Carpenter Technology Q2 Earnings Decline, In Line With Street View

(RTTNews) - Carpenter Technology Corp. (CRS), a maker of cast wrought and powder metallurgy specialty alloys/metals, Thursday announced a drop in earnings for the second quarter, mainly due to decrease in revenue. Earnings matched analysts' estimates.

Earnings attributable to the company declined to $29.5 million, or $0.55 per share, from $33 million, or $0.62 per share, a year ago.

On average, 10 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.55 for the quarter. Analysts' estimates typically exclude one-time items.

For the three months to December, adjusted EBITDA decreased to $87.3 million from $95.3 million a year earlier.

Net sales declined to $503.5 million from $533.5 million a year ago. Analysts had expected net sales of $487.49 million for the period.