Carpenter Technology Corp. announced that its net income for the second quarter dramatically increased to $42.7 million, or $0.85 per share, a significant jump from the $6.2 million or $0.13 per share earned during the same period last year.
The company also saw an 8% sales growth during the quarter, reaching $624.2 million up from the $579.1 million recorded in the same timeframe last year. When surpluses are excluded, net sales increased by 15% reaching $485.3 million, compared to $420.8 million in the previous year.
In terms of predictions, four analysts surveyed by Thomson Reuters expected Carpenter Technology to report quarterly earnings of $0.85 per share with revenues reaching $657.1 million. It should be noted that these estimates usually do not account for special items.
Peering into the future, Carpenter Technology projects an operating income between $171 million and $191 million in the second half of the fiscal year 2024. This projection, according to Tony R. Thene, President and CEO of Carpenter Technology, would lead to the company's most profitable year on record with an operating income of around $310 million to $330 million.
