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A quarterly revenue report that missed Wall Street expectations sent Carpenter Technology (CRS -2.60%) tumbling 22.5% this week, overshadowing an earnings beat.

Carpenter Technology stock changed hands at $292.26 as of the close on Friday, Oct. 23, down 24.5% this week from Friday, Oct. 16's close, according to data provided by S&P Global Market Intelligence. Over the same period, the S&P 500 (^GSPC -0.52%) was flat, and the Nasdaq-100 was down 0.8%.

Image source: Getty Images.

A revenue miss overshadows record marginsThe company reported first-quarter fiscal 2027 sales of $798.2 million, up 8.8% year over year from $733.7 million but below Wall Street consensus estimates of $830.8 million. Diluted earnings per share reached $3.25, topping analyst expectations of $3.04. "The sequential sales decline was driven by the planned maintenance outages we discussed on the last earnings call," CEO Tony R. Thene said on the conference call. The sharp sell-off leaves the stock down 54.5% (as of the close on Friday, Oct. 23) from its 52-week high of $625.99.

Carpenter Technology manufactures high-performance specialty metals and alloys for aerospace, defense, and medical customers needing materials that withstand extreme heat and pressure. Demand in its core markets remains solid, evidenced by a 49% year-over-year jump in order bookings across aerospace structural and distribution sub-markets.

Management reaffirmed its full-year operating income guidance of $850 million to $880 million and authorized a new $1 billion share buyback program. A top-line revenue miss despite record margins sharpens the tension between Carpenter's valuation and its ability to maintain rapid sales growth.

What's next for Carpenter TechnologyInvestors will watch for sales recovery when the company reports its next quarterly results on Feb. 4, 2027. The industrials stock trades at a trailing price-to-earnings (P/E) ratio of 25.1, a level that leaves little room for operational delays or missed revenue expectations.

While many seem to believe that Carpenter Technology stock isn't helping them to build a better portfolio right now, they are clearly overreacting. Sure, the company's failure to meet analysts' revenue expectations is disappointing, but it's hardly a red flag that suggests Carpenter Technology stock is a sell. Analysts are hardly perfect, and a company's inability to meet analysts' expectations is forgivable when it simultaneously achieves so many successes as Carpenter Technology recently did.

Those reluctant to click the buy button now because of the stock's 25.1 P/E ratio should recognize that, with respect to operating cash flow, Carpenter Technology stock is a bargain, trading at 17.9 times operating cash flow compared to its five-year average cash flow multiple of 19.3.

Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Carpenter Technology. The Motley Fool has a disclosure policy.

E. Ohman J or Asset Management AB purchased a new stake in shares of Carpenter Technology Corporation (NYSE: CRS) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,880 shares of the basic materials company's stock, valued at approximately $731,000.

Bristol Myers Squibb (NYSE: BMY) today announced disclosure of interim safety and efficacy results from the multiple sclerosis (MS) cohorts of the Phase 1, single-arm, dose-escalation Breakfree-2 study evaluating zolacabtagene autoleucel (zola-cel; BMS-986353), an investigational, autologous CD19-directed CAR T cell therapy, in patients with highly active relapsing MS (haRMS) and progressive forms of MS (PMS). The data are being presented today in an oral presentation (Abstract #1615) at MSToronto 2026, the 10th Joint ACTRIMS-ECTRIMS Meeting taking place in Toronto, Canada.

The study included 66 patients (30 patients with haRMS and 36 patients with PMS) with ongoing disease activity or worsening disability despite treatment. Patients had a median of two prior disease-modifying therapies (DMTs) (range: 1-8 haRMS; 1-6 PMS). The primary endpoint of the study was safety, with efficacy as the secondary endpoint. The data presented show a safety profile consistent with previously reported zola-cel Phase 1 clinical trial data and early, promising efficacy across both haRMS and PMS with all patients treated at dose level 2 (DL2) (60/60) remaining off DMTs.

In the Breakfree-2 study, the majority of adverse events were brief and reversible, generally consistent with previously reported zola-cel Phase 1 clinical trial data.

Overall, 42.4% of patients (28/66) had cytokine release syndrome (CRS) events. Majority were Grade 1 (36.4%), with some Grade 2 (6.1%) and all resolved in a median of two days.7.6% of patients (5/66) had immune effector cell-associated neurotoxicity syndrome (ICANS), most of which were Grade 1/2, which resolved in a median of two days.One Grade 4 ICANS event occurred in a patient with PMS and was managed with corticosteroids and anakinra and resolved within four days.After the data cutoff, one patient with haRMS experienced a fatal event of septic pneumonia. Following zola-cel infusion, the patient experienced late onset, non-ICANS motor symptoms that were not resolved by treatment with intermittent corticosteroids and intravenous immunoglobulin (IVIG). Although the patient’s CAR T cell expansion was consistent with that observed across the study, high-dose cyclophosphamide was administered and the patient developed septic pneumonia and died the following day, 44 days after infusion. No additional Grade 5 events have been reported across all zola-cel programs in autoimmune diseases, which include 190 patients treated in Phase 1 studies.

Secondary endpoints included measurements of efficacy, with zola-cel demonstrating potential for immune reset via complete B-cell depletion. At last follow up, all patients treated at DL2 (60/60) remained off DMTs, including nine patients with more than 12 months of follow-up.

Additional efficacy results from the study among evaluable patients (patients receiving DL2 with ≥ Week 26 follow-up; n=32) included:

Six of seven haRMS patients evaluable for no evidence of disease activity (NEDA) met criteria at ≥ Week 26, with all patients achieving no relapse, disability progression or MRI activity.All eight haRMS patients evaluable for Expanded Disability Status Scale (EDSS) at ≥ Week 26 demonstrated stability or improvement (range: 3.0-5.5 haRMS; 4.0-6.0 PMS).Despite prior worsening at baseline, 22 of 24 (92%) PMS patients demonstrated stability or improvement in disability progression.All 24 PMS patients demonstrated no new MRI activity.“People living with relapsing and progressive forms of multiple sclerosis need treatment options that address the underlying disease while helping control relapses and preserve function,” said Dr. Jeffrey A. Cohen, Professor of Neurology and Staff Physician, Mellen Center, Cleveland Clinic. “These data suggest that CD19-directed CAR T cell therapy may offer a new approach to treating multiple sclerosis. While more research is needed, the potential to control relapses, stabilize disability and reduce reliance on disease-modifying medications is encouraging.”

“BMS is at the forefront of cell therapy science, pioneering a new era by exploring the potential for immune reset in patients living with autoimmune diseases,” said Lynelle B. Hoch, president, Cell Therapy Organization, Bristol Myers Squibb. “The Breakfree-2 data demonstrate clinical potential for zola-cel in multiple sclerosis, showcasing the opportunity for treatment-free remission in patients who have depended on chronic therapies for years. We are advancing zola-cel with the goal to redefine autoimmune care with a single, transformative treatment.”

Bristol Myers Squibb extends its gratitude to the patients, families and investigators involved in the Breakfree-2 clinical trial.

About the Breakfree-2 Study

Breakfree-2 (NCT06220201) is a Phase 1, multicenter, single-arm, dose-escalation study evaluating the safety and efficacy of zolacabtagene autoleucel (zola-cel; BMS-986353), in patients with autoimmune neurological diseases: relapsing forms of multiple sclerosis, progressive forms of multiple sclerosis or refractory myasthenia gravis. Zola-cel is an investigational CD19-directed CAR T cell therapy that expresses the CD19 CAR and is manufactured using a next-generation process (NEX-T™). This platform uses an intentional five-day manufacturing process optimized so the CAR T cells reach a stable vector integration and early-differentiated phenotype prior to infusion.

Trial patients across cohorts follow a similar process: apheresis to collect T cells, after which the cells are manufactured into CD19 CAR T cells at specialized facilities utilizing the NEX-T manufacturing process. After undergoing lymphodepletion, patients receive a single infusion of zola-cel.

The primary endpoint is safety. Key secondary endpoints include number of patients meeting no evidence of disease activity criteria, number of patients with confirmed disability progression confirmed per EDSS, as well as pharmacokinetic outcomes.

Bristol Myers Squibb: Unlocking the Full Potential of Cell Therapy

A pioneer in harnessing the immune system to fight cancer and an established leader in cell therapy, Bristol Myers Squibb is uniquely positioned to unlock the full potential of this technology across blood cancers and within new frontiers, including autoimmune disease.

Bristol Myers Squibb is currently the only company with two approved CAR T cell therapies with two distinct targets, available in major markets around the world. Our bold vision for the future is one in which hundreds of thousands of patients can be treated with cell therapy’s transformational potential.

The building blocks to realize this ambition – a promising and differentiated pipeline, extensive translational and clinical data sets, a deep bench of talent, and robust manufacturing capabilities – are in our cells. We are laser-focused on advancing the field of cell therapy toward a true revolution for patients. Learn more about the science behind cell therapy and ongoing progress at Bristol Myers Squibb here.

About Bristol Myers Squibb: Transforming Patients’ Lives Through Science

At Bristol Myers Squibb, our mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. We are pursuing bold science to define what’s possible for the future of medicine and the patients we serve. For more information, visit us at BMS.com or follow us on LinkedIn, X, YouTube, Facebook and Instagram.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the research, development and commercialization of pharmaceutical products. All statements that are not statements of historical facts are, or may be deemed to be, forward-looking statements. Such forward-looking statements are based on current expectations and projections about our future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond our control and could cause our future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. These risks, assumptions, uncertainties and other factors include, among others, that future study results may not be consistent with the results to date, that zola-cel may not receive regulatory approval for the indication described in this release in the currently anticipated timeline or at all, any marketing approvals, if granted, may have significant limitations on their use and, if approved, whether zola-cel for the indication described in this release will be commercially successful. No forward-looking statement can be guaranteed. Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2025, as updated by our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this document are made only as of the date of this document and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

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Key Takeaways CRS reported Q1 EPS of $3.25, beating estimates, as revenues rose 8.8% year over year to $798.2M.Aerospace bookings accelerated, while higher-priced long-term agreements strengthened CRS' earnings outlook.CRS reaffirmed its FY27 operating income target of $850-$880M and FY29 goal of $1.2-$1.3B.
Carpenter Technology Corporation (CRS - Free Report) emphasized accelerating aerospace demand, stronger pricing opportunities and confidence in its long-term profit targets during its first-quarter fiscal 2027 earnings call. Management maintained its outlook despite planned maintenance downtime and uneven defense orders.

The company reported earnings of $3.25 per share, surpassing the Zacks Consensus Estimate of $2.97. Revenues of $798.2 million missed the Zacks Consensus Estimate of $807.8 million by 1.2%. However, revenues increased 8.8% year over year.

CRS Sees Aerospace Bookings Accelerate

Chairman and CEO Tony Thene highlighted strengthening commercial aerospace demand, with supply-chain bookings increasing 25% year over year.

Bookings in aerospace structural and distribution markets rose 23% sequentially and 49% year over year. Aerospace engine bookings advanced 10% sequentially and 22% annually.

Thene emphasized that several customers are ordering below levels needed to support current aircraft production rates. He expects additional orders as manufacturers increase production and distributors replenish declining inventories.

Carpenter Expects Continued Pricing Gains

Thene described pricing as a significant earnings driver, supported by increasing demand and constrained nickel superalloy capacity.

Management completed two significant aerospace long-term agreements during the quarter at higher prices. Additional agreements under negotiation offer further pricing opportunities.

Responding to Deutsche Bank, Thene clarified that renewed agreements primarily involve existing customers requesting higher volumes. He indicated that market-share percentages should remain relatively stable, with contractual growth driven by greater material requirements.

CRS Maintains Strong Profit Outlook

Chief Financial Officer Tim Lain projected second-quarter fiscal 2027 operating income of $192 million to $197 million, representing anticipated year-over-year growth of 24% to 27%.

Management maintained its fiscal 2027 operating income outlook of $850 million to $880 million and its fiscal 2029 target of $1.2 billion to $1.3 billion.

During JPMorgan's questioning, Thene identified potential upside from volume, productivity and pricing compared with the assumptions underlying the fiscal 2027 guidance. He emphasized that confidence in the company's financial targets had strengthened since the previous quarter.

Carpenter Defends Margins Amid Maintenance

Carpenter's Specialty Alloys Operations segment recorded an adjusted operating margin excluding surcharge revenue of 37.7%, compared with 32% a year earlier.

Segment operating income reached $216.3 million, increasing 27% year over year despite planned preventive maintenance and fewer available production days.

Responding to TD Cowen, Thene explained that productivity improvements across multiple manufacturing processes helped offset downtime. Management anticipates additional margin expansion as volumes and pricing improve, although quarterly product mix could create fluctuations.

CRS Addresses Defense Orders and Cash Flow

Thene acknowledged weaker defense bookings despite substantial underlying material demand. Funding uncertainties have prevented supply-chain customers from placing orders consistent with anticipated military requirements.

During discussions with JonesTrading, he explained that greater budget clarity could trigger a significant increase in material orders. Management continues engaging with defense manufacturers preparing for future programs.

Lain reported negative quarterly free cash flow of $24.8 million, reflecting capital expenditures and working capital requirements. He maintained the fiscal 2027 free cash flow forecast of $400 million to $430 million, expecting cash generation to strengthen later in the year.

Carpenter Prioritizes Capacity and Shareholder Returns

Management reiterated its commitment to expanding manufacturing capacity while maintaining shareholder distributions. The brownfield expansion remains on schedule and within budget, with operations expected to begin in early fiscal 2028.

Carpenter repurchased $133.9 million of shares during the quarter and continued paying its quarterly dividend. Its new $1 billion repurchase authorization supports additional capital returns.

Thene maintained a confident outlook centered on operational execution. Increasing aerospace demand, improved productivity and favorable contract pricing remain central to the company's long-term growth strategy.

Zacks Rank and Style Scores Signal Mixed Prospects

CRS currently carries a Zacks Rank #2 (Buy), reflecting favorable earnings estimate revision characteristics. Its Growth Score of B indicates attractive growth attributes, while its Value Score of D points to weaker relative valuation characteristics. The Momentum Score of C reflects a more moderate momentum profile. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock's VGM Score of C indicates a middle-range combined assessment of value, growth and momentum. Although its Zacks Rank indicates favorable near-term performance potential, the mixed Style Scores provide a more measured assessment. The Zacks Rank can change as analysts revise earnings estimates following the latest quarterly results.

LOS ANGELES--(BUSINESS WIRE)--Carpenter Technology Corporation ("Carpenter Technology" or the "Company") investors who lost money may have claims to recover their losses. The Law Offices of Frank R. Cruz today announced it is investigating potential securities fraud claims on behalf of investors in Carpenter Technology Corporation (NYSE: CRS), examining whether the Company may have violated the federal securities laws. The investigation centers on the disclosure about Carpenter Technology Corpor.

Shares of Philadelphia-based specialty metals company Carpenter Technology Corporation (CRS -20.99%) imploded on Thursday, falling 22.2% through 12:50 p.m. ET after reporting mixed earnings this morning.

Analysts forecast Carpenter to earn $3.04 per share -- and Carpenter beat that number, reporting a $3.25 per share profit for its fiscal Q1 2027. However, analysts also forecast Carpenter to do $830.8 million in sales, but the most Carpenter could manage was $798.5 million.

Image source: Getty Images.

That's actually not a bad number, though: "$798.5 million." In fact, it's 28% more revenue than Carpenter generated in Q1 2026, and it set a new company sales record. (Earnings also set a new record, with net profit per diluted share rising 34%.)

CEO Tony Thene highlighted upticks in Carpenter's aerospace structural and distribution sub-markets, where bookings for future shipments increased 49% year over year. That's faster growth than revenue grew in Q1, and implies that revenue growth will only accelerate in future quarters. Thene further pointed out that prices are increasing in tandem with sales, boosting profit margins.

CRS Carpenter Technology$290.87-$77.29 (-20.99%)

NYSE · As of 2:45 PM ET 10/22/26

What's next for Carpenter stockIf all this is the case, though, then why did investors react so negatively to Carpenter's news?

Free cash flow -- or rather the lack of it -- may be one reason. Despite reporting $162.5 million in GAAP net profit, Carpenter actually didn't generate any free cash flow at all. Instead, it burned nearly $25 million on increased capital spending, in particular to expand production at a "brownfield" factory.

Valuation could be another concern. Carpenter stock currently trades at 32x trailing earnings, but analysts forecast only 21.5% long-term annual earnings growth. The resulting PEG ratio of 1.5 suggests that Carpenter stock may already be moderately overpriced and due for a pullback.

In fact, that pullback may have already begun.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Carpenter Technology. The Motley Fool has a disclosure policy.

Carpenter Technology (CRS - Free Report) came out with quarterly earnings of $3.25 per share, beating the Zacks Consensus Estimate of $2.97 per share. This compares to earnings of $2.43 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.43%. A quarter ago, it was expected that this maker of stainless steels and special alloys would post earnings of $3.03 per share when it actually produced earnings of $3.23, delivering a surprise of +6.6%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Carpenter, which belongs to the Zacks Steel - Speciality industry, posted revenues of $798.2 million for the quarter ended September 2026, missing the Zacks Consensus Estimate by 1.18%. This compares to year-ago revenues of $733.7 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Carpenter shares have added about 16.9% since the beginning of the year versus the S&P 500's gain of 13.3%.

What's Next for Carpenter?While Carpenter has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Carpenter was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.05 on $809.24 million in revenues for the coming quarter and $13.30 on $3.41 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Steel - Speciality is currently in the top 13% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Metallus (MTUS - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2026. The results are expected to be released on November 2.

This maker of steel large bars and seamless mechanical tubing is expected to post quarterly earnings of $0.29 per share in its upcoming report, which represents a year-over-year change of +3.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Metallus' revenues are expected to be $345.5 million, up 13% from the year-ago quarter.

Delivered Record First Quarter Operating Income, Up 28 Percent Year-Over-Year
Strong Results Reflect Productivity Improvements, Mix Optimization and Benefits from Pricing Actions
Realized Adjusted Operating Margin in Specialty Alloys Operations Segment of 37.7 Percent
Demand Accelerating in Commercial Aerospace Supply Chain, Resulting in Increased Bookings

PHILADELPHIA, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today announced financial results for the fiscal first quarter ended September 30, 2026. For the quarter, the Company reported operating income of $196.4 million and earnings per diluted share of $3.25.

First Quarter Fiscal Year 2027 Highlights

Delivered $196.4 million of operating income, up 28 percent year-over-year and down 5 percent sequentiallySequential performance reflects productivity improvements, mix management and benefits from pricing actions, offset by planned downtime for preventive maintenance activitiesGenerated Specialty Alloys Operations (“SAO”) segment operating income of $216.3 million, up 27 percent year-over-year and down 6 percent sequentiallyDelivered adjusted operating margin of 37.7 percent in the SAO segment, up from 32.0 percent in the prior year first quarter and in line with 37.8 percent in the fourth quarter of fiscal year 2026Strong bookings for Commercial Aerospace, led by aerospace structural and distribution sub-markets which saw bookings increase 23 percent sequentially and 49 percent year-over-yearExecuted $133.9 million in share repurchases against repurchase programs; announced additional $1.0 billion share repurchase program in August 2026Realized earnings per diluted share of $3.25 in the quarterGenerated $52.8 million of cash from operating activities Outlook

For the second quarter of fiscal year 2027, anticipate between $192 million to $197 million in operating incomeMaintain fiscal year 2027 operating income outlook in the range of $850 million to $880 million, representing a 21 percent to 25 percent increase over fiscal year 2026 operating incomeWell positioned for continued growth beyond fiscal year 2027 with strong market demand for our broad portfolio of specialized solutions, ongoing productivity improvements, product mix optimization, and realization of pricing actions
“Carpenter Technology delivered another strong quarter, generating $196.4 million of operating income in the first quarter of fiscal year 2027,” said Tony R. Thene, Chairman, President and CEO of Carpenter Technology. “This was the most profitable first quarter in the Company’s history, up 28 percent over the first quarter of fiscal year 2026, establishing a strong foundation for the rest of the fiscal year. The results, driven by productivity improvements, mix management and the benefits of pricing actions, were impressive for a quarter with increased preventive maintenance activities. Specifically, the SAO segment delivered $216.3 million of operating income and adjusted operating margin of 37.7 percent in the quarter, both significant increases over the previous year first quarter.”

“Notably, in the current quarter we saw a step up in demand, especially in the commercial aerospace supply chain. Customers in the aerospace structural and distribution sub-markets have increasing confidence in the industry’s ability to ramp and our engine customers are increasing activity to support new builds and elevated MRO activity. As a result, we saw increased sequential bookings across the commercial aerospace sub-markets, with the aerospace structural and distribution sub-markets leading the way. Further, in the strong demand environment, pricing continues to strengthen across our business.”

“We maintain our recently communicated fiscal year 2027 operating income outlook of $850 million to $880 million and our fiscal year 2029 operating income target of $1.2 billion to $1.3 billion which reflects the accelerating demand environment, continued benefits of pricing actions and the expected contribution from our brownfield capacity expansion project.”

“In addition, we are currently working on specific actions and projects to exceed our operating income targets for fiscal year 2027 and fiscal year 2029. With macro trends so strong and accelerating, we see additional upside to demand, pricing opportunity and productivity improvement that could drive our operating income even higher.”

“Altogether, we believe we have a compelling value creation story. We are delivering record results today with strong operating margins and levers to expand margins further, we see accelerating demand across our key end-use markets, and we continue to benefit from pricing actions. As a result, we have a clear path to significant earnings growth over the next several years, and we are positioned to create substantial long-term value for our shareholders.”

Financial Highlights

  Q1 Q4 Q1($ in millions, except per share amounts) FY2027 FY2026 FY2026Net sales $798.2  $851.0 $733.7 Net sales excluding surcharge (a) $634.8  $679.7 $603.1 Operating income $196.4  $206.9 $153.3 Net income $162.5  $162.4 $122.5 Earnings per diluted share $3.25  $3.23 $2.43 Net cash provided from operating activities $52.8  $240.1 $39.2 Free cash flow (a) $(24.8) $155.0 $(3.4)       (a) Non-GAAP financial measures explained in the attached tables
  Net sales for the first quarter of fiscal year 2027 were $798.2 million, compared with $733.7 million in the first quarter of fiscal year 2026, an increase of $64.5 million (or 9 percent). Net sales excluding surcharge were $634.8 million for the current quarter, an increase of $31.7 million (or 5 percent) from the same period a year ago.

Operating income for the first quarter of fiscal year 2027 was $196.4 million compared to operating income of $153.3 million in the prior year period. Earnings per diluted share for the first quarter of fiscal year 2027 was $3.25 compared to earnings of $2.43 per diluted share in the prior year first quarter.

Cash provided from operating activities in the first quarter of fiscal year 2027 was $52.8 million, compared to $39.2 million in the same quarter last year. Free cash flow in the first quarter of fiscal year 2027 was negative $24.8 million, compared to negative $3.4 million in the same quarter last year. The increase in operating cash flow in the first quarter of fiscal year 2027 reflects higher earnings partially offset by changes in working capital, primarily inventory, compared to the same quarter last year. The unfavorable change in free cash flow reflects increased capital expenditures compared to the prior year period, namely from the brownfield expansion. Capital expenditures were $77.7 million in the first quarter of fiscal year 2027 compared to $42.6 million in the same quarter last year.

During the quarter ended September 30, 2026, the Company purchased 241,924 shares of its common stock on the open market for an aggregate of $133.9 million. As of September 30, 2026, $985.0 million remains available for future purchases under the $1.0 billion share repurchase program authorized in August 2026.

Total liquidity, including cash and available revolver balance, was $658.6 million at the end of the first quarter of fiscal year 2027. This consisted of $159.5 million of cash and $499.1 million of available borrowings under the Company’s Credit Facility.

Conference Call and Webcast Presentation

Carpenter Technology will host a conference call and webcast presentation today, October 22, 2026, at 10:00 a.m. ET, to discuss the financial results of operations for the first quarter of fiscal year 2027. Please dial +1 (833) 461-5787 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 Reform Act of 1995. Forward-looking statements include, among other things, statements regarding guidance, outlook, targets, objectives, future operating performance, cash generation, capital allocation, market conditions and strategic initiatives. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated, expected 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, 2026, 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, including tariffs; (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 cybersecurity incidents, ransomware attacks, malicious AI usage, operational technology disruptions, information technology failures, data security breaches and failures of third-party technology service providers; (17) the ability of suppliers, logistics providers and other supply-chain participants to meet obligations due to capacity constraints, transportation disruptions, energy shortages, geopolitical events, labor shortages or other factors; (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, regulatory and security risks relating to our global business, including international conflicts, military actions, diplomatic tensions, trade restrictions, sanctions, disruptions to transportation corridors and shipping routes and changes in U.S. and foreign trade, tax and regulatory requirements; (21) challenges affecting the commercial aviation industry or key participants; (22) the consequences of the announcement, maintenance or use of Carpenter Technology’s share repurchase program; and (23) the ability to successfully execute major capital projects and brownfield expansion initiatives, including achieving expected costs, schedules, capacity additions, productivity improvements and returns on investment. 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,   2026   2025 NET SALES $798.2  $733.7 Cost of sales  541.9   517.3 Gross profit  256.3   216.4      Selling, general and administrative expenses  59.9   63.1 Operating income  196.4   153.3      Interest expense, net  7.1   11.5 Other income, net  (3.1)  (3.0)     Income before income taxes  192.4   144.8 Income tax expense  29.9   22.3      NET INCOME $162.5  $122.5      EARNINGS PER COMMON SHARE:    Basic $3.26  $2.45 Diluted $3.25  $2.43      WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:    Basic  49.8   50.1 Diluted  50.0   50.4      Cash dividends per common share $0.20  $0.20       PRELIMINARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)     Three Months Ended  September 30,   2026   2025 OPERATING ACTIVITIES    Net income $162.5  $122.5 Adjustments to reconcile net income to net cash provided from operating activities:    Depreciation and amortization  36.6   36.0 Deferred income taxes  11.6   5.8 Net pension expense  1.5   3.6 Share-based compensation expense  6.4   5.6 Net loss on disposals of property, plant and equipment  0.3   0.3 Changes in working capital and other:    Accounts receivable  (18.7)  (36.2)Inventories  (61.6)  15.6 Other current assets  (13.3)  7.7 Accounts payable  24.1   (27.0)Accrued liabilities  (88.5)  (85.9)Pension plan contributions  (8.6)  (5.9)Other postretirement plan contributions  (0.7)  (0.9)Other, net  1.2   (2.0)Net cash provided from operating activities  52.8   39.2 INVESTING ACTIVITIES    Purchases of property, plant, equipment and software  (77.7)  (42.6)Proceeds from disposals of property, plant and equipment  0.1   — Net cash used for investing activities  (77.6)  (42.6)FINANCING ACTIVITIES    Dividends paid  (9.9)  (10.1)Purchases of treasury stock  (133.9)  (49.1)Proceeds from stock options exercised  0.4   0.5 Withholding tax payments on share-based compensation awards  (65.2)  (45.5)Net cash used for financing activities  (208.6)  (104.2)Effect of exchange rate changes on cash and cash equivalents  (0.4)  0.1 DECREASE IN CASH AND CASH EQUIVALENTS  (233.8)  (107.5)Cash and cash equivalents at beginning of year  393.3   315.5 Cash and cash equivalents at end of period $159.5  $208.0       PRELIMINARY
CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)       September 30, June 30,   2026   2026 ASSETS    Current assets:    Cash and cash equivalents $159.5  $393.3 Accounts receivable, net  722.2   701.9 Inventories  884.4   822.9 Other current assets  76.0   63.1 Total current assets  1,842.1   1,981.2 Property, plant, equipment and software, net  1,538.0   1,487.9 Goodwill  227.3   227.3 Other intangibles, net  2.4   3.9 Deferred income taxes  5.5   5.5 Other assets  129.4   132.5 Total assets $3,744.7  $3,838.3      LIABILITIES    Current liabilities:    Accounts payable $345.3  $313.4 Accrued liabilities  122.2   206.6 Total current liabilities  467.5   520.0      Long-term debt  691.0   690.7 Accrued pension liabilities  82.4   89.6 Accrued postretirement benefits  21.7   22.2 Deferred income taxes  207.4   196.9 Other liabilities  91.9   91.3 Total liabilities  1,561.9   1,610.7      STOCKHOLDERS' EQUITY    Common stock  286.8   286.8 Capital in excess of par value  341.8   357.1 Reinvested earnings  2,352.3   2,199.7 Common stock in treasury, at cost  (772.5)  (595.6)Accumulated other comprehensive loss  (25.6)  (20.4)Total stockholders' equity  2,182.8   2,227.6 Total liabilities and stockholders' equity $3,744.7  $3,838.3       PRELIMINARY
SEGMENT FINANCIAL DATA
(in millions)
(Unaudited)     Three Months Ended  September 30,   2026   2025 Net sales:    Specialty Alloys Operations    Net sales excluding surcharge $573.5  $533.9 Surcharge  156.9   125.7 Specialty Alloys Operations net sales  730.4   659.6      Performance Engineered Products    Net sales excluding surcharge  83.0   87.2 Surcharge  8.1   6.4 Performance Engineered Products net sales  91.1   93.6      Intersegment    Net sales excluding surcharge  (21.7)  (18.0)Surcharge  (1.6)  (1.5)Intersegment net sales  (23.3)  (19.5)     Consolidated net sales $798.2  $733.7      Operating income (loss):    Specialty Alloys Operations $216.3  $170.7 Performance Engineered Products  7.3   9.4 Corporate  (26.1)  (26.6)Intersegment  (1.1)  (0.2)Consolidated operating income $196.4  $153.3       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.

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 income, 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
 Three Months Ended September 30,  2026   2025 Net sales $798.2  $733.7 Less: surcharge revenue  163.4   130.6 Net sales excluding surcharge revenue $634.8  $603.1      Operating income $196.4  $153.3      Operating margin  24.6%  20.9%     Adjusted operating margin excluding surcharge revenue  30.9%  25.4% ADJUSTED SEGMENT OPERATING MARGIN EXCLUDING SURCHARGE REVENUE
 Three Months Ended September 30,  2026   2025 Specialty Alloys Operations    Net sales $730.4  $659.6 Less: surcharge revenue  156.9   125.7 Net sales excluding surcharge revenue $573.5  $533.9      Operating income $216.3  $170.7      Operating margin  29.6%  25.9%     Adjusted operating margin excluding surcharge revenue  37.7%  32.0% ADJUSTED SEGMENT OPERATING MARGIN EXCLUDING SURCHARGE REVENUE
 Three Months Ended September 30,  2026   2025 Performance Engineered Products    Net sales $91.1  $93.6 Less: surcharge revenue  8.1   6.4 Net sales excluding surcharge revenue $83.0  $87.2      Operating income $7.3  $9.4      Operating margin  8.0%  10.0%     Adjusted operating margin excluding surcharge revenue  8.8%  10.8%          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. Management uses its results excluding this amount 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,FREE CASH FLOW  2026   2025 Net cash provided from operating activities $52.8  $39.2 Purchases of property, plant, equipment and software  (77.7)  (42.6)Proceeds from disposals of property, plant and equipment  0.1   — Free cash flow $(24.8) $(3.4)      Management believes that the presentation of 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 $1.0 billion of our outstanding common stock. 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 2026
 2025
End-Use Market Excluding Surcharge Revenue:    Aerospace and Defense $425.4 $388.3Medical  51.7  61.6Energy  32.9  42.5Transportation  19.8  17.9Industrial and Consumer  83.2  75.0Distribution  21.8  17.8Total net sales excluding surcharge revenue  634.8  603.1Surcharge revenue  163.4  130.6Total net sales $798.2 $733.7      Investor Inquiries: Media Inquiries:John Huyette Heather Beardsley+1 610-208-2061 +1 [email protected] [email protected]

Wall Street analysts forecast that Carpenter Technology (CRS - Free Report) will report quarterly earnings of $2.97 per share in its upcoming release, pointing to a year-over-year increase of 22.2%. It is anticipated that revenues will amount to $807.77 million, exhibiting an increase of 10.1% compared to the year-ago quarter.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.5% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

That said, let's delve into the average estimates of some Carpenter metrics that Wall Street analysts commonly model and monitor.

The combined assessment of analysts suggests that 'Net Sales- End-Use Market Excluding Surcharge Revenue- Total' will likely reach $636.01 million. The estimate indicates a year-over-year change of +5.5%.

Based on the collective assessment of analysts, 'Net Sales- End-Use Market Excluding Surcharge Revenue- Surcharge revenue' should arrive at $159.12 million. The estimate indicates a year-over-year change of +21.8%.

The consensus among analysts is that 'Net Sales- Performance Engineered Products' will reach $91.54 million. The estimate suggests a change of -2.2% year over year.

The collective assessment of analysts points to an estimated 'Net Sales- Specialty Alloys Operations' of $721.86 million. The estimate indicates a year-over-year change of +9.4%.

It is projected by analysts that the 'Volumes Sold in Pounds - Specialty Alloys Operations' will reach 49.24 million. The estimate compares to the year-ago value of 44.75 million.

Analysts' assessment points toward 'Volumes Sold in Pounds' reaching 50.71 million. Compared to the current estimate, the company reported 46.42 million in the same quarter of the previous year.

Analysts predict that the 'Operating Income- Performance Engineered Products' will reach $6.66 million. The estimate is in contrast to the year-ago figure of $9.40 million.

According to the collective judgment of analysts, 'Operating Income- Specialty Alloys Operations' should come in at $221.15 million. Compared to the current estimate, the company reported $170.70 million in the same quarter of the previous year.

View all Key Company Metrics for Carpenter here>>>

Shares of Carpenter have demonstrated returns of -7.6% over the past month compared to the Zacks S&P 500 composite's +1.5% change. With a Zacks Rank #2 (Buy), CRS is expected to beat the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Key Takeaways Carpenter Technology is expected to report Q1 sales of $805.1M and earnings of $2.94 per share.Aerospace and defense demand, higher prices, improved product mix and productivity gains may support margins.SAO profit is projected to be $221M, while PEP profit may fall to $6.7M.
Carpenter Technology Corporation (CRS - Free Report) is scheduled to report first-quarter fiscal 2027 results on Oct. 22, before the opening bell.

The Zacks Consensus Estimate for CRS’s sales is pegged at $805.1 million, indicating a 9.7% rise from the year-ago reported figure.

The consensus estimate for Carpenter Technology’s earnings is pegged at $2.94 per share. The Zacks Consensus Estimate for CRS’s earnings has inched up 1.1% in the past 60 days. The estimate indicates year-over-year growth of 21%.

Image Source: Zacks Investment Research

CRS’s Solid Earnings Surprise HistoryCarpenter Technology’s earnings beat the Zacks Consensus Estimates in the trailing four quarters, the average surprise being 8.4%.

Image Source: Zacks Investment Research

What the Zacks Model Unveils for Carpenter TechnologyOur proven model does not conclusively predict an earnings beat for CRS this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that is not the case here, as you can see below.

You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Earnings ESP: Carpenter Technology has an Earnings ESP of 0.00%.

Zacks Rank: CRS currently has a Zacks Rank of 2.

Factors Likely to Have Shaped Up CRS’s Q2 PerformanceCarpenter Technology has been witnessing growth in aerospace, defense and medical applications, which is anticipated to get reflected in the first-quarter fiscal 2027 results. In the quarter, demand is expected to have accelerated across all aerospace sub-markets as the supply chain ramped up to meet increasing travel demand.

However, the company has been facing uneven trends across the Medical and Distribution end-use markets, which are likely to have affected its performance.

Nonetheless, gains from increased productivity across Carpenter Technology’s facilities, higher prices, an improved product mix and increased volumes are expected to have negated these headwinds. The impacts of these are likely to get reflected in the company’s margin.

We expect the Specialty Alloys Operations segment’s sales to be $705 million in the quarter, indicating a rise of 6.9% from the year-ago quarter’s reported figure. Our model estimates the segment to sell 47,983 pounds in the first quarter of fiscal 2027, indicating growth of 7.2% from that reported in the first quarter of fiscal 2026. We expect the operating profit to be $221 million, indicating growth from the $171 million reported in first-quarter fiscal 2026.

We expect Performance Engineered Products’ net sales to rise 1.7% year over year to $95.2 million. Our model predicts the segment to sell 2,499 pounds in the quarter, indicating a rise of 9.4%. Our estimate for the segment’s operating profit is $6.7 million. The segment reported an operating profit of $9.4 million in the year-ago quarter.

Carpenter Technology Stock’s Price PerformanceCRS shares have gained 57.2% in the past year compared with the industry’s 49.2% growth.

Stocks to ConsiderHere are some Basic Material stocks with the right combination of elements to post an earnings beat in their upcoming releases.

Reliance, Inc. (RS - Free Report) , scheduled to release third-quarter 2026 earnings on Oct. 21, has an Earnings ESP of +14.26% and flaunts a Zacks Rank of 1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for earnings for Reliance for the third quarter of 2026 is pegged at $6.76 per share, suggesting an 85.7% year-over-year increase. Reliance has a trailing four-quarter average earnings surprise of 3.15%.

OR Royalties Inc. (OR - Free Report) , scheduled to release third-quarter 2026 earnings on Nov. 11, has an Earnings ESP of +0.88% and a Zacks Rank of 2 at present.

The Zacks Consensus Estimate for OR Royalties’ earnings for the third quarter of 2026 is pegged at 27 cents per share, indicating 22.7% growth from the year-ago quarter’s reported figure. OR Royalties has a trailing four-quarter average earnings surprise of 9.98%.

FreeportMcMoRan (FCX - Free Report) , scheduled to release third-quarter 2026 earnings on Oct. 27, has an Earnings ESP of +1.77% and a Zacks Rank of 3 at present.

The Zacks Consensus Estimate for earnings for FreeportMcMoRan for the third quarter of 2026 is 75 cents per share, indicating a 50% year-over-year increase. FreeportMcMoRan has a trailing four-quarter average earnings surprise of 32.61%.

Carpenter Technology (CRS - Free Report) has been beaten down lately with too much selling pressure. While the stock has lost 13% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.

We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.

RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.

Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.

So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.

However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.

Why CRS Could Bounce Back Before LongThe heavy selling of CRS shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 29.75. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.

The RSI value is not the only factor that indicates a potential turnaround for the stock in the near term. On the fundamental side, there has been strong agreement among the sell-side analysts covering the stock in raising earnings estimates for the current year. Over the last 30 days, the consensus EPS estimate for CRS has increased 0%. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.

Moreover, CRS currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

 | Source: Carpenter Technology Corporation

PHILADELPHIA, Oct. 09, 2026 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share of common stock, payable December 3, 2026, to shareholders of record on October 20, 2026.

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, and other 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/.

Investor Inquiries:Media Inquiries:John HuyetteHeather Beardsley+1 610-208-2061+1 [email protected]@cartech.com  

Key Takeaways Carpenter Technology's Specialty Alloys Operations margin reached a record 37.8% in FY26. Aerospace and Defense sales rose 15%, while Industrial and Consumer sales gained 4.7% in FY26.CRS targets 850-880M in FY27 operating income, up 21-25% from FY26. Carpenter Technology Corporation’s (CRS - Free Report) Specialty Alloys Operations segment delivered a record adjusted operating margin of 37.8% in the fourth quarter of 2026, up from year-ago’s 30.5%. This marked the segment’s eighteenth consecutive quarter of margin expansion. The record operating performance in the fourth quarter of 2026 was driven by continued productivity gains, pricing realization and improved product mix. This led to an operating margin of 27.7% in fiscal 2026.

The Specialty Alloys Operations segment comprises Carpenter Technology’s major premium alloy and stainless-steel manufacturing operations. The segment generated $2.83 billion in sales in fiscal 2026, representing 90.5% of Carpenter Technology’s sales in the year. The segment sold 200,872 thousand pounds in fiscal 2026 compared with 186,270 thousand pounds a year ago.

The segment’s sales are also gaining from Aerospace and Defense, and Industrial and Consumer end-use markets. Aerospace and Defense sales increased 15% year over year in fiscal 2026, while Industrial and Consumer markets sales rose 4.7%.

Backed by record profitability and favorable demand trends, CRS expects fiscal 2027 operating income of $850-$880 million, indicating growth of 21-25% from that reported in fiscal 2026. CRS set a fiscal 2029 operating income target of $1.2-$1.3 billion, suggesting a solid jump from the $702 million reported in fiscal 2026. With its solid streak of margin expansion and robust demand in key end markets, the Specialty Alloys Operations segment is likely to remain a solid growth driver for Carpenter Technology in the upcoming years.

Performances of Other Steel StocksCommercial Metals Company (CMC - Free Report) has been benefiting from steady North American construction activity and firm pricing discipline. Backed by its focus on transformation, Commercial Metals is expected to generate structurally higher margins and enhanced free cash flow.

Commercial Metals expects its new precast platforms to generate $165-$175 million in EBITDA in fiscal 2026, with incremental annualized EBITDA of $240-$250 million and $30-$40 million in annualized synergies by the end of year three.

Nucor Corporation (NUE - Free Report) is committed to expanding its production capabilities and growing its business through acquisitions. Nucor is seeing strong demand in the energy markets. While the automotive market remains impacted by high interest rates and tariffs, the accelerating adoption of electric vehicles bodes well for this market.

Demand in non-residential construction markets was healthy in 2025 and the momentum is expected to continue this year, driving Nucor’s earnings and cash flows.

CRS’s Price Performance, Valuations & EstimatesCarpenter Technology’s shares have jumped 57% over the past year compared with the industry’s growth of 49.9%. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 13.8% and 17.9%, respectively.

Image Source: Zacks Investment Research

Carpenter Technology is currently trading at a forward price/sales ratio of 5.64 compared with the industry's 2.42.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for fiscal 2027 sales is pegged at $3.40 billion, indicating an 8.8% year-over-year jump. The consensus mark for the year’s earnings is pegged at $13.28 per share, indicating a rise of 23.4%.

The Zacks Consensus Estimate for fiscal 2027 sales implies 8.4% year-over-year growth, and the same for earnings suggests a rally of 17.9%.

EPS estimates for fiscal 2026 and 2027 have moved north over the past 60 days.

Image Source: Zacks Investment Research

CRS currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Tompkins Financial Corp lowered its holdings in Carpenter Technology Corporation (NYSE:CRS – Free Report) by 98.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 115 shares of the basic materials company’s stock after selling 6,806 shares during the quarter. Tompkins Financial Corp’s holdings in Carpenter Technology were worth $45,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bright Rock Capital Management LLC bought a new position in Carpenter Technology during the 3rd quarter valued at about $1,750,000. Argent Capital Management LLC grew its stake in shares of Carpenter Technology by 32.0% in the third quarter. Argent Capital Management LLC now owns 739 shares of the basic materials company’s stock worth $287,000 after acquiring an additional 179 shares during the period. Eastern Bank grew its stake in shares of Carpenter Technology by 70.5% in the third quarter. Eastern Bank now owns 1,185 shares of the basic materials company’s stock worth $461,000 after acquiring an additional 490 shares during the period. Polaris Financial Partners bought a new stake in shares of Carpenter Technology in the third quarter worth approximately $258,000. Finally, QRG Capital Management Inc. purchased a new position in shares of Carpenter Technology during the second quarter valued at approximately $302,000. 92.03% of the stock is owned by institutional investors.

Insider Activity In related news, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the sale, the director owned 1,953 shares in the company, valued at approximately $963,121.95. This represents a 18.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Steven E. Karol sold 3,275 shares of the stock in a transaction on Friday, September 4th. The shares were sold at an average price of $474.08, for a total value of $1,552,612.00. Following the sale, the director owned 177,000 shares in the company, valued at $83,912,160. The trade was a 1.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 112,996 shares of company stock valued at $54,644,436 in the last ninety days. Insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets CRS has been the topic of a number of research analyst reports. KeyCorp lowered their price objective on shares of Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. Wall Street Zen raised shares of Carpenter Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 12th. Zacks Research lowered shares of Carpenter Technology from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 15th. JPMorgan Chase & Co. lowered their price target on Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Finally, Wells Fargo & Company dropped their price target on Carpenter Technology from $540.00 to $430.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 30th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Carpenter Technology has an average rating of “Moderate Buy” and an average target price of $563.50. View Our Latest Stock Analysis on Carpenter Technology

Carpenter Technology Price Performance Carpenter Technology stock opened at $393.61 on Tuesday. Carpenter Technology Corporation has a 52-week low of $233.77 and a 52-week high of $625.98. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average is $472.69 and its 200 day moving average is $481.23. The company has a market cap of $19.51 billion, a price-to-earnings ratio of 37.42, a PEG ratio of 1.37 and a beta of 1.29.

Carpenter Technology (NYSE:CRS – Get Free Report) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.14. The firm had revenue of $679.70 million for the quarter, compared to analysts’ expectations of $863.33 million. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business’s revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.21 EPS. Sell-side analysts forecast that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.

Carpenter Technology Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, August 25th. Carpenter Technology’s dividend payout ratio (DPR) is presently 7.60%.

Carpenter Technology Company Profile (Free Report)

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.

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 | Source: Carpenter Technology Corporation

PHILADELPHIA, Oct. 01, 2026 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) plans to host a conference call and webcast on Thursday, October 22, 2026 at 10:00 a.m. ET to discuss the results of operations for the first quarter of fiscal year 2027, ended September 30, 2026. The call and webcast will follow the release of first quarter fiscal 2027 financial results before the market opens on Thursday, October 22, 2026.

Conference Call and Webcast Details

What: Carpenter Technology First Quarter Fiscal 2027 Conference Call

Date: Thursday, October 22, 2026

Time: 10:00 a.m. Eastern Time

Live Call: +1 833-461-5787

Meeting ID: 956 906 602

Live and Archived Webcast: ir.carpentertechnology.com

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, transportation, energy, 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 www.carpentertechnology.com.

Investor Inquiries:  Media Inquiries:John HuyetteHeather Beardsley+1 610-208-2061+1 [email protected]@cartech.com

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Key Takeaways Carpenter Technology's aerospace and defense sales rose 15% year over year in fiscal 2026.CRS expects fiscal 2027 operating income of $850-$880 million, up 21-25% from fiscal 2026.Stronger demand, pricing and productivity gains support its $1.2-$1.3 billion fiscal 2029 target. Carpenter Technology Corporation (CRS - Free Report) is benefiting from healthy demand trends across its end-use markets. The upside is driven by solid growth in aerospace and defense, with sales increasing 15% year over year in fiscal 2026.

Carpenter Technology’s top line is gaining from accelerating activity across the aerospace supply chain as OEMs continue to push toward higher build rates. Leveraging its differentiated capabilities and capacity, Carpenter Technology is well-positioned for significant near-term and long-term growth from the aerospace end-use market.

The company also saw an uptick in its Industrial and Consumer markets, driven by increasing demand from the semiconductor industry, with sales rising 4.7% year over year in fiscal 2026. Transportation sales increased 13.5%, while energy sales improved 3.5% in fiscal 2026. These gains will offset the headwinds in the medical end-use market. Even though medical end-use market sales fell 1.9% year over year in fiscal 2026, the company sees improving demand across orthopedics, dental and cardiology.

Driven by solid performance across its end-use markets, Carpenter Technology has been experiencing strong booking growth for the past few quarters.

Backed by record profitability and favorable demand trends, CRS expects fiscal 2027 operating income of $850-$880 million, representing growth of 21-25% from fiscal 2026. The company expects these gains to be driven by higher volumes, productivity improvements, product-mix optimization and pricing actions. It also targets operating income of $1.2-$1.3 billion in fiscal 2029, supported by strengthening end-market demand and contributions from its brownfield capacity expansion beginning in fiscal 2028.

Performance of Other Steel StocksCommercial Metals Company (CMC - Free Report) has been benefiting from steady North American construction activity and firm pricing discipline. Backed by its focus on transformation, Commercial Metals is expected to generate structurally higher margins and enhanced free cash flow.

Commercial Metals expects its new precast platforms to generate $165 million to $175 million of EBITDA in fiscal 2026, with incremental annualized EBITDA of $240 million to $250 million and annualized synergies of $30 million to $40 million within three years.

Nucor Corporation (NUE - Free Report) is committed to expanding its production capabilities and growing its business through strategic acquisitions. Nucor is seeing strong demand in the energy markets. While the automotive market remains impacted by high interest rates and tariffs, the accelerating adoption of electric vehicles bodes well for this market. Demand in non-residential construction markets was healthy in 2025, and the momentum is expected to continue this year, driving Nucor’s earnings and cash flows.

CRS’s Price Performance, Valuations & EstimatesCRS’ shares have surged 81.5% over the past year compared with the industry’s growth of 66.5%. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 24.1% and 17.2%, respectively.

Image Source: Zacks Investment Research

Carpenter Technology is currently trading at a forward price/sales ratio of 6.42 compared with the industry's 2.49.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for fiscal 2027 sales is pegged at $3.40 billion, indicating an 8.8% year-over-year jump. The consensus mark for the year’s earnings is pinned at $13.28 per share, indicating a year-over-year rise of 23.4%.

The Zacks Consensus Estimate for fiscal 2027 sales implies 8.4% year-over-year growth, and the consensus mark for earnings suggests a rise of 17.9%.

EPS estimates for fiscal 2026 and 2027 have moved north over the past 60 days.

Image Source: Zacks Investment Research

CRS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Nykredit A S bought a new position in Carpenter Technology Corporation (NYSE:CRS – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,618 shares of the basic materials company’s stock, valued at approximately $998,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Keating Financial Advisory Services Inc. bought a new position in shares of Carpenter Technology in the second quarter worth $29,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Carpenter Technology during the 1st quarter valued at $30,000. SJS Investment Consulting Inc. raised its stake in shares of Carpenter Technology by 81.8% during the 1st quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 36 shares during the period. Persistent Asset Partners Ltd purchased a new stake in Carpenter Technology during the 2nd quarter worth about $55,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Carpenter Technology during the 2nd quarter worth about $56,000. Institutional investors own 92.03% of the company’s stock.

Insider Activity at Carpenter Technology In other Carpenter Technology news, CEO Tony R. Thene sold 57,456 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $483.90, for a total value of $27,802,958.40. Following the completion of the transaction, the chief executive officer owned 439,631 shares of the company’s stock, valued at $212,737,440.90. The trade was a 11.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ramin Younessi sold 438 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director directly owned 1,953 shares in the company, valued at $963,121.95. The trade was a 18.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 109,721 shares of company stock worth $53,091,824. 2.90% of the stock is owned by company insiders.

Analyst Ratings Changes CRS has been the subject of several analyst reports. KeyCorp cut their target price on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating for the company in a research note on Monday, August 3rd. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Wall Street Zen downgraded shares of Carpenter Technology from a “buy” rating to a “hold” rating in a report on Saturday, August 22nd. Wells Fargo & Company raised their price objective on shares of Carpenter Technology from $425.00 to $540.00 and gave the company an “equal weight” rating in a research report on Tuesday, August 4th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $577.25. View Our Latest Analysis on Carpenter Technology

Carpenter Technology Price Performance NYSE:CRS opened at $476.34 on Tuesday. Carpenter Technology Corporation has a 52-week low of $228.00 and a 52-week high of $625.98. The stock has a fifty day moving average of $543.43 and a 200 day moving average of $478.59. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.23 and a current ratio of 3.81. The firm has a market capitalization of $23.61 billion, a price-to-earnings ratio of 45.28, a P/E/G ratio of 1.68 and a beta of 1.26.

Carpenter Technology (NYSE:CRS – Get Free Report) last announced its earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. The business had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The company’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.21 EPS. On average, research analysts expect that Carpenter Technology Corporation will post 13.28 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Tuesday, August 25th. Carpenter Technology’s dividend payout ratio is 7.60%.

Carpenter Technology Company Profile (Free Report)

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

Recommended Stories Five stocks we like better than Carpenter Technology 3 Under-the-Radar Defense Stocks With Record Backlogs This Korea ETF Has Soared, But the Rally May Not Be Over Why Guidewire’s Post-Earnings Plunge May Not Last Ride-Share Reckoning: Tesla Drives Into Uber’s Lane Want to see what other hedge funds are holding CRS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Carpenter Technology Corporation (NYSE:CRS – Free Report).

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Key Takeaways CRS generated $605M in operating cash flow and $362.3M in adjusted free cash flow in FY26.Higher earnings, working capital management and productivity drove FY26 cash flow gains for CRS.CRS expects $400-$430M in FY27 adjusted free cash flow despite higher capital expenditure. Carpenter Technology Corporation (CRS - Free Report) generated $605 million in cash from operating activities and $362.3 million in adjusted free cash flow in fiscal 2026, marking year-over-year increases of 37.4% and 26%, respectively. The upside was driven by higher earnings and focus on working capital management while increasing productivity.

The company’s financial position remains strong, which gives it the strategic flexibility to strengthen its long-term growth profile by investing in emerging technologies like additive manufacturing and soft magnetics while also providing direct returns to shareholders through quarterly dividends. At the end of fiscal 2026, liquidity was $892.4 million, including $393.3 million in cash and $499.1 million in available borrowings.Net debt to EBITDA was negative 0.3X with no near-term debt maturities.

The company is maintaining its strong balance sheet while investing in a $400-million brownfield expansion project based in Athens. The project is aimed at adding high-purity primary and secondary melt capacity to the company’s existing downstream finishing assets, which will boost long-term growth.

Backed by record profitability and favorable demand trends, CRS expects fiscal 2027 operating income of $850-$880 million, indicating growth of 21-25% from fiscal 2026. The company expects the gains to be driven by higher volumes, productivity improvements, product-mix optimization and pricing actions.

For fiscal 2027, the company expects $400-$430 million in adjusted free cash flow while capital expenditure rises to $355-$375 million, supporting its balanced approach to growth investment and shareholder returns.

Balance Sheet Performance of Other Steel StocksCommercial Metals Company’s (CMC - Free Report) cash generated from operating activities for the nine months ended May 31, 2026, was $603 million compared with $400 million in the year-ago period. As of May 31, 2026, cash, cash equivalents and restricted cash totaled $0.56 billion compared with $1 billion at the end of fiscal 2025.

Backed by its focus on transformation, Commercial Metals expects to generate structurally higher margins and enhanced free cash flow. Commercial Metals expects to generate a free cash flow of $1.375-$1.525 billion in fiscal 2029.

Nucor Corporation’s (NUE - Free Report) cash and cash equivalents were $2.48 billion at the end of the quarter, up from $1.95 billion a year earlier. Including short-term investments, Nucor had $2.69 billion in liquidity on hand. Demand in non-residential construction markets was healthy in 2025 and the momentum is expected to continue this year, driving Nucor’s earnings and cash flows.

CRS’s Price Performance, Valuations & EstimatesCarpenter Technology’s shares have surged 98.2% over the past year compared with the industry’s growth of 79.7%. In comparison, the Zacks Basic Materials sector and the S&P 500 have returned 34.6% and 22.9%, respectively.
 

Image Source: Zacks Investment Research

Carpenter Technology is currently trading at a forward price/sales ratio of 6.85X compared with the industry's 2.62X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for fiscal 2027 sales is pegged at $3.40 billion, indicating an 8.8% year-over-year jump. The consensus mark for the year’s earnings is pegged at $13.09 per share, suggesting a year-over-year rise of 21.6%.

The Zacks Consensus Estimate for fiscal 2027 sales implies 8.4% year-over-year growth, and the same for earnings suggests a rise of 19.6%.

EPS estimates for fiscal 2026 and 2027 have moved north over the past 60 days.

Image Source: Zacks Investment Research

CRS currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

On August 24, 2026, Carpenter Technology Corp
CRS -3.1% 74

shares fell 3.1% to a current price of $477.10. This decline comes amid a 52-week range that saw a high of $625.99 and a low of $228.00, demonstrating significant volatility in the stock's price over the past year.

GF Value™ verdict: Current price is $477.10, which is 127.4% above the fair value estimate of $209.83.GF Score™ of 74/100 indicates the company is performing above average compared to its peers.Notable signal: Insiders sold $40.8M in shares over the past 12 months, showing a lack of buying interest from company executives.Is CRS Overvalued or Undervalued?Carpenter Technology Corp's current price of $477.10 is significantly above the GF Value™ estimate of $209.83, indicating that the stock is overvalued by approximately 127.4%. The GF Value™ is a proprietary intrinsic value estimate that takes into account historical trading multiples, past business growth, and future performance estimates. With the GF Valuation label indicating that the stock is significantly overvalued, there is a considerable margin of safety that appears to be lacking for potential investors. As the stock trades at such a premium, the risk of a price correction increases, particularly if company performance does not meet optimistic market expectations.

In light of the recent stock price decline, the overvaluation raises concerns about potential downside risks. Investors should carefully consider the implications of this high valuation, especially given the current market dynamics and the recent performance trends of the stock.

How Does CRS's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)45.4x38.6xForward P/E35.8xN/AThe current P/E ratio of 45.4x is significantly above its 5-year median of 38.6x, indicating that the stock is trading at a premium compared to its historical valuations. This analysis aligns with the GF Value™ verdict, reinforcing the notion that CRS is overvalued at present levels.

What Does CRS's GF Score™ Tell Us?The GF Score™ is a comprehensive measure that evaluates a company's financial strength, profitability, growth, valuation, and momentum. Carpenter Technology Corp's GF Score™ of 74/100 reflects above-average performance, with notable strengths in financial stability and profitability.

MetricRatingGF Score™74Financial Strength8/10Profitability8/10Growth7/10Valuation1/10Momentum6/10The strongest areas for CRS are its Financial Strength and Profitability, both rated at 8/10, indicating solid fundamentals and operational efficiency. However, the Valuation rank of 1/10 highlights significant concerns regarding the stock's current price relative to its underlying value, which detracts from the overall attractiveness of the investment.

What Are Gurus and Insiders Doing with CRS?Currently, 10 gurus hold shares of Carpenter Technology Corp, with 3 adding to their positions and 9 trimming their holdings in recent quarters. This mixed signal suggests some level of caution among institutional investors regarding the stock's future performance.

Additionally, insider activity has been predominantly negative, with executives selling $40.8M worth of shares over the past year and no recent buying activity. This trend could indicate a lack of confidence from those closest to the company, which may serve as a warning sign for potential investors.

What This Means for InvestorsBased on the current valuation metrics and the GF Value™ assessment, Carpenter Technology Corp appears to be significantly overvalued. The lack of insider buying, coupled with the stock's elevated P/E ratio, suggests that caution is warranted when considering this investment. For those looking to explore further, additional insights can be found on the Carpenter Technology Corp
CRS -3.1% 74

stock page and its corresponding GF Value™ page.

Frequently Asked QuestionsWhat is CRS's GF Score™?

The GF Score™ for Carpenter Technology Corp is 74/100, indicating that the company is performing above average relative to its peers.

Is CRS overvalued or undervalued?

According to the GF Value™, CRS is overvalued, with its current price significantly exceeding the fair value estimate.

What is CRS's P/E ratio?

Carpenter Technology Corp has a P/E (TTM) ratio of 45.4x, which is above its historical median of 38.6x, indicating that the stock is trading at a premium compared to its past valuation levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Posted by Defense World Staff on Aug 16th, 2026

Empowered Funds LLC reduced its position in Carpenter Technology Corporation (NYSE:CRS – Free Report) by 20.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,994 shares of the basic materials company’s stock after selling 5,415 shares during the quarter. Empowered Funds LLC’s holdings in Carpenter Technology were worth $8,275,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Meeder Advisory Services Inc. raised its stake in shares of Carpenter Technology by 3.7% in the 4th quarter. Meeder Advisory Services Inc. now owns 889 shares of the basic materials company’s stock valued at $280,000 after buying an additional 32 shares in the last quarter. Abel Hall LLC boosted its position in shares of Carpenter Technology by 3.2% during the 4th quarter. Abel Hall LLC now owns 1,019 shares of the basic materials company’s stock valued at $321,000 after acquiring an additional 32 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in Carpenter Technology by 0.3% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,146 shares of the basic materials company’s stock valued at $3,509,000 after acquiring an additional 34 shares during the period. Essential Partners LLC increased its stake in Carpenter Technology by 9.9% in the first quarter. Essential Partners LLC now owns 378 shares of the basic materials company’s stock valued at $149,000 after acquiring an additional 34 shares during the period. Finally, SJS Investment Consulting Inc. raised its position in Carpenter Technology by 81.8% in the first quarter. SJS Investment Consulting Inc. now owns 80 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 36 shares in the last quarter. Institutional investors and hedge funds own 92.03% of the company’s stock.

Wall Street Analysts Forecast Growth CRS has been the subject of a number of analyst reports. Susquehanna cut their price target on shares of Carpenter Technology from $680.00 to $600.00 and set a “positive” rating for the company in a research note on Friday, July 31st. Zacks Research upgraded Carpenter Technology from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Weiss Ratings cut Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $500.00 target price on shares of Carpenter Technology in a research report on Thursday, April 30th. Finally, BTIG Research boosted their price target on Carpenter Technology from $450.00 to $620.00 and gave the company a “buy” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $577.25.

Get Our Latest Report on CRS

Carpenter Technology Stock Up 1.6% Shares of CRS opened at $543.90 on Friday. The company has a market capitalization of $26.96 billion, a P/E ratio of 51.70, a PEG ratio of 1.98 and a beta of 1.25. Carpenter Technology Corporation has a one year low of $228.00 and a one year high of $625.98. The business’s 50 day simple moving average is $569.01 and its 200-day simple moving average is $462.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.81 and a quick ratio of 2.23.

Carpenter Technology (NYSE:CRS – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a return on equity of 26.46% and a net margin of 16.96%.The firm had revenue of $679.70 million during the quarter, compared to analysts’ expectations of $863.33 million. During the same period last year, the firm posted $2.21 EPS. The business’s revenue was up 12.6% on a year-over-year basis. As a group, sell-side analysts predict that Carpenter Technology Corporation will post 12.92 EPS for the current fiscal year.

Carpenter Technology Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Tuesday, August 25th will be paid a $0.20 dividend. The ex-dividend date is Tuesday, August 25th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.1%. Carpenter Technology’s dividend payout ratio (DPR) is 7.60%.

About Carpenter Technology (Free Report)

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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PHILADELPHIA, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today announced that its Board of Directors has authorized an additional share repurchase program of up to $1.0 billion of the Company's outstanding common stock. In August 2026, the Company repurchased the remaining $119.0 million of shares available under its previously authorized $400 million share repurchase program.

PHILADELPHIA, Aug. 12, 2026 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) announced that its Board of Directors has declared a quarterly cash dividend of $0.20 per share of common stock, payable September 3, 2026, to shareholders of record on August 25, 2026.

Key Takeaways CRS beat Q4 earnings and revenue estimates on higher shipments, pricing, product mix and efficiency.Specialty Alloys Operations sales and profit rose on productivity gains, pricing and improved mix.Carpenter Technology expects FY27 operating income of $850-$880M and a free cash flow of $400-$430M. Shares of Carpenter Technology Corporation (CRS - Free Report) gained 7% since reporting adjusted earnings of $3.23 per share for the fourth quarter of fiscal 2026 on July 30, beating the Zacks Consensus Estimate of $3.03 by 6.6%. Earnings rose 46.2% from $2.21 in the year-ago quarter.

Net revenues increased 12.6% year over year to $851 million and topped the consensus estimate of $848 million by 0.4%. The upside reflected 22% higher shipment volume, stronger product mix, pricing realization and improved operating efficiency.

Aerospace and Defense remained the largest end market. CRS witnessed a year-over-year revenue increase of 17% in the Aerospace and Defense end-use market. Revenues in the Industrial and Consumer market rose 22%, while Transportation revenues increased 3%. The Medical end-use market’s revenues declined 30% and Energy revenues fell 12%.

CRS’s Q4 Operational ResultsThe cost of goods sold in the fourth quarter of fiscal 2026 increased 7.5% year over year to $582 million. Gross profit rose 25.7% to $269 million. The gross margin came in at 31.6% compared with 28.3% in the prior-year quarter.

Adjusted operating income in the reported quarter was a record $207 million compared with $151.4 million in the year-ago quarter. The adjusted operating margin was 30.4% compared with 24.3% a year earlier.

Carpenter Technology’s Q4 Segmental PerformanceThe Specialty Alloys Operations segment reported sales of $770.5 million compared with $674.1 million in the prior-year quarter. We predicted the segment’s sales to be $751 million. The upside was driven by productivity gains, pricing across long-term and transactional business, and improved mix. The segment sold 57,454 thousand pounds compared with 46,872 thousand pounds a year ago. The reported figure surpassed our estimate of 50,123 pounds. The segment posted an operating profit of $229.7 million, up 37.5% from $167 million in the year-ago quarter. Our estimate for the segment’s operating profit was $167 million.

The Performance Engineered Products segment’s net sales increased 3.7% year over year to $108.5 million. The reported figure beat our estimate of $106 million. The segment sold 3,256 thousand pounds compared with 2,674 thousand pounds in the prior-year quarter. It was lower than our projection of 2,697 thousand pounds. It reported an operating profit of $7.1 million, down 39.3% from $11.7 million a year earlier, showing that higher volume did not translate into stronger segment profitability. Our estimate for the segment’s operating profit was $11.7 million.

CRS’s Cash Flow & Balance Sheet UpdatesCarpenter Technology ended fiscal 2026 with cash and cash equivalents of $393 million compared with $315.5 million at the end of fiscal 2025. Long-term debt was $691 million at the end of fiscal 2026 compared with $695 million a year earlier.

Cash flow from operating activities was $240 million in the quarter under review compared with $258 million in the prior-year quarter.

Carpenter Technology’s FY26 PerformanceThe company reported adjusted earnings of $10.52 per share in fiscal 2026, missing the Zacks Consensus Estimate of $10.58. The company posted adjusted earnings of $7.42 in fiscal 2025.

CRS revenues were $3.12 billion in fiscal 2026, down from $2.88 billion in the year-ago quarter. The top line came in line with the Zacks Consensus Estimate.

CRS FY27 OutlookFor fiscal 2027, CRS expects operating income of $850-$880 million, indicating growth of 21-25% from that reported in fiscal 2026. The adjusted free cash flow is projected at $400-$430 million.

For the first quarter of fiscal 2027, the company anticipates operating income of $195-$200 million. CRS also set a fiscal 2029 operating income target of $1.2-$1.3 billion, supported by demand, productivity, mix, pricing and expected contributions from its brownfield expansion.

Carpenter Technology’s Zacks RankCRS currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

CRS’s Share Price PerformanceShares of the company have surged 121.7% in the past year compared with the industry’s growth of 96.8%.

Image Source: Zacks Investment Research

Carpenter Technology Peer PerformanceCommercial Metals Company (CMC - Free Report) reported adjusted earnings per share of $1.73 in third-quarter fiscal 2026 (ended May 31, 2026), beating the Zacks Consensus Estimate of $1.60 by 8.1%. The bottom line surged 147.1% from 70 cents in the year-ago quarter.

Commercial Metals’ revenues in the reported quarter were $2.48 billion compared with $2.02 billion in the year-ago quarter. The reported figure beat the Zacks Consensus Estimate of $2.37 billion.

Metallus Inc. (MTUS - Free Report) delivered second-quarter 2026earnings of 26 cents per share, in line with the Zacks Consensus Estimate. Metallus posted earnings of 2 cents in the year-ago quarter.

Metallus posted revenues of $341 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate of $331 million. The company posted $305 million in the second quarter of 2025.

NWPX Infrastructure, Inc. (NWPX - Free Report) came out with second quarter 2026 earnings of $1.62 per share, beating the Zacks Consensus Estimate of $1.33. The company posted earnings of 91 cents a year ago.

NWPX Infrastructure posted revenues of $159.5 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate of $155 million. The top line increased from the year-ago quarter’s $133 million.

AI Fatigue? These 3 Analyst-Upgraded Stocks Offer Real Growth PotentialCarpenter Technology NYSE: CRS reported record fourth-quarter and full-year profitability for fiscal 2026, citing stronger demand across aerospace, defense and other high-value markets, continued margin expansion and disciplined operational execution.

The company also announced that Chairman, President and Chief Executive Officer Tony Thene had been reappointed as CEO following the sudden death of Brian Malloy, who had assumed the role on July 1. Thene said his appointment was not interim and that the board was not conducting an external search.

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3 Materials Stocks Everyone Is Talking About Right Now“The plan is for me to remain as the CEO for an indefinite period of time,” Thene said, while offering condolences to Malloy’s family and describing him as a respected leader who had helped advance Carpenter’s strategic priorities since joining the company in 2015.

Record quarterly earnings and SAO margin For the fiscal fourth quarter ended June 30, Carpenter reported operating income of $206.9 million, up 37% from the prior-year period and 11% sequentially. The result surpassed the company’s prior quarterly record, set in the third quarter.

3 Steel Stocks Could Soar on New China TariffsSales excluding surcharge increased 9% year over year on 22% higher volume, and rose 4% sequentially on 11% higher volume, according to Chief Financial Officer Tim Lain. Gross profit reached $268.9 million, up 26% from a year earlier, while SG&A expense was roughly flat year over year at $62 million.

Diluted earnings per share were $3.23, while the effective tax rate was 20.7%. Lain said the tax rate was lower than anticipated because of discrete tax benefits associated with certain equity awards.

The company’s Specialty Alloys Operations, or SAO, segment generated $607.4 million in sales excluding surcharge and $229.7 million in operating income, both reflecting strong volume and profitability. SAO’s adjusted operating margin rose to a record 37.8%, compared with 35.6% in the preceding quarter and 30.5% a year earlier.

Lain said the segment’s lower average reported base price per pound reflected a higher mix of lower-priced products rather than declining prices. Those products can carry comparable margins, he said, and the segment’s margin expansion reflected productivity gains, production scheduling, cost management and planned maintenance execution.

The Performance Engineered Products, or PEP, segment reported fourth-quarter sales excluding surcharge of $98.2 million, up 1% year over year and 8% sequentially. Operating income was $7.1 million, compared with $11.7 million a year earlier and $6.7 million in the third quarter.

Demand trends across end markets Aerospace and defense sales increased 3% sequentially and 17% year over year in the fourth quarter. Thene said aircraft manufacturers continue pursuing higher production rates against a backlog of about 16,000 aircraft, while engine manufacturers remain focused on securing supply for both production and maintenance demand.

He said aerospace engine sales increased nearly 30% year over year, though they declined by low single digits sequentially following a strong prior quarter. Aerospace fastener sales rose 10% sequentially and 12% year over year, while the company’s structural and distribution category increased 25% sequentially.

Some structural customers remain cautious in their ordering patterns despite acknowledging that orders are below expected demand rates, Thene said. He expects a significant pickup once those customers adjust purchases to anticipated production levels. The company also continued to see urgent defense-material requests across multiple platforms.

Medical sales rose 5% sequentially but fell 30% year over year. Management said the sequential improvement, the first of fiscal 2026 for the market, reflected improving demand across orthopedic, dental and cardiology applications. PEP’s titanium products also contributed to the sequential medical sales improvement.

Energy sales declined 22% sequentially and 12% year over year, reversing a large increase in the prior quarter. Thene said demand from industrial gas turbine customers remains strong, driven primarily by data-center energy needs, but quarterly sales can fluctuate with order timing and production scheduling.

Industrial and consumer sales increased 19% sequentially and 22% from a year earlier, led by semiconductor demand. Carpenter said it continues to see strong investment in fabrication facilities, equipment and related infrastructure.

Fiscal 2027 and Brownfield expansion outlook For the first quarter of fiscal 2027, Carpenter expects total operating income of $195 million to $200 million. The forecast includes SAO operating income of $218 million to $222 million, PEP operating income of $6 million to $7 million, and corporate costs of approximately $29 million.

The company expects full-year fiscal 2027 operating income of $850 million to $880 million, representing projected growth of about 21% to 25% from fiscal 2026’s record $702 million. Thene said pricing, volume and productivity actions are expected to support the outlook, with aircraft production rates representing a major input.

Management also reiterated its fiscal 2029 operating-income target of approximately $1.2 billion to $1.3 billion. Thene said Carpenter does not view fiscal 2029 as the peak of its earnings potential, as its Brownfield capacity expansion will still be ramping production and underlying markets are expected to remain strong.

The Brownfield project remains on budget and on schedule for completion by the start of fiscal 2028, Lain said. The company expects the project to be operating-income accretive in fiscal 2028 and has maintained its estimate that it could contribute roughly $150 million of incremental operating income in fiscal 2030.

Cash flow, capital spending and shareholder returns Carpenter generated $240.1 million in cash from operating activities and $155 million in adjusted free cash flow during the fourth quarter. For the full fiscal year, operating cash flow increased 37% to $605 million, while adjusted free cash flow reached $362.3 million after $242.7 million in capital spending.

Capital expenditures included $85.1 million in the fourth quarter as activity accelerated on the Brownfield project. The company expects adjusted free cash flow of $400 million to $430 million in fiscal 2027, including the remaining investment for the expansion.

The company repurchased $45.2 million of shares in the fourth quarter and $179.1 million over the full fiscal year. Total repurchases since Carpenter announced its $400 million authorization in July 2024 reached $281 million. It also paid $40.3 million in dividends during fiscal 2026.

At quarter-end, Carpenter had total liquidity of $892.4 million, including $393.3 million in cash and $499.1 million available under its credit facility. Lain said net debt to EBITDA remained well below one times.

About Carpenter Technology (NYSE:CRS)Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.

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