Carpenter Technology Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-5828

CARPENTER TECHNOLOGY CORPORATION

(Exact name of Registrant as specified in its Charter)



Delaware		23-0458500
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1735 Market Street	15th Floor	19103
Philadelphia	Pennsylvania
(Address of principal executive offices)		(Zip Code)

610-208-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Common Stock, $5 Par Value	CRS	New York Stock Exchange
Title of each class	Trading Symbol	Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer	☒		Accelerated filer	☐

Non-accelerated filer	☐	(Do not check if a smaller reporting company)	Smaller reporting company	☐

			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the issuer’s common stock as of April 23, 2020 was 47,805,050.

Table of Contents

CARPENTER TECHNOLOGY CORPORATION

FORM 10-Q

INDEX



			Page
PART I	FINANCIAL INFORMATION

	Item 1	Financial Statements

		Consolidated Balance Sheets (unaudited) as of March 31, 2020 and June 30, 2019	2

		Consolidated Statements of Income (unaudited) for the Three Months and Nine Months Ended March 31, 2020 and 2019	3

		Consolidated Statements of Comprehensive Income (unaudited) for the Three Months and Nine Months Ended March 31, 2020 and 2019	4

		Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended March 31, 2020 and 2019	5

		Consolidated Statements of Changes in Equity (unaudited) for the Three Months and Nine Months Ended March 31, 2020 and 2019	6

		Notes to the Consolidated Financial Statements (unaudited)	8

	Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30

	Item 3	Quantitative and Qualitative Disclosures About Market Risk	49

	Item 4	Controls and Procedures	50

PART II	OTHER INFORMATION

	Item 1	Legal Proceedings	50

	Item 1A	Risk Factors	50

	Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	51

	Item 6	Exhibits	52

		Signature	53

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

CARPENTER TECHNOLOGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)



($ in millions, except share data)	March 31, 2020			June 30, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	93.0		$	27.0
Accounts receivable, net	374.4			384.1
Inventories	869.0			787.7
Other current assets	40.7			37.4
Total current assets	1,377.1			1,236.2
Property, plant and equipment, net	1,395.2			1,366.2
Goodwill	325.1			326.4
Other intangibles, net	61.2			67.2
Deferred income taxes	3.8			4.2
Other assets	267.0			187.6
Total assets	$	3,429.4		$	3,187.8

LIABILITIES
Current liabilities:
Short-term credit agreement borrowings	$	170.0		$	19.7
Accounts payable	209.6			238.7
Accrued liabilities	136.4			157.6
Total current liabilities	516.0			416.0
Long-term debt	552.4			550.6
Accrued pension liabilities	359.7			371.2
Accrued postretirement benefits	122.8			122.1
Deferred income taxes	151.5			142.7
Other liabilities	108.5			65.1
Total liabilities	1,810.9			1,667.7

Contingencies and commitments (see Note 11)

STOCKHOLDERS’ EQUITY
Common stock — authorized 100,000,000 shares; issued 56,012,748 shares at March 31, 2020 and 55,808,743 shares at June 30, 2019; outstanding 47,804,334 shares at March 31, 2020 and 47,470,363 shares at June 30, 2019	280.1			279.0
Capital in excess of par value	325.7			320.4
Reinvested earnings	1,696.1			1,605.3
Common stock in treasury (8,208,414 shares and 8,338,380 shares at March 31, 2020 and June 30, 2019, respectively), at cost	(328.1		)	(332.8		)
Accumulated other comprehensive loss	(355.3		)	(351.8		)
Total stockholders' equity	1,618.5			1,520.1
Total liabilities and stockholders' equity	$	3,429.4		$	3,187.8

See accompanying notes to consolidated financial statements.

Table of Contents

CARPENTER TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)



	Three Months Ended March 31,						Nine Months Ended March 31,
(in millions, except per share data)	2020			2019			2020			2019
Net sales	$	585.4		$	609.9		$	1,743.8		$	1,738.8
Cost of sales	475.9			486.7			1,409.0			1,416.9
Gross profit	109.5			123.2			334.8			321.9

Selling, general and administrative expenses	50.8			50.0			159.0			148.3
Restructuring charges	—			—			2.3			—
Operating income	58.7			73.2			173.5			173.6

Interest expense	(4.9		)	(7.1		)	(15.6		)	(20.3		)
Other (expense) income, net	(3.9		)	1.9			(3.4		)	0.1

Income before income taxes	49.9			68.0			154.5			153.4
Income tax expense	10.0			16.9			34.6			35.3

Net income	$	39.9		$	51.1		$	119.9		$	118.1

EARNINGS PER COMMON SHARE:
Basic	$	0.82		$	1.06		$	2.47		$	2.45
Diluted	$	0.82		$	1.05		$	2.46		$	2.43

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic	48.1			47.7			48.0			47.7
Diluted	48.3			48.1			48.4			48.1

See accompanying notes to consolidated financial statements.

Table of Contents

CARPENTER TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)



	Three Months Ended March 31,					Nine Months Ended March 31,
($ in millions)	2020			2019		2020			2019
Net income	$	39.9		$	51.1	$	119.9		$	118.1
Other comprehensive (loss) income, net of tax
Cumulative adjustment upon adoption of ASU 2017-12 reclassified to reinvested earnings	—			—		—			(1.0		)
Pension and postretirement benefits, net of tax of $(0.9), $(0.5), $(3.1) and $(1.5), respectively	3.1			1.7		9.1			5.1
Net (loss) gain on derivative instruments, net of tax of $2.8, $(1.0), $0.4 and $12.5, respectively	(8.9		)	3.2		(1.3		)	(35.2		)
Marketable securities gain, net of tax of $0.0, $0.0, $0.0 and $0.0, respectively	—			—		—			0.3
Foreign currency translation (loss) gain	(13.2		)	1.1		(11.3		)	(0.9		)
Other comprehensive (loss) income, net of tax	(19.0		)	6.0		(3.5		)	(31.7		)
Comprehensive income	$	20.9		$	57.1	$	116.4		$	86.4

See accompanying notes to consolidated financial statements.

Table of Contents

CARPENTER TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



	Nine Months Ended March 31,
($ in millions)	2020			2019
OPERATING ACTIVITIES
Net income	$	119.9		$	118.1
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization	92.2			90.9
Non-cash restructuring charges	1.5			—
Deferred income taxes	7.0			7.0
Net pension expense	11.5			8.7
Share-based compensation expense	12.4			12.7
Net loss on disposals of property, plant and equipment and assets held for sale	—			0.7
Gain on insurance recovery	—			(11.4		)
Changes in working capital and other:
Accounts receivable	7.6			(12.1		)
Inventories	(85.2		)	(168.3		)
Other current assets	(5.2		)	7.6
Accounts payable	(26.9		)	36.6
Accrued liabilities	(33.4		)	(25.2		)
Pension plan contributions	(4.9		)	(4.3		)
Other postretirement plan contributions	(2.7		)	(2.5		)
Other, net	1.1			(1.3		)
Net cash provided from operating activities	94.9			57.2
INVESTING ACTIVITIES
Purchases of property, plant, equipment and software	(144.0		)	(130.7		)
Proceeds from disposals of property, plant and equipment and assets held for sale	0.3			0.3
Proceeds from insurance recovery	—			11.4
Acquisition of business, net of cash acquired	—			(79.0		)
Proceeds from sales and maturities of marketable securities	—			2.9
Net cash used for investing activities	(143.7		)	(195.1		)
FINANCING ACTIVITIES
Credit agreement borrowings	331.1			163.9
Credit agreement repayments	(181.1		)	(63.9		)
Net change in short-term credit agreement borrowings	0.3			27.0
Dividends paid	(29.1		)	(28.9		)
Proceeds from stock options exercised	4.3			3.7
Withholding tax payments on share-based compensation awards	(7.8		)	(4.4		)
Net cash provided from financing activities	117.7			97.4
Effect of exchange rate changes on cash and cash equivalents	(2.9		)	3.2
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	66.0			(37.3		)
Cash and cash equivalents at beginning of period	27.0			56.2
Cash and cash equivalents at end of period	$	93.0		$	18.9
SUPPLEMENTAL CASH FLOW INFORMATION:
Non-cash investing activities:
Acquisition of property, plant, equipment and software	$	14.1		$	12.8

See accompanying notes to consolidated financial statements.

Table of Contents

CARPENTER TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2020 AND 2019

(Unaudited)



	Common Stock				Reinvested Earnings			Common Stock in Treasury			Accumulated Other Comprehensive (Loss) Income			Total Equity
($ in millions, except per share data)	Par Value of $5		Capital in Excess of Par Value		Reinvested Earnings			Common Stock in Treasury			Accumulated Other Comprehensive (Loss) Income			Total Equity
Balances at December 31, 2019	$	280.1	$	322.1	$	1,665.9		$	(328.4	)	$	(336.3	)	$	1,603.4
Net income					39.9									39.9
Pension and postretirement benefits gain, net of tax											3.1			3.1
Net loss on derivative instruments, net of tax											(8.9		)	(8.9		)
Foreign currency translation											(13.2		)	(13.2		)
Cash Dividends:
Common @ $0.20 per share					(9.7		)							(9.7		)
Share-based compensation plans			3.6					0.3						3.9
Stock options exercised														—
Balances at March 31, 2020	$	280.1	$	325.7	$	1,696.1		$	(328.1	)	$	(355.3	)	$	1,618.5



	Common Stock				Reinvested Earnings			Common Stock in Treasury			Accumulated Other Comprehensive (Loss) Income			Total Equity
($ in millions, except per share data)	Par Value of $5		Capital in Excess of Par Value		Reinvested Earnings			Common Stock in Treasury			Accumulated Other Comprehensive (Loss) Income			Total Equity
Balances at December 31, 2018	$	279.0	$	315.0	$	1,524.6		$	(335.6	)	$	(277.5	)	$	1,505.5
Net income					51.1									51.1
Pension and postretirement benefits gain, net of tax											1.7			1.7
Net gain on derivative instruments, net of tax											3.2			3.2
Foreign currency translation											1.1			1.1
Cash Dividends:
Common @ $0.20 per share					(9.6		)							(9.6		)
Share-based compensation plans			4.6											4.6
Stock options exercised														—
Balances at March 31, 2019	$	279.0	$	319.6	$	1,566.1		$	(335.6	)	$	(271.5	)	$	1,557.6

See accompanying notes to consolidated financial statements.

Table of Contents

CARPENTER TECHNOLOGY CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2020 AND 2019

(Unaudited)



	Common Stock				Reinvested Earnings			Common Stock in Treasury			Accumulated Other Comprehensive (Loss) Income			Total Equity
($ in millions, except per share data)	Par Value of $5		Capital in Excess of Par Value		Reinvested Earnings			Common Stock in Treasury			Accumulated Other Comprehensive (Loss) Income			Total Equity
Balances at June 30, 2019	$	279.0	$	320.4	$	1,605.3		$	(332.8	)	$	(351.8	)	$	1,520.1
Net income					119.9									119.9
Pension and postretirement benefits gain, net of tax											9.1			9.1
Net loss on derivative instruments, net of tax											(1.3		)	(1.3		)
Foreign currency translation											(11.3		)	(11.3		)
Cash Dividends:
Common @ $0.60 per share					(29.1		)							(29.1		)
Share-based compensation plans	0.5		1.6					4.7						6.8
Stock options exercised	0.6		3.7											4.3
Balances at March 31, 2020	$	280.1	$	325.7	$	1,696.1		$	(328.1	)	$	(355.3	)	$	1,618.5



	Common Stock				Reinvested Earnings			Common Stock in Treasury			Accumulated Other Comprehensive (Loss) Income			Total Equity
($ in millions, except per share data)	Par Value of $5		Capital in Excess of Par Value		Reinvested Earnings			Common Stock in Treasury			Accumulated Other Comprehensive (Loss) Income			Total Equity
Balances at June 30, 2018	$	278.6	$	310.0	$	1,475.9		$	(338.8	)	$	(239.8	)	$	1,485.9
Cumulative adjustment upon adoption of ASU 2017-12					1.0						(1.0		)	—
Net income					118.1									118.1
Pension and postretirement benefits gain, net of tax											5.1			5.1
Net loss on derivative instruments, net of tax											(35.2		)	(35.2		)
Marketable securities gain, net of tax											0.3			0.3
Foreign currency translation											(0.9		)	(0.9		)
Cash Dividends:
Common @ $0.60 per share					(28.9		)							(28.9		)
Share-based compensation plans			6.3					3.2						9.5
Stock options exercised	0.4		3.3											3.7
Balances at March 31, 2019	$	279.0	$	319.6	$	1,566.1		$	(335.6	)	$	(271.5	)	$	1,557.6

See accompanying notes to consolidated financial statements.

Table of Contents

CARPENTER TECHNOLOGY CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


1.	Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair statement of the results are reflected in the interim periods presented. The June 30, 2019 consolidated balance sheet data was derived from audited financial statements, but does not include all of the disclosures required by accounting principles generally accepted in the United States of America. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in Carpenter Technology’s Annual Report on Form 10-K for the fiscal year ended June 30, 2019 (the “2019 Form 10-K”). Operating results for the three and nine months ended March 31, 2020 are not necessarily indicative of the operating results for any future period.

As used throughout this report, unless the context requires otherwise, the terms “Carpenter”, "Carpenter Technology", the “Company”, “Registrant”, “Issuer”, “we” and “our” refer to Carpenter Technology Corporation.


2.	Restructuring Charges

Restructuring charges for the three and nine months ended March 31, 2020 were $0.0 million and $2.3 million, respectively, before taxes. During the quarter ended December 31, 2019, the Company approved restructuring actions to reduce overhead costs and position the Company to drive long-term, profitable growth. The activities undertaken in connection with the restructuring were substantially complete in the quarter ended December 31, 2019.


3.	Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements - Adopted in current fiscal year

In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02 Leases (Topic 842) which replaces the existing guidance in ASC 840, Leases. The standard improves transparency and comparability among companies by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements. ASU 2016-02 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2018, with early adoption permitted. The Company adopted the provisions of ASU 2016-02 in the first quarter of fiscal year 2020 using the modified retrospective transition method, which did not require the Company to adjust comparative periods. Operating leases are included in other assets, accrued liabilities (current) and other liabilities (long-term) on the consolidated balance sheets. The Company’s right-of-use ("ROU") assets and lease liabilities are recognized on the lease commencement date in an amount that represents the present value of future lease payments. Upon adoption of the new lease guidance, the Company recorded a ROU asset and lease liability on the consolidated balance sheet for several types of operating leases, including land and buildings, equipment (e.g. trucks and forklifts), vehicles and computer equipment. The adoption of the standard had no impact on the Consolidated Statements of Income or the Consolidated Statements of Cash Flows. There was no cumulative effect of adopting the standard at the date of initial application in reinvested earnings.

Table of Contents

CARPENTER TECHNOLOGY CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The Company elected the package of practical expedients included in this guidance, which allowed it to not reassess: (i) whether any expired or existing contracts contain leases; (ii) the lease classification for any expired or existing leases; and, (iii) the initial direct costs for existing leases. The Company has elected the practical expedient to not separate lease components from nonlease components for all asset classes. The Company will recognize lease expense in the consolidated statements of operations on a straight-line basis over the lease term. The Company also made a policy election to not recognize ROU assets and lease liabilities for short-term leases with an initial term of 12 months or less for all asset classes. Leases with the option to extend their term or terminate early are reflected in the lease term when it is reasonably certain that the Company will exercise such options. The Company has expanded the disclosure of operating leases included in Note 12.

In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income (loss) to reinvested earnings for standard tax effects resulting from the Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Tax Cuts and Jobs Act”). ASU 2018-02 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2018, with early adoption permitted. The Company adopted the provisions of ASU 2018-02 in the first quarter of fiscal year 2020. The adoption of ASU 2018-02 did not materially impact the consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. ASU 2018-15 is effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted. The Company early adopted the provisions of ASU 2018-15 in the first quarter of fiscal year 2020 and elected the prospective adoption method. The adoption of ASU 2018-15 did not materially impact the consolidated financial statements.

Recently Issued Accounting Pronouncements - Pending Adoption

At this time there are no issued pronouncements pending adoption that would materially impact the Company.


4.	Revenue

The Company recognizes revenue in accordance with Topic 606, Revenue from Contracts. The Company applies the five-step model in the FASB’s guidance, which requires the Company to: (i) identify the contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or a

Price	46.65	EPS	4
Shares	48	P/E	13
MCap	2,253	P/FCF	12
Net Debt	526	EBIT	255
TEV	2,779	TEV/EBIT	11
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-03-31	Filed 2020-04-30
10-Q	2019-12-31	Filed 2020-01-30
10-Q	2019-09-30	Filed 2019-10-24
10-K	2019-06-30	Filed 2019-08-29
10-Q	2019-03-31	Filed 2019-04-25
10-Q	2018-12-31	Filed 2019-01-31
10-Q	2018-09-30	Filed 2018-10-24
10-K	2018-06-30	Filed 2018-08-14
10-Q	2018-03-31	Filed 2018-04-26
10-Q	2017-12-31	Filed 2018-02-01
10-Q	2017-09-30	Filed 2017-10-26
10-K	2017-06-30	Filed 2017-08-11
10-Q	2017-03-31	Filed 2017-04-27
10-Q	2016-12-31	Filed 2017-02-02
10-Q	2016-09-30	Filed 2016-10-27
10-K	2016-06-30	Filed 2016-08-18
10-Q	2016-03-31	Filed 2016-05-02
10-Q	2015-12-31	Filed 2016-02-04
10-Q	2015-09-30	Filed 2015-10-30
10-K	2015-06-30	Filed 2015-08-25
10-Q	2015-03-31	Filed 2015-05-07
10-Q	2014-12-31	Filed 2015-02-09
10-Q	2014-09-30	Filed 2014-10-31
10-K	2014-06-30	Filed 2014-08-26
10-Q	2014-03-31	Filed 2014-05-02
10-Q	2013-12-31	Filed 2014-02-07
10-Q	2013-09-30	Filed 2013-11-08
10-K	2013-06-30	Filed 2013-08-23
10-Q	2013-03-31	Filed 2013-05-03
10-Q	2012-12-31	Filed 2013-02-08
10-Q	2012-09-30	Filed 2012-11-02
10-K	2012-06-30	Filed 2012-08-22
10-Q	2012-03-31	Filed 2012-05-04
10-Q	2011-12-31	Filed 2012-02-03
10-Q	2011-09-30	Filed 2011-11-04
10-K	2011-06-30	Filed 2011-08-24
10-Q	2011-03-31	Filed 2011-05-06
10-Q	2010-12-31	Filed 2011-02-04
10-Q	2010-09-30	Filed 2010-11-05
10-K	2010-06-30	Filed 2010-08-20
10-Q	2010-03-31	Filed 2010-05-05
10-Q	2009-12-31	Filed 2010-02-03

8-K	2020-07-24	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2020-07-10	Enter Agreement, Regulation FD, Exhibits
8-K	2020-07-06	Earnings, Other Events, Earnings, Exhibits
8-K	2020-06-04
8-K	2020-04-30
8-K	2020-04-30
8-K	2020-01-30
8-K	2020-01-30
8-K	2019-10-24
8-K	2019-10-24
8-K	2019-10-08
8-K	2019-09-25
8-K	2019-08-01
8-K	2019-08-01
8-K	2019-04-25
8-K	2019-04-25
8-K	2019-04-16
8-K	2019-02-14
8-K	2019-01-31
8-K	2019-01-31
8-K	2018-10-24
8-K	2018-10-24
8-K	2018-10-24
8-K	2018-10-09
8-K	2018-08-06
8-K	2018-08-02
8-K	2018-08-02
8-K	2018-05-10
8-K	2018-04-26
8-K	2018-04-26
8-K	2018-02-26
8-K	2018-02-22
8-K	2018-02-01
8-K	2018-02-01

EX-31.A	crs-ex31ax2020331.htm
EX-31.B	crs-ex31bx2020331.htm
EX-32	crs-ex32x2020331.htm

CRS 10Q Quarterly Report

Carpenter Technology Earnings 2020-03-31