附錄 99.1

 

投資者查詢：				媒體查詢：
約翰·休耶特				希瑟·比爾茲利
+1 610-208-2061				+1 610-208-2278
jhuyette@cartech.com				hbeardsley@cartech.com

卡彭特科技公佈第一季度業績

2025 財年業績

實現創紀錄的第一季度營業收入

超過了特種合金運營板塊第一季度的營業收入預期

擴大了特種合金業務板塊的營業利潤率

產生了正的調整後自由現金流

根據授權股票回購計劃回購股票

強化25財年展望

費城——2024年10月24日——卡彭特科技公司（紐約證券交易所代碼：CRS）（「公司」）今天宣佈 截至2024年9月30日的第一財季財務業績。本季度，該公司公佈的營業收入爲1.136億美元，攤薄後每股收益爲1.67美元。不包括下文討論的特殊項目，經調整 本季度的營業收入爲1.172億美元，調整後的攤薄後每股收益爲1.73美元。

2025 財年第一季度 亮點

 

•

已送達 117.2 美元調整後的營業收入爲百萬美元，增長 70同比百分比和創紀錄的第一季度業績

 

•

攤薄後每股已實現的調整後收益爲1.73美元

 

•

特種合金運營（「SAO」）板塊超出預期，營業收入爲 1.345億美元，同比增長66％

 

•

調整後的營業利潤率爲26.3％SAO 細分市場的百分比，高於 19.4去年第一季度的百分比

 

•

通過經營活動產生了4,020萬美元的現金，調整後的自由現金流爲1,330萬美元

 

•

執行了3,210萬美元的股票回購，而最近的回購授權爲4億美元

2025財年展望

 

•

預計營業利潤會在之前提供的460億美元至500億美元的區間高端

 

•

項目250萬美元300萬美元至300萬美元調整後的自由現金流300萬美元，佔比約爲85%轉化率約爲85%

 

•

對2025財年第二季度，預計介乎116萬美元和123萬美元之間對2025財年第二季度，預計介乎116萬美元和123萬美元之間在營業收入中擁有百萬美元

 

•

由於市場需求前景強勁，我們多樣化解決方案種類齊全，提高生產力，優化產品組合和定價措施，我們已經爲2025財年以及未來的持續增長做好了準備

卡朋特科技的歷史上，我們在2025財年第一季度取得了有史以來最爲盈利的第一季度，卡朋特科技總裁兼首席執行官託尼·R·蒂尼表示

我們繼續通過提高生產力、優化產品組合和定價行動來推動盈利動能。值得注意的是，SAO業務部門的營業利潤爲1.345億美元，調整後的營業利潤率爲26.3%，超過了去年同期的19.4%。這標誌着SAO業務連續第十一個季度實現了調整後營業利潤率的增長。

在應對近期商業航空航天供應鏈的不確定性的同時，我們實現了創紀錄的利潤。憑藉業務的穩健執行、強勁的市場地位和獨特的製造能力，我們有信心將全年度先前披露的460到500百萬美元的營業收入區間指引至高端。

我們還預計在2025財年創造2.5億到3億美元的調整後自由現金流。憑藉強勁的資產負債表和預期的調整後自由現金流，我們將繼續採取平衡的資本配置方法：維持當前資產基礎以實現我們的目標、投資於增長項目，以及向股東返還現金。

卡朋特科技繼續超越績效和展望預期。剛剛完成了歷史性的2024財年，並在我們的第一季度成果中有了一個強勁的開始，我們已經做好了實現加速目標的準備，並相信我們的盈利增長之旅將遠遠超越2025財年。

財務要點

 

		Q1				Q4				Q1
（以百萬美元計，除每股數據外）		2025財年				2024財年				2024財年
淨銷售額		$	717.6			$	798.7			$	651.9
不含附加費的淨銷售額(a)		$	577.4			$	635.8			$	492.8
營業利潤		$	113.6			$	108.3			$	69.0
除去特殊項目的調整經營收入（a）		$	117.2			$	125.2			$	69.0
淨收入		$	84.8			$	93.6			$	43.9
每股稀釋收益		$	1.67			$	1.85			$	0.88
每股攤薄調整後盈利		$	1.73			$	1.82			$	0.88
經營活動產生的現金流量淨額		$	40.2			$	169.5			$	7.4
調整後的自由現金流(a)		$	13.3			$	142.4			$	(14.6	)

 

(a)	非通用會計原則 附表中解釋的財務指標

2025財年第一季度淨銷售額爲7.176億美元，而2024財年第一季度爲6.519億美元，增加了6570萬美元（或10％），出貨量增加了3％。本季淨銷售額（不包括附加費）爲5.774億美元，比去年同期增加了8460萬美元（或17％）。

營業收入爲1.136億美元，而去年同期爲6900萬美元。2025財年第一季度調整後的營業收入（不包括特別項目）爲1.172億美元。2025財年第一季度每股攤薄收益爲1.67美元，而上一年同期爲每股0.88美元。不包括特別項目，2025財年第一季度調整後每股攤薄收益爲1.73美元。這些結果主要反映了產品組合不斷改進，容量轉向更復雜、更高價值的材料，以及與去年同期相比的定價舉措和拓展運營效率的持續改進。

2025財年第一季度經營活動提供的現金爲40.2百萬美元，而去年同期爲7.4百萬美元。2025財年第一季度調整後的自由現金流爲13.3百萬美元，而去年同期爲負14.6百萬美元。2025財年第一季度經營現金流和調整後的自由現金流的提升反映出盈利有所改善，但受高額養老金貢獻和相對於前一年同期更高的資本支出的部分抵消。2025財年第一季度的資本支出爲26.9百萬美元，而去年同期爲22.0百萬美元。

2025財年第一季度末總流動性，包括現金和可用授信餘額，爲499.1百萬美元。其中現金爲150.2百萬美元，公司信貸額度下剩餘可借款額爲348.9百萬美元。

股票回購計劃

2024年9月30日結束的三個月內，公司在公開市場上以總計32.1百萬美元收購了23萬股普通股。2024年7月，卡朋特科技的董事會批准了一項多達4億美元的普通股回購計劃。這些股份可以在公開市場或在私下協商的交易中回購。根據股份回購計劃的條款，公司可以根據市場情況、法律要求和其他考慮因素，隨時以公司認爲合適的數量、價格和時間回購股份，回購計劃沒有規定的到期時間。公司無義務回購任何特定數量的股份，也無義務在任何特定時間這樣做，股份回購計劃可以在任何時候暫停、修改或終止，而無需事先通知。截至2024年9月30日，尚有367.9百萬美元可用於未來購買。

特殊項目

在截至2024年9月30日的季度內，公司記錄了 稅前 重組和資產減值費用爲360萬美元，這是爲了簡化卡朋特添加劑業務的運營所採取的措施。

電話會議 和網絡直播演示

卡朋特科技將於2024年10月24日（今天）上午10:00在東部時間舉行電話會議和網絡直播演示，討論2025財年第一季度的財務業績。請撥打+1 412-317-9259 以參加實時電話會議。實時網絡直播將在卡朋特科技的網站上提供。https://www.carpentertechnology.com），回放將很快提供。 https://www.carpentertechnology.com。會議通話中使用的演示材料將可供查看和下載。 https://www.carpentertechnology.com.

非通用會計原則 財務措施

本新聞稿中包括了未按照美國通用會計準則（「GAAP」）確定的財務指標討論。 非GAAP 金融措施及其按照GAAP準則編制的與之最直接可比的財務措施，以及公司認爲這些措施重要的原因，均包括在附表中。 非GAAP 重要財務措施，以及公司認爲這些措施重要的原因，均包含在附表中。

關於卡朋特科技

卡朋特科技公司是高性能特殊合金材料的認可領導者，爲航空航天與國防、醫療、能源、運輸以及工業和消費市場的關鍵應用提供工藝解決方案。成立於1889年，卡朋特科技已經發展成爲優質特種合金的先驅，包括鎳、鈷和鈦，以及解決客戶當前和未來材料挑戰的材料加工能力。更多關於卡朋特科技的信息，請查看 https://www.carpentertechnology.com.

前瞻性陳述

本新聞稿包含1995年《私人證券訴訟法》所指的前瞻性陳述。這些 前瞻性陳述受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預測、預期或暗示的結果有所不同。這些不確定性中最重要的描述在 Carpenter Technology 的 向美國證券交易委員會提交的文件，包括其表格報告 10-K 截至2024年6月30日的財政年度，以及該文件所附的證物。它們包括但不限於 到：（1）特種材料業務的週期性質以及某些方面 最終用途 市場，包括航空航天、國防、醫療、能源、運輸、工業和消費品，或其他影響 Carpenter Technology的業務，例如新的競爭對手、競爭對手、客戶和供應商的整合，或將製造能力從美國轉移到國外；（2）卡彭特的能力 實現現金產生、增長、收益、盈利、營業收入、成本節約和削減、資格、生產率提高或流程變更的技術；(3) 收回原能源成本增加的能力 材料、運費或其他因素；（4）某些金屬的國內外過剩製造能力；（5）貨幣匯率和利率的波動；（6）政府貿易行動的影響；（7） Carpenter Technology養老金信託中資產和負債的估值以及養老金計劃的會計；（8）可能的勞資糾紛或停工；（9）我們的客戶可能替代替代方案 材料或採用不同的製造方式來取代或限制我們產品的適用性；(10) 成功收購和整合收購的能力；(11) Carpenter 可獲得的信貸額度 技術、其客戶或供應鏈的其他成員；(12) 獲得能源或原材料的能力，尤其是從位於可能受到不穩定政治或經濟條件影響的國家的供應商那裏獲得能源或原材料的能力； (13) Carpenter Technology的製造過程依賴高度專業化的設備，這些設備主要位於賓夕法尼亞州雷丁和拉特羅布以及阿拉巴馬州雅典的工廠中，在以下情況下，替代品可能有限 出現重大設備故障或災難性事件；(14) 僱用和留住合格員工和關鍵人員的能力，包括執行管理團隊成員、管理層、冶金學家和其他熟練人員 人員；（15）石油和天然氣價格和產量的波動；（16）潛在的網絡攻擊和信息技術或數據安全漏洞的影響；（17）供應商履行供應鏈義務的能力 中斷或其他影響；(18) 滿足不斷增長的需求、生產目標或承諾的能力；(19) 管理自然災害、氣候變化、流行病和傳染病爆發及其他影響的能力 不利的公共衛生髮展；(20) 與我們的全球業務有關的地緣政治、經濟和監管風險，包括地緣政治和外交緊張局勢、不穩定和衝突，例如烏克蘭戰爭、兩國之間的戰爭 以色列和哈馬斯，以色列與真主黨之間的戰爭，胡塞對商船和其他海軍艦艇的襲擊，以及對美國和對外貿易和稅收法、制裁、禁運和其他法規的遵守情況；以及 （21）宣佈、維護或使用Carpenter Technology股票回購計劃的後果。這些因素中的任何一個都可能對Carpenter Technology的經營業績產生不利和/或波動的影響。 本文件中的前瞻性陳述旨在受經修訂的1933年《證券法》（「證券法」）第27A條和證券第21E條規定的安全港保護 經修訂的 1934 年《交換法》。我們提醒您不要過分依賴前瞻性陳述，這些陳述僅代表截至本新聞稿發佈之日或此類前瞻性陳述中另行註明的日期。木匠 Technology沒有義務更新或修改任何前瞻性陳述。

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