From RTTNews:

Carpenter Technology Corp. reported a significant increase in net income for the second quarter, soaring to $42.7 million or $0.85 per share from $6.2 million or $0.13 per share in the prior-year quarter. Net sales also saw an 8 percent increase to $624.2 million, with net sales excluding surcharge at $485.3 million, up 15 percent.

Analysts expected earnings of $0.85 per share on revenues of $657.1 million, but Carpenter Technology’s net income and sales exceeded expectations. The company’s President and CEO, Tony R. Thene, projects $171 million to $191 million in operating income for the second half of fiscal year 2024, resulting in the most profitable year on record with $310 million to $330 million of operating income.

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Read more: Carpenter Technology Q2 Earnings Meets Estimates