附录 99.1

 

投资者查询：				媒体查询：
约翰·休耶特				希瑟·比尔兹利
+1 610-208-2061				+1 610-208-2278
jhuyette@cartech.com				hbeardsley@cartech.com

卡彭特科技公布第一季度业绩

2025 财年业绩

实现创纪录的第一季度营业收入

超过了特种合金运营板块第一季度的营业收入预期

扩大了特种合金业务板块的营业利润率

产生了正的调整后自由现金流

根据授权股票回购计划回购股票

强化25财年展望

费城——2024年10月24日——卡彭特科技公司（纽约证券交易所代码：CRS）（“公司”）今天宣布 截至2024年9月30日的第一财季财务业绩。本季度，该公司公布的营业收入为1.136亿美元，摊薄后每股收益为1.67美元。不包括下文讨论的特殊项目，经调整 本季度的营业收入为1.172亿美元，调整后的摊薄后每股收益为1.73美元。

2025 财年第一季度 亮点

 

•

已送达 117.2 美元调整后的营业收入为百万美元，增长 70同比百分比和创纪录的第一季度业绩

 

•

摊薄后每股已实现的调整后收益为1.73美元

 

•

特种合金运营（“SAO”）板块超出预期，营业收入为 1.345亿美元，同比增长66％

 

•

调整后的营业利润率为26.3％SAO 细分市场的百分比，高于 19.4去年第一季度的百分比

 

•

通过经营活动产生了4,020万美元的现金，调整后的自由现金流为1,330万美元

 

•

执行了3,210万美元的股票回购，而最近的回购授权为4亿美元

2025财年展望

 

•

预计营业利润会在之前提供的460亿美元至500亿美元的区间高端

 

•

项目250万美元300万美元至300万美元调整后的自由现金流300万美元，占比约为85%转化率约为85%

 

•

对2025财年第二季度，预计介乎116万美元和123万美元之间对2025财年第二季度，预计介乎116万美元和123万美元之间在营业收入中拥有百万美元

 

•

由于市场需求前景强劲，我们多样化解决方案种类齐全，提高生产力，优化产品组合和定价措施，我们已经为2025财年以及未来的持续增长做好了准备

卡朋特科技的历史上，我们在2025财年第一季度取得了有史以来最为盈利的第一季度，卡朋特科技总裁兼首席执行官托尼·R·蒂尼表示

我们继续通过提高生产力、优化产品组合和定价行动来推动盈利动能。值得注意的是，SAO业务部门的营业利润为1.345亿美元，调整后的营业利润率为26.3%，超过了去年同期的19.4%。这标志着SAO业务连续第十一个季度实现了调整后营业利润率的增长。

在应对近期商业航空航天供应链的不确定性的同时，我们实现了创纪录的利润。凭借业务的稳健执行、强劲的市场地位和独特的制造能力，我们有信心将全年度先前披露的460到500百万美元的营业收入区间指引至高端。

我们还预计在2025财年创造2.5亿到3亿美元的调整后自由现金流。凭借强劲的资产负债表和预期的调整后自由现金流，我们将继续采取平衡的资本配置方法：维持当前资产基础以实现我们的目标、投资于增长项目，以及向股东返还现金。

卡朋特科技继续超越绩效和展望预期。刚刚完成了历史性的2024财年，并在我们的第一季度成果中有了一个强劲的开始，我们已经做好了实现加速目标的准备，并相信我们的盈利增长之旅将远远超越2025财年。

财务要点

 

		Q1				Q4				Q1
（以百万美元计，除每股数据外）		2025财年				2024财年				2024财年
净销售额		$	717.6			$	798.7			$	651.9
不含附加费的净销售额(a)		$	577.4			$	635.8			$	492.8
营业利润		$	113.6			$	108.3			$	69.0
除去特殊项目的调整经营收入（a）		$	117.2			$	125.2			$	69.0
净收入		$	84.8			$	93.6			$	43.9
每股稀释收益		$	1.67			$	1.85			$	0.88
每股摊薄调整后盈利		$	1.73			$	1.82			$	0.88
经营活动产生的现金流量净额		$	40.2			$	169.5			$	7.4
调整后的自由现金流(a)		$	13.3			$	142.4			$	(14.6	)

 

(a)	非通用会计原则 附表中解释的财务指标

2025财年第一季度净销售额为7.176亿美元，而2024财年第一季度为6.519亿美元，增加了6570万美元（或10％），出货量增加了3％。本季净销售额（不包括附加费）为5.774亿美元，比去年同期增加了8460万美元（或17％）。

营业收入为1.136亿美元，而去年同期为6900万美元。2025财年第一季度调整后的营业收入（不包括特别项目）为1.172亿美元。2025财年第一季度每股摊薄收益为1.67美元，而上一年同期为每股0.88美元。不包括特别项目，2025财年第一季度调整后每股摊薄收益为1.73美元。这些结果主要反映了产品组合不断改进，容量转向更复杂、更高价值的材料，以及与去年同期相比的定价举措和拓展运营效率的持续改进。

2025财年第一季度经营活动提供的现金为40.2百万美元，而去年同期为7.4百万美元。2025财年第一季度调整后的自由现金流为13.3百万美元，而去年同期为负14.6百万美元。2025财年第一季度经营现金流和调整后的自由现金流的提升反映出盈利有所改善，但受高额养老金贡献和相对于前一年同期更高的资本支出的部分抵消。2025财年第一季度的资本支出为26.9百万美元，而去年同期为22.0百万美元。

2025财年第一季度末总流动性，包括现金和可用授信余额，为499.1百万美元。其中现金为150.2百万美元，公司信贷额度下剩余可借款额为348.9百万美元。

股票回购计划

2024年9月30日结束的三个月内，公司在公开市场上以总计32.1百万美元收购了23万股普通股。2024年7月，卡朋特科技的董事会批准了一项多达4亿美元的普通股回购计划。这些股份可以在公开市场或在私下协商的交易中回购。根据股份回购计划的条款，公司可以根据市场情况、法律要求和其他考虑因素，随时以公司认为合适的数量、价格和时间回购股份，回购计划没有规定的到期时间。公司无义务回购任何特定数量的股份，也无义务在任何特定时间这样做，股份回购计划可以在任何时候暂停、修改或终止，而无需事先通知。截至2024年9月30日，尚有367.9百万美元可用于未来购买。

特殊项目

在截至2024年9月30日的季度内，公司记录了 税前 重组和资产减值费用为360万美元，这是为了简化卡朋特添加剂业务的运营所采取的措施。

电话会议 和网络直播演示

卡朋特科技将于2024年10月24日（今天）上午10:00在东部时间举行电话会议和网络直播演示，讨论2025财年第一季度的财务业绩。请拨打+1 412-317-9259 以参加实时电话会议。实时网络直播将在卡朋特科技的网站上提供。https://www.carpentertechnology.com），回放将很快提供。 https://www.carpentertechnology.com。会议通话中使用的演示材料将可供查看和下载。 https://www.carpentertechnology.com.

非通用会计原则 财务措施

本新闻稿中包括了未按照美国通用会计准则（“GAAP”）确定的财务指标讨论。 非GAAP 金融措施及其按照GAAP准则编制的与之最直接可比的财务措施，以及公司认为这些措施重要的原因，均包括在附表中。 非GAAP 重要财务措施，以及公司认为这些措施重要的原因，均包含在附表中。

关于卡朋特科技

卡朋特科技公司是高性能特殊合金材料的认可领导者，为航空航天与国防、医疗、能源、运输以及工业和消费市场的关键应用提供工艺解决方案。成立于1889年，卡朋特科技已经发展成为优质特种合金的先驱，包括镍、钴和钛，以及解决客户当前和未来材料挑战的材料加工能力。更多关于卡朋特科技的信息，请查看 https://www.carpentertechnology.com.

前瞻性陈述

本新闻稿包含1995年《私人证券诉讼法》所指的前瞻性陈述。这些 前瞻性陈述受风险和不确定性的影响，这些风险和不确定性可能导致实际结果与预测、预期或暗示的结果有所不同。这些不确定性中最重要的描述在 Carpenter Technology 的 向美国证券交易委员会提交的文件，包括其表格报告 10-K 截至2024年6月30日的财政年度，以及该文件所附的证物。它们包括但不限于 到：（1）特种材料业务的周期性质以及某些方面 最终用途 市场，包括航空航天、国防、医疗、能源、运输、工业和消费品，或其他影响 Carpenter Technology的业务，例如新的竞争对手、竞争对手、客户和供应商的整合，或将制造能力从美国转移到国外；（2）卡彭特的能力 实现现金产生、增长、收益、盈利、营业收入、成本节约和削减、资格、生产率提高或流程变更的技术；(3) 收回原能源成本增加的能力 材料、运费或其他因素；（4）某些金属的国内外过剩制造能力；（5）货币汇率和利率的波动；（6）政府贸易行动的影响；（7） Carpenter Technology养老金信托中资产和负债的估值以及养老金计划的会计；（8）可能的劳资纠纷或停工；（9）我们的客户可能替代替代方案 材料或采用不同的制造方式来取代或限制我们产品的适用性；(10) 成功收购和整合收购的能力；(11) Carpenter 可获得的信贷额度 技术、其客户或供应链的其他成员；(12) 获得能源或原材料的能力，尤其是从位于可能受到不稳定政治或经济条件影响的国家的供应商那里获得能源或原材料的能力； (13) Carpenter Technology的制造过程依赖高度专业化的设备，这些设备主要位于宾夕法尼亚州雷丁和拉特罗布以及阿拉巴马州雅典的工厂中，在以下情况下，替代品可能有限 出现重大设备故障或灾难性事件；(14) 雇用和留住合格员工和关键人员的能力，包括执行管理团队成员、管理层、冶金学家和其他熟练人员 人员；（15）石油和天然气价格和产量的波动；（16）潜在的网络攻击和信息技术或数据安全漏洞的影响；（17）供应商履行供应链义务的能力 中断或其他影响；(18) 满足不断增长的需求、生产目标或承诺的能力；(19) 管理自然灾害、气候变化、流行病和传染病爆发及其他影响的能力 不利的公共卫生发展；(20) 与我们的全球业务有关的地缘政治、经济和监管风险，包括地缘政治和外交紧张局势、不稳定和冲突，例如乌克兰战争、两国之间的战争 以色列和哈马斯，以色列与真主党之间的战争，胡塞对商船和其他海军舰艇的袭击，以及对美国和对外贸易和税收法、制裁、禁运和其他法规的遵守情况；以及 （21）宣布、维护或使用Carpenter Technology股票回购计划的后果。这些因素中的任何一个都可能对Carpenter Technology的经营业绩产生不利和/或波动的影响。 本文件中的前瞻性陈述旨在受经修订的1933年《证券法》（“证券法”）第27A条和证券第21E条规定的安全港保护 经修订的 1934 年《交换法》。我们提醒您不要过分依赖前瞻性陈述，这些陈述仅代表截至本新闻稿发布之日或此类前瞻性陈述中另行注明的日期。木匠 Technology没有义务更新或修改任何前瞻性陈述。

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
Gross profit			176.3				124.1
Selling, general and administrative expenses			59.1				55.1
Restructuring and asset impairment charges			3.6				—
Operating income			113.6				69.0
Interest expense, net			12.4				12.7
Other expense, net			0.1				4.0
Income before income taxes			101.1				52.3
Income tax expense			16.3				8.4
NET INCOME		$	84.8			$	43.9
EARNINGS PER COMMON SHARE:
Basic		$	1.69			$	0.89
Diluted		$	1.67			$	0.88
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic			50.1				49.2
Diluted			50.7				49.9
Cash dividends per common share		$	0.20			$	0.20

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:
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:
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	)
Net cash provided from operating activities			40.2				7.4
INVESTING ACTIVITIES
Purchases of property, plant, equipment and software			(26.9	)			(22.0	)
Net cash used for investing activities			(26.9	)			(22.0	)
FINANCING ACTIVITIES
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	)
Net cash used for financing activities			(61.0	)			(12.9	)
Effect of exchange rate changes on cash and cash equivalents			(1.2	)			1.1
DECREASE IN CASH AND CASH EQUIVALENTS			(48.9	)			(26.4	)
Cash and cash equivalents at beginning of year			199.1				44.5
Cash and cash equivalents at end of period		$	150.2			$	18.1

PRELIMINARY

CONSOLIDATED BALANCE SHEETS

(in millions)

(Unaudited)

 

		September 30,				June 30,
		2024				2024
ASSETS
Current assets:
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
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
Total assets		$	3,255.0			$	3,291.7
LIABILITIES
Current liabilities:
Accounts payable		$	273.3			$	263.9
Accrued liabilities			132.9				202.4
Total current liabilities			406.2				466.3
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
Total liabilities			1,594.7				1,662.9
STOCKHOLDERS’ EQUITY
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	)
Total stockholders’ equity			1,660.3				1,628.8
Total liabilities and stockholders’ equity		$	3,255.0			$	3,291.7

PRELIMINARY

SEGMENT FINANCIAL DATA

(in millions, except pounds sold)

(Unaudited)

 

		Three Months Ended
		September 30,
		2024				2023
Pounds sold (‘000):
Specialty Alloys Operations			50,100				49,992
Performance Engineered Products			2,634				2,302
Intersegment			(1,166	)			(2,066	)
Consolidated pounds sold			51,568				50,228
Net sales:
Specialty Alloys Operations
Net sales excluding surcharge		$	510.9			$	417.3
Surcharge			134.2				152.8
Specialty Alloys Operations net sales			645.1				570.1
Performance Engineered Products
Net sales excluding surcharge			92.4				93.1
Surcharge			8.4				8.7
Performance Engineered Products net sales			100.8				101.8
Intersegment
Net sales excluding surcharge			(25.9	)			(17.6	)
Surcharge			(2.4	)			(2.4	)
Intersegment net sales			(28.3	)			(20.0	)
Consolidated net sales		$	717.6			$	651.9
Operating income (loss):
Specialty Alloys Operations		$	134.5			$	80.8
Performance Engineered Products			7.3				9.1
Corporate			(28.0	)			(21.3	)
Intersegment			(0.2	)			0.4
Consolidated operating income		$	113.6			$	69.0

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 ITEM		Three Months Ended
		September 30,
		2024				2023
Net sales		$	717.6			$	651.9
Less: surcharge revenue			140.2				159.1
Net sales excluding surcharge revenue		$	577.4			$	492.8
Operating income		$	113.6			$	69.0
Special item:
Restructuring and asset impairment charges			3.6				—
Adjusted operating income excluding special item		$	117.2			$	69.0
Operating margin			15.8	%			10.6	%
Adjusted operating margin excluding surcharge revenue and special item			20.3	%			14.0	%

 

ADJUSTED SEGMENT OPERATING MARGIN EXCLUDING SURCHARGE REVENUE		Three Months Ended
		September 30,
		2024				2023
Specialty Alloys Operations
Net sales		$	645.1			$	570.1
Less: surcharge revenue			134.2				152.8
Net sales excluding surcharge revenue		$	510.9			$	417.3
Operating income		$	134.5			$	80.8
Operating margin			20.8	%			14.2	%
Adjusted operating margin excluding surcharge revenue			26.3	%			19.4	%

ADJUSTED SEGMENT OPERATING MARGIN EXCLUDING SURCHARGE REVENUE		Three Months Ended
		September 30,
		2024				2023
Performance Engineered Products
Net sales		$	100.8			$	101.8
Less: surcharge revenue			8.4				8.7
Net sales excluding surcharge revenue		$	92.4			$	93.1
Operating income		$	7.3			$	9.1
Operating margin			7.2	%			8.9	%
Adjusted operating margin excluding surcharge revenue			7.9	%			9.8	%

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*
Three Months Ended September 30, 2024, as reported		$	101.1			$	(16.3	)		$	84.8			$	1.67
Special item:
Restructuring and asset impairment charges			3.6				(0.9	)			2.7				0.06
Three Months Ended September 30, 2024, as adjusted		$	104.7			$	(17.2	)		$	87.5			$	1.73

 

*	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:
None reported			—				—				—				—
Three Months Ended September 30, 2023, as adjusted		$	52.3			$	(8.4	)		$	43.9			$	0.88

 

*	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	)
Adjusted free cash flow		$	13.3			$	(14.6	)

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:
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
Total net sales excluding surcharge revenue			577.4				492.8
Surcharge revenue			140.2				159.1
Total net sales		$	717.6			$	651.9