Carpenter Technology Corporation announced its financial results for the first quarter ended September 30, 2024, reporting a record operating income of $113.6 million and adjusted operating income of $117.2 million. Earnings per diluted share were $1.67, with adjusted earnings per diluted share reaching $1.73.
Net sales for the quarter increased by 10% year-over-year to $717.6 million, driven by a 3% increase in shipment volume. The Specialty Alloys Operations (SAO) segment was a key driver, achieving $134.5 million in operating income and expanding its adjusted operating margin to 26.3%, marking the eleventh consecutive quarter of margin growth.
The company generated positive adjusted free cash flow of $13.3 million, a significant improvement from a negative $14.6 million in the prior year period. Management raised its fiscal year 2025 operating income guidance to the high end of the previously disclosed range of $460 million to $500 million, reflecting confidence in continued strong performance. Additionally, Carpenter Technology repurchased 230,000 shares for $32.1 million under its $400 million share repurchase program.
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