Carpenter Technology Corp. Reports Operating Results (10-K)

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Aug 23, 2012
Carpenter Technology Corp. (CRS, Financial) filed Annual Report for the period ended 2012-06-30.

Carpenter Technology Corporation has a market cap of $2.66 billion; its shares were traded at around $50.55 with a P/E ratio of 18.3 and P/S ratio of 1.3. The dividend yield of Carpenter Technology Corporation stocks is 1.4%. Carpenter Technology Corporation had an annual average earning growth of 4.3% over the past 10 years.

Highlight of Business Operations:

Sales outside of the United States, including export sales, were $664.5 million, $511.3 million and $369.1 million in fiscal years 2012, 2011 and 2010, respectively. Long lived assets held outside of the United States were $22.9 million, $16.1 million and $6.0 million as of June 30, 2012, 2011 and 2010, respectively. For further information on domestic and international sales, see Note 18 to our consolidated financial statements included in Item 8 Financial Statements and Supplementary Data.

Selling, general and administrative expenses in fiscal year 2012 were $169.2 million, or 8.3 percent of net sales (10.7 percent of net sales excluding surcharges), compared to $149.5 million, or 8.9 percent of net sales (12.1 percent of net sales excluding surcharges), in fiscal year 2011. The increase in fiscal year 2012 is due principally to the additional overhead costs related to the Latrobe and Amega businesses and the impact of general inflationary increases in costs.

Operating income for the SAO segment in fiscal year 2012 was $229.4 million, or 14.6 percent of net sales (20.4 percent of net sales excluding surcharge revenues), compared to $139.3 million, or 9.7 percent of net sales (14.1 percent of net sales excluding surcharge revenues), for fiscal year 2011. The increase in operating income reflects the impacts our pricing actions and a strong product mix as well as the benefits of our operating cost performance improvements.

Selling, general and administrative expenses in fiscal year 2011 were $149.5 million, or 8.9 percent of net sales (12.1 percent of net sales excluding surcharges), compared to $133.1 million, or 11.1 percent of net sales (14.4 percent of net sales excluding surcharges), in fiscal year 2010. The increase in fiscal year 2011 is principally related to higher compensation costs associated with increased headcount and the addition of Amega West overhead costs.

Operating income for the SAO segment in fiscal year 2011 was $139.3 million, or 9.7 percent of net sales (13.7 percent of net sales excluding surcharge revenues), compared to $65.2 million, or 6.4 percent of net sales (8.8 percent of net sales excluding surcharge revenues), a year ago. The increase in operating income reflects the impacts of higher volumes, pricing actions and a favorable shift in product mix.

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