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C CARPENTER TECHNOLOGY Carpenter Technology Reports Third Quarter Fiscal Year 2021 Results April 29 , 2021 PHILADELPHIA , April 29 , 2021 ( GLOBE NEWSWIRE ) -- Carpenter Technology Corporation ( NYSE : CRS ) ( the " Company " ) today announced financial results for the fiscal third quarter ended March 31 , 2021. For the quarter , the Company reported a net loss of $ 40.5 million , or $ 0.84 loss per diluted share . Excluding special items , adjusted loss per diluted share was $ 0.54 for the quarter . " Our third quarter results were in - line with our expectations as we continue to weather near - term volume headwinds , as we had anticipated , " said Tony R. Thene , President and CEO of Carpenter Technology . " While current conditions remain challenging , we have recently completed multiple contract extensions in the Medical , Transportation and Aerospace and Defense end - use markets . We remain in close engagement with our customers and during the quarter began to see initial signs of recovery in some areas of our Aerospace and Defense end - use market . In addition , we continued to capitalize on solid demand in the Transportation end - use market and we benefited from signs of improving demand conditions in our Medical end - use market . We finished the quarter in a strong financial position with total liquidity of $ 538.8 million , including $ 244.2 million of cash on hand . " " Looking ahead , we believe end - use market conditions will continue to improve as we move through calendar year 2021. The long - term outlook across our end - use markets remains strong and we are well positioned in each with critical material solutions to address our customers ' complex needs . We have deepened our customer relationships and continue to believe we will emerge from the pandemic a stronger company . Our core business is centered on delivering mission - critical material solutions and has been for over 130 years . Our investments in additive manufacturing and electrification capabilities further strengthen our sustainable long - term growth profile . " Financial Highlights ( $ in millions ) Net Sales Net Sales Excluding Surcharge Revenue ( a ) Operating ( Loss ) Income Adjusted Operating ( Loss ) Income Excluding Special Items ( a ) Net ( Loss ) Income Cash Provided from Operating Activities Free Cash Flow ( a ) ( a ) Non - GAAP financial measures explained in the attached tables Q3 FY2021 Q3 FY2020 Q2 FY2021 $ EA SA $ 298.1 351.9 $ 585.4 $ 348.8 $ 495.0 $ 299.4 $ ( 40.0 ) $ 58.7 $ ( 89.0 ) $ ( 29.7 ) $ 58.7 $ ( 32.3 ) SASA SA $ $ ( 40.5 ) $ 3.8 $ 39.9 $ ( 84.9 ) 72.3 $ 83.6 $ ( 24.5 ) $ 13.0 $ 51.0 Net sales for the third quarter of fiscal year 2021 were $ 351.9 million compared with $ 585.4 million in the third quarter of fiscal year 2020 , a decrease of $ 233.5 million ( negative 40 percent ) , on 39 percent lower volume . Net sales excluding surcharge were $ 298.1 million , a decrease of $ 196.9 million ( negative 40 percent ) from the same period a year ago . Operating loss was $ 40.0 million compared to operating income of $ 58.7 million in the prior year period . Adjusted operating loss excluding special items was $ 29.7 million in the recent third quarter . Special items excluded from adjusted operating loss in the current quarter include restructuring and asset impairment charges , including inventory write - downs , of $ 7.6 million related to ongoing actions to reduce cost and narrow focus for the Additive business and $ 2.7 million of costs associated with COVID - 19 . These COVID - 19 costs principally consist of direct incremental operating costs including outside services to execute enhanced cleaning protocols , additional personal protective equipment , isolation pay for production employees potentially exposed to COVID - 19 and various operating supplies necessary to maintain the operations while keeping employees safe against possible exposure in the Company's facilities . Other expense , net was $ 8.3 million in the third quarter of fiscal year 2021 , compared to $ 3.9 million in the third quarter of fiscal year 2020. The current quarter's results include an $ 8.9 million non - cash settlement accounting charge associated with the Company's largest qualified pension plan . Cash provided from operating activities in the third quarter of fiscal year 2021 was $ 3.8 million , compared to $ 72.3 million in the same quarter last year . Free cash flow in the third quarter of fiscal year 2021 was negative $ 24.5 million , compared to positive $ 13.0 million in the same quarter last year . The decrease in operating cash flow primarily reflects the impact of lower earnings relative to the same quarter a year ago . This was partially offset by lower capital expenditures of $ 18.6 million in the third quarter of fiscal year 2021 compared to $ 49.7 million in the same quarter last year . Total liquidity , including cash and available credit facility borrowings , was $ 538.8 million at the end of the third quarter of fiscal year 2021. This consisted of $ 244.2 million of cash and $ 294.6 million of available borrowings under the Company's recently amended and extended secured credit facility . Conference Call and Webcast Presentation Carpenter Technology will host a conference call and webcast presentation today , April 29th at 10:00 a.m. ET , to discuss the financial results of operations for the third quarter of fiscal year 2021. Please dial +1 412-317-9259 for access to the live conference call . Access to the live webcast will be available at Carpenter Technology's website ( http://www.carpentertechnology.com ) , and a replay will soon be made available at