.9 Property, plant, equipment and software, net 1,364.2 1,383.8 Goodwill 241.4 241.4 Other intangibles, net 25.4 28.7 Deferred income taxes 6.7 6.6 Other assets 111.3 111.5 Total assets $ 3,159.2 $ 3,053.9 LIABILITIES Current liabilities: Short-term credit agreement borrowings $ 13.9 $ — Accounts payable 313.4 278.1 Accrued liabilities 158.4 181.3 Total current liabilities 485.7 459.4 Long-term debt 693.6 693.0 Accrued pension liabilities 191.2 190.1 Accrued postretirement benefits 47.2 45.8 Deferred income taxes 168.8 170.3 Other liabilities 98.9 99.2 Total liabilities 1,685.4 1,657.8 Contingencies and commitments (see Note 9) STOCKHOLDERS' EQUITY Common stock — authorized 100,000,000 shares; issued 56,634,411 shares at December 31, 2023 and 56,143,131 shares at June 30, 2023; outstanding 49,412,070 shares at December 31, 2023 and 48,635,740 shares at June 30, 2023 283.2 280.7 Capital in excess of par value 327.9 328.4 Reinvested earnings 1,294.8 1,228.0 Common stock in treasury ( 7,222,341 shares and 7,507,391 shares at December 31, 2023 and June 30, 2023, respectively), at cost ( 289.7 ) ( 298.0 ) Accumulated other comprehensive loss ( 142.4 ) ( 143.0 ) Total stockholders' equity 1,473.8 1,396.1 Total liabilities and stockholders' equity $ 3,159.2 $ 3,053.9 See accompanying notes to consolidated financial statements. 2 Table of Contents CARPENTER TECHNOLOGY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, Six Months Ended December 31, ($ in millions, except per share data) 2023 2022 2023 2022 Net sales $ 624.

View Full Filing

View this 10-Q filing on SEC EDGAR