Carpenter Falls After Quarterly Earnings Miss Estimates
Carpenter Technology Corp. (CRS), a U.S. processor of titanium and stainless steel, fell the most in 15 months after it reported fiscal second-quarter profit that trailed analysts’ estimates.
The shares fell 5.3 percent to $51.05 at 10:41 a.m. in New York after earlier declining 7.5 percent, the most intraday since October 2011.
Profit was about 61 to 62 cents a share in the three months through December, the Reading, Pennsylvania-based company said in a preliminary earnings statement yesterday after the close of trading. The average of 11 estimates compiled by Bloomberg was for profit excluding one-time items of 71 cents.
Carpenter sees “uncertainty in demand for lower-value mill products,” Chief Executive Officer William A. Wulfsohn said in the statement. The performance-engineered products unit, which includes its titanium and powder metals businesses, also is “performing below plan,” he said.
The company’s customers include Boeing Co. and General Electric Co., according to data compiled by Bloomberg.
Carpenter said it will report its second-quarter earnings on Jan. 31.
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