What's in Store for Carpenter Technology's (CRS) Q1 Earnings?
Carpenter Technology Corporation CRS is scheduled to report first-quarter fiscal 2024 results on Oct 26, before the opening bell.
Q1 Estimates
The Zacks Consensus Estimate for CRS’ first-quarter revenues is pegged at $702 million, indicating growth of 34.2% from the year-ago quarter’s reported figure. The consensus mark for earnings per share is pegged at 75 cents, suggesting a significant improvement from the loss per share of 14 cents reported in the prior-year quarter. Earnings estimates have been unchanged in the past 60 days.
Carpenter Technology Corporation Price and EPS Surprise
Carpenter Technology Corporation price-eps-surprise | Carpenter Technology Corporation Quote
Q4 Results
In the last reported quarter, Carpenter Technology’s earnings and revenues beat the Zacks Consensus Estimate and increased year over year. CRS has a trailing four-quarter surprise of 9.9%, on average.
What the Zacks Model Indicates
Our proven model doesn’t conclusively predict an earnings beat for Carpenter Technology this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that’s not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: Carpenter Technology has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 3.
Factors to Note
Carpenter Technology has been witnessing broad-based demand recovery in the aerospace and defense, and medical end-use market, which will continue throughout fiscal 2024 and accordingly reflect in the first-quarter results. In the first quarter of 2024, demand is expected to have accelerated across all the aerospace submarkets as the supply chain ramped up to meet steadily increasing travel demand.
However, the company has been bearing the brunt of labor and chip shortages, which are likely to have affected the company’s performance in the to-be-reported quarter.
Nonetheless, gains from increased productivity across the company’s facilities, higher prices, improved product mix and increased volumes are expected to have negated these headwinds, and are likely to get reflected on the company’s margin in the to-be-reported quarter.
Segmental Estimates
We expect the Specialty Alloys Operations segment’s sales to be $602 million in the quarter, indicating growth of 34.6% from the year-ago quarter’s reported figure. Our model estimates the segment to sell 52,632 pounds in the first quarter of fiscal 2024, suggesting an 18.1% rise from the 44,562 pounds sold in the first quarter of fiscal 2023. We expect the operating profit to be $83.7 million, indicating growth from the $19.9 million reported in first-quarter fiscal 2023.
We expect Performance Engineered Products’ net sales to increase 22.5% year over year to $114 million in the quarter under review. Our model predicts the segment to sell 2,682 pounds in the quarter, indicating an increase of 15.3%. Our estimate for the segment’s operating profit is $11.6 million. It reported an operating profit of $6.3 million in the year-ago quarter.
Price Performance
Shares of the company have gained 85.6% in the past year compared with the industry’s 35.9% growth.
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Stocks to Consider
Here are some stocks with the right combination of elements to post an earnings beat in their upcoming releases.
SilverCrest Metals Inc. SILV, expected to release earnings on Nov 8, has an Earnings ESP of +17.24% and a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for SILV’s earnings for the third quarter is pegged at 15 cents per share. The consensus estimate for 2023 earnings has moved 25% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 239%.
Element Solutions Inc. ESI, scheduled to release earnings on Oct 25, currently has an Earnings ESP of +1.94% and a Zacks Rank of 3.
The Zacks Consensus Estimate for ESI’s earnings for the third quarter is pegged at 34 cents per share. The consensus estimate for 2023 earnings has been unchanged in the past 60 days. It has an average trailing four-quarter earnings surprise of 1.1%.
Kinross Gold Corporation KGC, scheduled to release third-quarter earnings on Nov 8, has an Earnings ESP of +8.70%.
The consensus estimate for Kinross Gold’s earnings for the third quarter is pegged at 9 cents per share. Earnings estimates have been unchanged in the past 60 days. It has an average trailing four-quarter earnings surprise of 31.7%.
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Element Solutions Inc. (ESI) : Free Stock Analysis Report
Kinross Gold Corporation (KGC) : Free Stock Analysis Report
Carpenter Technology Corporation (CRS) : Free Stock Analysis Report
SilverCrest Metals Inc. (SILV) : Free Stock Analysis Report
