別紙99.1
| 投資家向けお問い合わせ: | メディアに関するお問い合わせ: | |||
| ジョン・ユイエット | ヘザー・ビアズリー | |||
| +1 610-208-2061 | +1 610-208-2278 | |||
| jhuyette@cartech.com | hbeardsley@cartech.com |
カーペンター・テクノロジー・レポート第1四半期
2025会計年度の結果
記録的な第1四半期の営業利益を達成
特殊合金事業セグメントの第1四半期の営業利益予想を上回りました
特殊合金事業セグメントの営業利益率の拡大
生成された正の調整後フリーキャッシュフロー
承認された株式買戻しプログラムに対して株式を買い戻しました
25年度見通しの強化
フィラデルフィア — 2024年10月24日 — カーペンター・テクノロジー・コーポレーション（NYSE：CRS）（以下「当社」）は本日、発表しました 2024年9月30日に終了した会計年度第1四半期の財務結果。当四半期の営業利益は1億1,360万ドル、希薄化後1株当たり利益は1.67ドルでした。以下で説明する特別な項目を除いて、調整済み 当四半期の営業利益は1億1,720万ドル、調整後の希薄化後1株当たり利益は1.73ドルでした。
2025会計年度第1四半期 ハイライト
| • | 117.2ドルを届けました調整後営業利益は百万ドル、増加 70前年比のパーセンテージと記録的な第1四半期の業績 |
| • | 希薄化後1株当たりの実現調整後利益は1.73ドルです |
| • | 特殊合金事業（「SAO」）セグメントの営業利益は予想を上回りました 1億3,450万ドル、前年比66パーセント増加 |
| • | 26.3の調整後営業利益率を実現しましたSAOセグメントの割合、から増加 19.4前年の第1四半期の割合 |
| • | 営業活動から4,020万ドルの現金を生み出しました。調整後のフリーキャッシュフローは1,330万ドルです |
| • | 最近の4億ドルの買戻し承認に対して、3,210万ドルの自社株買いを実行しました |
2025会計年度の見通し
| • | 営業利益は、以前に提示した4億6000万ドルの範囲の上限になると予想しています 5億ドルです |
| • | プロジェクト 250ドルです百万から3万ドル調整後のフリーキャッシュフローは百万です これは約85に相当しますコンバージョン率 |
| • | 2025会計年度の第2四半期には、116ドルを見込んでいます百万と 123ドルです百万の営業利益 |
| • | 当社の堅調な市場需要見通しにより、2025会計年度以降も継続的な成長が見込める好調な立場にあります 専門ソリューションの幅広いポートフォリオ、生産性の向上、製品構成の最適化、価格設定アクション |
「2025会計年度の第1四半期に、カーペンターテクノロジー史上最も収益性の高い第1四半期を達成しました」 カーペンター・テクノロジーの社長兼最高経営責任者、トニー・R・シーンは言いました。
「私たちは改善を通じて収益の勢いを増し続けています 生産性、製品構成の最適化、価格設定アクション。特に、SAOセグメントの営業利益は1億3,450万ドル、調整後営業利益率は当初の19.4％から26.3％と予想を上回りました。 四半期前です。これは、SAOの調整後営業利益率が11四半期連続で増加したことを示しています。」
「私たちは 短期的な民間航空宇宙サプライチェーンの不確実性を乗り越えながら、記録的な利益を上げています。堅実な事業遂行、市場での確固たる地位、独自の製造能力を考えると、私たちは自信を持って最高水準に導くことができます 以前に開示された会計年度全体の営業利益は4億6,000万ドルから5億ドルの範囲の終わりです。」
「私たち また、2025会計年度には、調整後のフリーキャッシュフローが2億5000万ドルから3億ドルになると予想しています。貸借対照表が堅調で、調整後のフリーキャッシュフローが予想されるため、資本配分については引き続きバランスの取れたアプローチをとります。 現在の資産基盤を維持して目標を達成し、段階的な成長イニシアチブに投資し、株主に現金を還元しています。」
カーペンターテクノロジーは引き続き業績と展望の期待を上回っています。歴史的な2024会計年度を終え、第1四半期の結果も好調なスタートを切ったことから、私たちは目標を加速させ達成するための良いポジションにあり、私たちの利益成長の旅路は2025会計年度を遥かに超えると信じています。
財務ハイライト
| Q1 | Q4 | Q1 | ||||||||||
| （百万ドル、株式当たり金額を除く） |
FY2025 | 2024年度 | 2024年度 | |||||||||
| 売上高 |
$ | 717.6 | $ | 798.7 | $ | 651.9 | ||||||
| サージャージを除く純売上高（a） |
$ | 577.4 | $ | 635.8 | $ | 492.8 | ||||||
| 営業利益 |
$ | 113.6 | $ | 108.3 | $ | 69.0 | ||||||
| 特別項目を除く営業利益を調整後 |
$ | 117.2 | $ | 125.2 | $ | 69.0 | ||||||
| 当期純利益 |
$ | 84.8 | $ | 93.6 | $ | 43.9 | ||||||
| 希薄化後の1株当たりの利益 |
$ | 1.67 | $ | 1.85 | $ | 0.88 | ||||||
| 希薄化後調整後1株当たり利益 |
$ | 1.73 | $ | 1.82 | $ | 0.88 | ||||||
| 営業活動による純現金流入 |
$ | 40.2 | $ | 169.5 | $ | 7.4 | ||||||
| 調整後フリーキャッシュフロー |
$ | 13.3 | $ | 142.4 | $ | (14.6 | ) | |||||
| (a) | 非GAAP 添付の表で説明されている財務指標 |
2025会計年度第1四半期の当期純利益は7億1760万ドルで、2024会計年度第1四半期の6億5190万ドルと比べて6770万ドル（10%増）増加し、出荷量が3%増加しました。特別料金を除く当期純利益は、現在の四半期が5億7740万ドルで、前年同期比で8460万ドル（17%増）増加しました。
営業利益は1136万ドルで、前年同期の690万ドルと比較して増加しました。特別項目を除く調整後の営業利益は2025会計年度第1四半期に1172万ドルでした。2025会計年度第1四半期の希薄化後１株当たりの利益は1.67ドルで、前年の第1四半期の希薄化後１株当たりの利益0.88ドルと比べて増加しました。特別項目を除く2025会計年度第1四半期の調整後希薄化後１株当たりの利益は1.73ドルであり、これらの結果は、前年同期と比較して製品ミックスの持続的な改善、より複雑で高付加価値の素材への生産能力のシフト、価格行動とオペレーティング効率の拡大を主に反映しています。
2025年度第1四半期の営業活動による現金は、前年同四半期の$7.4百万に比べて$40.2百万でした。2025年度第1四半期の調整後のフリーキャッシュフローは、前年同四半期のマイナス$14.6百万に比べて$13.3百万でした。2025年度第1四半期の営業キャッシュフローと調整後のフリーキャッシュフローの改善は、前年期と比較して、改善された収益による部分的な補償と高い年金拠出金や資本支出によるものです。2025年度第1四半期の資本支出は、前年同四半期の$22.0百万に比べて$26.9百万でした。
2025年度第1四半期末の現金と利用可能なリボルバーバランスを含む総流動性は、$499.1百万でした。そのうち、現金は$150.2百万、会社の信用施設における利用可能な借入金は$348.9百万でした。
シェア リパーチェイス・プログラム
2024年9月30日までの3ヶ月間、会社は共通株式を23万株、$32.1百万でオープンマーケットで購入しました。2024年7月に、カーペンターテクノロジーの取締役会は、発行済普通株式の最大$400.0百万に及ぶ株式のリパーチェイス・プログラムを認可しました。株式はオープンマーケットでまたは非公開の交渉取引でリパーチェイスされる可能性があります。株式リパーチェイス・プログラムの条件に従い、会社は市況、法的要件、その他の検討事項に従って、時折、適切と判断するときに、数量、価格、および時期を定めて、株式をリパーチェイスすることができます。株式リパーチェイス・プログラムに指定された満了日はありません。会社は特定の株式数をリパーチェイスする義務を負うわけでも、それを特定の時期に行う義務を負うわけでもなく、株式リパーチェイス・プログラムは予告なしにいつでも停止、修正、または終了できます。2024年9月30日時点で将来の購入に$367.9百万が利用可能です。
Special Item
During the quarter ended September 30, 2024, the Company recorded pre-tax restructuring and asset impairment charges of $3.6 million as a result of actions taken to streamline operations in the Carpenter Additive business.
Conference Call and Webcast Presentation
Carpenter Technology will host a conference call and webcast presentation today, October 24, 2024, at 10:00 a.m. ET, to discuss the financial results of operations for the first quarter of fiscal year 2025. Please dial +1 412-317-9259 for access to the live conference call. Access to the live webcast will be available at Carpenter Technology’s website (https://www.carpentertechnology.com), and a replay will soon be made available at https://www.carpentertechnology.com. Presentation materials used during this conference call will be available for viewing and download at https://www.carpentertechnology.com.
Non-GAAP Financial Measures
This press release includes discussions of financial measures that have not been determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). A reconciliation of the non-GAAP financial measures to their most directly comparable financial measures prepared in accordance with GAAP, accompanied by reasons why the Company believes the non-GAAP measures are important, are included in the attached schedules.
About Carpenter Technology
Carpenter Technology Corporation is a recognized leader in high-performance specialty alloy materials and process solutions for critical applications in the aerospace and defense, medical, energy, transportation, and industrial and consumer markets. Founded in 1889, Carpenter Technology has evolved to become a pioneer in premium specialty alloys including nickel, cobalt, and titanium and material process capabilities that solve our customers’ current and future material challenges. More information about Carpenter Technology can be found at https://www.carpentertechnology.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter Technology’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the fiscal year ended June 30, 2024, and the exhibits attached to that filing. They include but are not limited to: (1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, defense, medical, energy, transportation, industrial and consumer, or other influences on Carpenter Technology’s business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; (2) the ability of Carpenter Technology to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes; (3) the ability to recoup increases in the cost of energy, raw materials, freight or other factors; (4) domestic and foreign excess manufacturing capacity for certain metals; (5) fluctuations in currency exchange and interest rates; (6) the effect of government trade actions; (7) the valuation of the assets and liabilities in Carpenter Technology’s pension trusts and the accounting for pension plans; (8) possible labor disputes or work stoppages; (9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; (10) the ability to successfully acquire and integrate acquisitions; (11) the availability of credit facilities to Carpenter Technology, its customers or other members of the supply chain; (12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; (13) Carpenter Technology’s manufacturing processes are dependent upon highly specialized equipment located primarily in facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama for which there may be limited alternatives if there are significant equipment failures or a catastrophic event; (14) the ability to hire and retain a qualified workforce and key personnel, including members of the executive management team, management, metallurgists and other skilled personnel; (15) fluctuations in oil and gas prices and production; (16) the impact of potential cyber attacks and information technology or data security breaches; (17) the ability of suppliers to meet obligations due to supply chain disruptions or otherwise; (18) the ability to meet increased demand, production targets or commitments; (19) the ability to manage the impacts of natural disasters, climate change, pandemics and outbreaks of contagious diseases and other adverse public health developments; (20) geopolitical, economic, and regulatory risks relating to our global business, including geopolitical and diplomatic tensions, instabilities and conflicts, such as the war in Ukraine, the war between Israel and HAMAS, the war between Israel and Hezbollah, Houthi attacks on commercial shipping vessels and other naval vessels as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; and (21) the consequences of the announcement, maintenance or use of Carpenter Technology’s share repurchase program. Any of these factors could have an adverse and/or fluctuating effect on Carpenter Technology’s results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this press release or as of the dates otherwise indicated in such forward-looking statements. Carpenter Technology undertakes no obligation to update or revise any forward-looking statements.
PRELIMINARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(Unaudited)
| Three Months Ended September 30, |
||||||||
| 2024 | 2023 | |||||||
| NET SALES |
$ | 717.6 | $ | 651.9 | ||||
| Cost of sales |
541.3 | 527.8 | ||||||
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| Gross profit |
176.3 | 124.1 | ||||||
| Selling, general and administrative expenses |
59.1 | 55.1 | ||||||
| Restructuring and asset impairment charges |
3.6 | — | ||||||
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| Operating income |
113.6 | 69.0 | ||||||
| Interest expense, net |
12.4 | 12.7 | ||||||
| Other expense, net |
0.1 | 4.0 | ||||||
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| Income before income taxes |
101.1 | 52.3 | ||||||
| Income tax expense |
16.3 | 8.4 | ||||||
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| NET INCOME |
$ | 84.8 | $ | 43.9 | ||||
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| EARNINGS PER COMMON SHARE: |
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| Basic |
$ | 1.69 | $ | 0.89 | ||||
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| Diluted |
$ | 1.67 | $ | 0.88 | ||||
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| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
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| Basic |
50.1 | 49.2 | ||||||
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| Diluted |
50.7 | 49.9 | ||||||
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| Cash dividends per common share |
$ | 0.20 | $ | 0.20 | ||||
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PRELIMINARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| OPERATING ACTIVITIES |
||||||||
| Net income |
$ | 84.8 | $ | 43.9 | ||||
| Adjustments to reconcile net income to net cash provided from operating activities: |
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| Depreciation and amortization |
33.8 | 33.1 | ||||||
| Noncash restructuring and asset impairment charges |
2.5 | — | ||||||
| Deferred income taxes |
(3.5 | ) | 2.4 | |||||
| Net pension expense |
6.2 | 5.9 | ||||||
| Share-based compensation expense |
4.7 | 4.4 | ||||||
| Net loss on disposals of property, plant and equipment |
0.2 | 0.3 | ||||||
| Changes in working capital and other: |
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| Accounts receivable |
(3.4 | ) | 18.4 | |||||
| Inventories |
(16.8 | ) | (67.8 | ) | ||||
| Other current assets |
2.6 | (19.9 | ) | |||||
| Accounts payable |
9.1 | 40.3 | ||||||
| Accrued liabilities |
(68.5 | ) | (48.4 | ) | ||||
| Pension plan contributions |
(9.6 | ) | (4.6 | ) | ||||
| Other postretirement plan contributions |
(1.0 | ) | — | |||||
| Other, net |
(0.9 | ) | (0.6 | ) | ||||
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| Net cash provided from operating activities |
40.2 | 7.4 | ||||||
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| INVESTING ACTIVITIES |
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| Purchases of property, plant, equipment and software |
(26.9 | ) | (22.0 | ) | ||||
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| Net cash used for investing activities |
(26.9 | ) | (22.0 | ) | ||||
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| FINANCING ACTIVITIES |
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| Dividends paid |
(10.1 | ) | (9.9 | ) | ||||
| Purchases of treasury stock |
(32.1 | ) | — | |||||
| Proceeds from stock options exercised |
3.7 | 13.8 | ||||||
| Withholding tax payments on share-based compensation awards |
(22.5 | ) | (16.8 | ) | ||||
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| Net cash used for financing activities |
(61.0 | ) | (12.9 | ) | ||||
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| Effect of exchange rate changes on cash and cash equivalents |
(1.2 | ) | 1.1 | |||||
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| DECREASE IN CASH AND CASH EQUIVALENTS |
(48.9 | ) | (26.4 | ) | ||||
| Cash and cash equivalents at beginning of year |
199.1 | 44.5 | ||||||
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| Cash and cash equivalents at end of period |
$ | 150.2 | $ | 18.1 | ||||
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PRELIMINARY
CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)
| September 30, | June 30, | |||||||
| 2024 | 2024 | |||||||
| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
$ | 150.2 | $ | 199.1 | ||||
| Accounts receivable, net |
569.2 | 562.6 | ||||||
| Inventories |
749.4 | 735.4 | ||||||
| Other current assets |
91.5 | 94.1 | ||||||
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| Total current assets |
1,560.3 | 1,591.2 | ||||||
| Property, plant, equipment and software, net |
1,329.9 | 1,335.2 | ||||||
| Goodwill |
227.3 | 227.3 | ||||||
| Other intangibles, net |
13.8 | 15.2 | ||||||
| Deferred income taxes |
7.6 | 7.5 | ||||||
| Other assets |
116.1 | 115.3 | ||||||
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| Total assets |
$ | 3,255.0 | $ | 3,291.7 | ||||
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| LIABILITIES |
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| Current liabilities: |
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| Accounts payable |
$ | 273.3 | $ | 263.9 | ||||
| Accrued liabilities |
132.9 | 202.4 | ||||||
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| Total current liabilities |
406.2 | 466.3 | ||||||
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| Long-term debt |
694.5 | 694.2 | ||||||
| Accrued pension liabilities |
201.3 | 207.6 | ||||||
| Accrued postretirement benefits |
21.8 | 21.1 | ||||||
| Deferred income taxes |
171.3 | 174.1 | ||||||
| Other liabilities |
99.6 | 99.6 | ||||||
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| Total liabilities |
1,594.7 | 1,662.9 | ||||||
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| STOCKHOLDERS’ EQUITY |
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| Common stock |
285.2 | 284.9 | ||||||
| Capital in excess of par value |
342.6 | 352.6 | ||||||
| Reinvested earnings |
1,449.2 | 1,374.5 | ||||||
| Common stock in treasury, at cost |
(325.6 | ) | (289.3 | ) | ||||
| Accumulated other comprehensive loss |
(91.1 | ) | (93.9 | ) | ||||
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| Total stockholders’ equity |
1,660.3 | 1,628.8 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 3,255.0 | $ | 3,291.7 | ||||
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PRELIMINARY
SEGMENT FINANCIAL DATA
(in millions, except pounds sold)
(Unaudited)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Pounds sold (‘000): |
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| Specialty Alloys Operations |
50,100 | 49,992 | ||||||
| Performance Engineered Products |
2,634 | 2,302 | ||||||
| Intersegment |
(1,166 | ) | (2,066 | ) | ||||
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| Consolidated pounds sold |
51,568 | 50,228 | ||||||
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| Net sales: |
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| Specialty Alloys Operations |
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| Net sales excluding surcharge |
$ | 510.9 | $ | 417.3 | ||||
| Surcharge |
134.2 | 152.8 | ||||||
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| Specialty Alloys Operations net sales |
645.1 | 570.1 | ||||||
| Performance Engineered Products |
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| Net sales excluding surcharge |
92.4 | 93.1 | ||||||
| Surcharge |
8.4 | 8.7 | ||||||
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| Performance Engineered Products net sales |
100.8 | 101.8 | ||||||
| Intersegment |
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| Net sales excluding surcharge |
(25.9 | ) | (17.6 | ) | ||||
| Surcharge |
(2.4 | ) | (2.4 | ) | ||||
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| Intersegment net sales |
(28.3 | ) | (20.0 | ) | ||||
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| Consolidated net sales |
$ | 717.6 | $ | 651.9 | ||||
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| Operating income (loss): |
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| Specialty Alloys Operations |
$ | 134.5 | $ | 80.8 | ||||
| Performance Engineered Products |
7.3 | 9.1 | ||||||
| Corporate |
(28.0 | ) | (21.3 | ) | ||||
| Intersegment |
(0.2 | ) | 0.4 | |||||
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| Consolidated operating income |
$ | 113.6 | $ | 69.0 | ||||
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The Company has two reportable segments, Specialty Alloys Operations (“SAO”) and Performance Engineered Products (“PEP”).
The SAO segment is comprised of Carpenter’s major premium alloy and stainless steel manufacturing operations. This includes operations performed at mills primarily in Reading and Latrobe, Pennsylvania and surrounding areas as well as South Carolina and Alabama.
The PEP segment is comprised of the Company’s differentiated operations. This segment includes the Dynamet titanium business, the Carpenter Additive business and the Latrobe and Mexico distribution businesses. The businesses in the PEP segment are managed with an entrepreneurial structure to promote flexibility and agility to quickly respond to market dynamics. It is our belief this model will ultimately drive overall revenue and profit growth. The pounds sold data above for the PEP segment includes only the Dynamet and Additive businesses.
Corporate costs are comprised of executive and director compensation, and other corporate facilities and administrative expenses not allocated to the segments. Also included are items that management considers not representative of ongoing operations and other specifically-identified income or expense items.
The service cost component of net pension expense, which represents the estimated cost of future pension liabilities earned associated with active employees, is included in the operating results of the business segments. The residual net pension expense is included in other expense, net, and is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans, amortization of actuarial gains and losses and prior service costs.
PRELIMINARY
NON-GAAP FINANCIAL MEASURES
(in millions, except per share data)
(Unaudited)
| ADJUSTED OPERATING MARGIN EXCLUDING SURCHARGE REVENUE AND
SPECIAL |
Three Months Ended | |||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Net sales |
$ | 717.6 | $ | 651.9 | ||||
| Less: surcharge revenue |
140.2 | 159.1 | ||||||
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| Net sales excluding surcharge revenue |
$ | 577.4 | $ | 492.8 | ||||
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| Operating income |
$ | 113.6 | $ | 69.0 | ||||
| Special item: |
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| Restructuring and asset impairment charges |
3.6 | — | ||||||
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| Adjusted operating income excluding special item |
$ | 117.2 | $ | 69.0 | ||||
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| Operating margin |
15.8 | % | 10.6 | % | ||||
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| Adjusted operating margin excluding surcharge revenue and special item |
20.3 | % | 14.0 | % | ||||
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| ADJUSTED SEGMENT OPERATING MARGIN EXCLUDING SURCHARGE REVENUE |
Three Months Ended | |||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Specialty Alloys Operations |
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| Net sales |
$ | 645.1 | $ | 570.1 | ||||
| Less: surcharge revenue |
134.2 | 152.8 | ||||||
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| Net sales excluding surcharge revenue |
$ | 510.9 | $ | 417.3 | ||||
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| Operating income |
$ | 134.5 | $ | 80.8 | ||||
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| Operating margin |
20.8 | % | 14.2 | % | ||||
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| Adjusted operating margin excluding surcharge revenue |
26.3 | % | 19.4 | % | ||||
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| ADJUSTED SEGMENT OPERATING MARGIN EXCLUDING SURCHARGE REVENUE |
Three Months Ended | |||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Performance Engineered Products |
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| Net sales |
$ | 100.8 | $ | 101.8 | ||||
| Less: surcharge revenue |
8.4 | 8.7 | ||||||
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| Net sales excluding surcharge revenue |
$ | 92.4 | $ | 93.1 | ||||
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| Operating income |
$ | 7.3 | $ | 9.1 | ||||
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| Operating margin |
7.2 | % | 8.9 | % | ||||
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| Adjusted operating margin excluding surcharge revenue |
7.9 | % | 9.8 | % | ||||
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Management believes that removing the impact of raw material surcharge from operating margin provides a more consistent basis for comparing results of operations from period to period, thereby permitting management to evaluate performance and investors to make decisions based on the ongoing operations of the Company. In addition, management believes that excluding the impact of special items from operating margin is helpful in analyzing the operating performance of the Company, as these items are not indicative of ongoing operating performance. Management uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s board of directors and others.
| ADJUSTED EARNINGS PER SHARE EXCLUDING SPECIAL ITEM |
Earnings Before Income Taxes |
Income Tax Expense |
Net Income |
Earnings Per Diluted Share* |
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| Three Months Ended September 30, 2024, as reported |
$ | 101.1 | $ | (16.3 | ) | $ | 84.8 | $ | 1.67 | |||||||
| Special item: |
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| Restructuring and asset impairment charges |
3.6 | (0.9 | ) | 2.7 | 0.06 | |||||||||||
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| Three Months Ended September 30, 2024, as adjusted |
$ | 104.7 | $ | (17.2 | ) | $ | 87.5 | $ | 1.73 | |||||||
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| * | Impact per diluted share calculated using weighted average common shares outstanding of 50.7 million for the three months ended September 30, 2024. |
| ADJUSTED EARNINGS PER SHARE EXCLUDING SPECIAL ITEM |
Earnings Before Income Taxes |
Income Tax Expense |
Net Income |
Earnings Per Diluted Share* |
||||||||||||
| Three Months Ended September 30, 2023, as reported |
$ | 52.3 | $ | (8.4 | ) | $ | 43.9 | $ | 0.88 | |||||||
| Special item: |
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| None reported |
— | — | — | — | ||||||||||||
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| Three Months Ended September 30, 2023, as adjusted |
$ | 52.3 | $ | (8.4 | ) | $ | 43.9 | $ | 0.88 | |||||||
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| * | Impact per diluted share calculated using weighted average common shares outstanding of 49.9 million for the three months ended September 30, 2023. |
Management believes that earnings per share adjusted to exclude the impact of the special items is helpful in analyzing the operating performance of the Company, as these items are not indicative of ongoing operating performance. Management uses its results excluding these amounts to evaluate its operating performance and to discuss its business with investment institutions, the Company’s board of directors and others.
| Three Months Ended | ||||||||
| September 30, | ||||||||
| ADJUSTED FREE CASH FLOW |
2024 | 2023 | ||||||
| Net cash provided from operating activities |
$ | 40.2 | $ | 7.4 | ||||
| Purchases of property, plant, equipment and software |
(26.9 | ) | (22.0 | ) | ||||
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| Adjusted free cash flow |
$ | 13.3 | $ | (14.6 | ) | |||
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Management believes that the presentation of adjusted free cash flow provides useful information to investors regarding our financial condition because it is a measure of cash generated which management evaluates for alternative uses. It is management’s current intention to use excess cash to fund investments in capital equipment, acquisition opportunities and consistent dividend payments. Additionally, we will discretionarily use excess cash for a share repurchase program up to $400.0 million of our outstanding common stock. The primary use of this program will be to offset dilution. Adjusted free cash flow is not a U.S. GAAP financial measure and should not be considered in isolation of, or as a substitute for, cash flows calculated in accordance with U.S. GAAP.
PRELIMINARY
SUPPLEMENTAL SCHEDULE
(in millions)
(Unaudited)
| Three Months Ended | ||||||||
| September 30, | ||||||||
| NET SALES BY END-USE MARKET |
2024 | 2023 | ||||||
| End-Use Market Excluding Surcharge Revenue: |
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| Aerospace and Defense |
$ | 349.9 | $ | 260.9 | ||||
| Medical |
73.4 | 66.6 | ||||||
| Energy |
39.4 | 29.2 | ||||||
| Transportation |
21.1 | 29.2 | ||||||
| Industrial and Consumer |
72.4 | 79.4 | ||||||
| Distribution |
21.2 | 27.5 | ||||||
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| Total net sales excluding surcharge revenue |
577.4 | 492.8 | ||||||
| Surcharge revenue |
140.2 | 159.1 | ||||||
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| Total net sales |
$ | 717.6 | $ | 651.9 | ||||
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