Wyomissing, Pennsylvania-based Carpenter Technology Corporation announced Friday financial results for fiscal Q4 ended June 30, 2015. Carpenter reported net income of $22.5 million or $0.44 per diluted share. Excluding restructuring charges and special items, earnings per share would have been $0.52 in the quarter. This compares to a reported net income of $38.1 million or $0.71 per diluted share in the same quarter last year.
Net sales for the fourth quarter of fiscal year 2015 were $558.0 million, and net sales excluding surcharge were $463.0 million, a decrease of $25.9 million (or 5 percent) from the same quarter last year, on 14 percent lower volume.
Tony Thene, Carpenter's president and chief executive officer, stated: "Our performance in fiscal year 2015 was below our expectations; however, we have taken actions that have yielded some early positive results and a markedly changed mindset. Those actions supported $194 million of positive free cash flow generation in the second half of fiscal year 2015, which has been redeployed to purchase approximately $154 million of our shares to date. As we look to the first quarter of fiscal year 2016, the significant decline in the Energy market remains a primary concern. This weakness will amplify the seasonal volume decline we typically experience in the first fiscal quarter of each year."