Carpenter Technology Corporation (CRS) Earnings
Carpenter Technology Corporation is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $3.01. CRS has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +8.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $2.59 | $2.77 | +6.9% | $812M | +1.8% |
| Jan 29, 2026 | $2.20 | $2.33 | +5.9% | $728M | -8.7% |
| Oct 23, 2025 | $2.13 | $2.43 | +14.1% | $734M | +2.2% |
| Jul 31, 2025 | $2.07 | $2.21 | +6.8% | $756M | -4.7% |
| Apr 24, 2025 | $1.74 | $1.88 | +8.0% | $727M | -0.4% |
| Jan 30, 2025 | $1.56 | $1.66 | +6.4% | $677M | -6.5% |
| Oct 24, 2024 | $1.58 | $1.73 | +9.5% | $718M | -3.4% |
| Jul 25, 2024 | $1.51 | $1.82 | +20.5% | $799M | +4.6% |
| May 1, 2024 | $0.94 | $1.19 | +26.6% | $685M | -3.2% |
| Jan 25, 2024 | $0.85 | $0.85 | +0.0% | $624M | -5.0% |
| Oct 26, 2023 | $0.76 | $0.89 | +17.1% | $652M | -11.8% |
| Jul 27, 2023 | $0.66 | $0.78 | +18.2% | $758M | +2.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Safety performance: Ended the third quarter of fiscal year 2026 with a total case incident rate of 1.3, making progress with targeted actions. • Record performance: Generated 187 million in operating income in the third quarter, exceeding previous record by 20%. Cash from operating activities was $193.5 million and adjusted free cash flow was $124.8 million. SAO segment had adjusted operating margin of 35.6%, a new record. • Market demand: Accelerating demand across aerospace and defense in-use market, bookings for aerospace structural materials increased. Medical in-use market sales down but bookings up. Energy in-use market sales increased driven by IGT. • Capital allocation: Generated $364.9 million of cash from operating activities in fiscal year 2026. Expect to generate at least $350 million of adjusted free cash flow in fiscal year 2026. Repurchased $133.9 million of shares in fiscal year 2026. • Segment commentary: SAO had exceptional quarter with strong top line, record margins. PEP focused on productivity, equipment reliability, and additive business.
Guidance
• For the upcoming fourth quarter of fiscal year 2026, expect corporate costs to be between $25 to $26 million. • Expect SAO to generate operating income in the range of $224 million to $228 million in the fourth quarter. • Currently expect to generate at least $350 million of adjusted free cash flow in fiscal year 2026. • The 2027 earnings target is outdated and will be updated on the next quarter's earnings call.
Segment performance
Specialty Alloys Operation Segment (SAO): Net sales excluding surcharge were $585 million in the quarter, up 13% year-over-year and 11% sequentially. Adjusted operating margin increased to a record 35.6% in the quarter, and operating income was $208 million. PEP Segment: Net sales excluding surcharge in the third quarter fiscal year 2026 were 90.6 million, up 17% sequentially and down 6% from the same quarter a year ago. Operating income was $6.7 million in the current quarter.
Analyst Q&A
Q: Comment on lead times, output increase potential, and volume growth.
A: Lead times expected to push out, there's opportunity for volume growth in sub-markets with pockets of non-24-7 operation, and still more productivity improvement.
Q: Transactional price increases, frequency of expedite requests.
A: Transactional pricing as tailwind, expedite requests getting more regular.
Q: IGT revenue, energy mix.
A: IGT was big driver of energy revenue, oil and gas subdued, IGT order patterns can be variable.
Q: Eurostructures, supply chain reaction, cashflow profile.
A: Supply chain activity increasing, cashflow profile expected to be consistent, inventory viewed as opportunity.
Q: Defense orders, LTA mix, aero structure orders.
A: Defense orders increased pre-conflict, LTA mix not drastically changing, aero structure orders continued strong.
Q: CapEx delay, EBIT guidance update.
A: CapEx delay due to cash payment timing, EBIT guidance update to be done in fall and spring process.
Q: Jet engine revenue, sub-market offset.
A: Jet engine revenue up 44% year over year, some sub-markets had mixed movements.
Q: SAO incremental margins, price per pound.
A: SAO margins steadily increasing, price per pound mix-dependent with aero only up almost 10% year over year