CRS - Earnings call transcript Q3 2022 | Carpenter Technology Corporation

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Operator

Good morning, and welcome to the Carpenter Technology Fiscal 2022 Third Quarter Earnings Conference Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Brad Edwards of Investor Relations. Please go ahead.

Brad Edwards

operator. you, Thank and Call everyone, March the Technology Carpenter XXXX. Good the welcome Fiscal Conference for ended XXXX Earnings morning, to Third XX, Quarter This Internet over being call presentation with slides. the is also along broadcast for a delay experience note, you movement. time those by in listening Please phone, you may slide of Speakers Vice and Chief President Executive on Financial are and Officer; Officer. President call Thene, today and Tim the Tony Chief Lain, Senior earnings Statements on presentation management made this that based during statements current forward-looking expectations. are are by cause could forward-looking found Carpenter filings, to XXXX XX, that XX, Risk year could these Form XX, Technology's exhibits on results those the SEC filings. and ended factors materially from report XXXX, September the XXXX XX-Q actual statements and differ recent XX-K company's can attached in for for December including June ended Form the be the most quarters in unless discusses surcharge. also following sales Please revenue, noted, management that or the that reference excludes when the note discussion, otherwise based surcharge. referring on When that and sales, to income operating operating margins, is excluding will I call Tony. to over turn now the

Tony Thene

morning and today. call you, Brad, the on to everyone Thank good

to XXXX It level of continue the begin record. third X.X, safety X same push Slide year at which and workplace. towards Safety our to year on performance above remains was ultimate our a fiscal review rate the value, was on X-injury we total X.X, performance. our fiscal safety is quarter, Through core performance of our quarter. best case and our be #X Let's prior our incident holding goal the from

X leadership Our and includes path employee systems, safety to benchmark engagement.

from the example safety led facility, risk our in reducing operations. further source employee injury from drive to injury employee engagement removed our XXX prevention. invest a has our enabling One We high of in training to continue our action over being as workforce defense of ladders of empowerment, first-line to systems and levels to

accelerating. our each strong We to of Now end-use the emerge from the review quarter. is in let's Slide turn we demand third markets the Notably, of X see as ramp pandemic. a and aerospace

market, is improve to to end as global Omicron and continued have fully the exceeded market the X end-use traffic conditions by shipments the share medical and like variant. impact and continue recovers backlogs our recovered, now order end-use The to measured Although of returned levels. pre-COVID passenger from like the consumer ramp, aerospace industry levels. yet environment. the of I use not demand transportation And have to pre-COVID industrial would indicators our markets

we quarter. backlog sequentially our growth First, the in year-over-year, the XX% second increased continuing saw and XXX%

backlog the realize XXX% increased worked across in We a driven bookings the terms preparing customers quarter our we price both third, pandemic, is markets. business. was contractual for on the bookings gains continue and which to by And transactional our Second, the our growth throughout rate, XX% year-over-year. for and the of company. with record sequentially This recovery

price challenges. of increase of recall at that ahead during environment environment transactional last increases. marks to the continued segment SAO the our strong our I expectations, operational cover call. by this our for demand demand to the in in The each ability months. later detail finished short-term markets navigate will driven more end-use And and in least this to will our the quarter, XX% XX%. negotiate third You last increased business on we we in base prices by this This time, XX price

January medical aligned COVID-XX the with year at Growth of completed Reading with it the the second significant we and on on end-use PEP's in challenge income variant work by addressed in centers. in after has in we largely time The half performance fully first operational. March, market. the XXXX. the fiscal majority our And was quarter. As isolations operating subsided the a a repair we press reported driven challenges in key hiring building have of expectations, we had is of ongoing strong Omicron recovery have

we finished senior completed healthy notes debt with maturity we extending remains our $XXX million of in liquidity our the profile. Finally, in quarter as And refinancing total the liquidity. March,

Now Slide update. market X end-use to the let's move and

each you As see our markets recovering of the year-over-year, sequentially can and end-use up demand on the slide, reflecting environment. was

defense sales for and our aerospace strong substantially Our activity. and were end-use is up customers Demand sequentially XX% year-over-year. prepare future increasing materials for market XX% as

the Although XX to to steadily submarkets and the OEMs despite on chain XX And as positive March market increases. we challenges were XXXX, March demand. of XXXX travel when maintain levels overall accelerate approximately supply defense in rate the our end-use aerospace chain, outlooks the meet months months further aerospace demand to across in shipments ending XX% increasing pre-pandemic all ending build ramps see the continue supply comparing

As times and ongoing for improvement. across as a extended, have industry to result, backlog continues lead the plan customers our rise

higher Omicron end-use XXXX. ongoing in and medical the year XX% aerospace in to The continues to outlook The demand. pre-pandemic on medical our of which were compared than with recovery Specifically, year. to XX% are overall expected is positive procedures XX% be the focused to pre-pandemic the growing In after defense sequentially backlog variant customers market, meet up year-over-year, calendar peak. surgeries elective end-use second rise is up as levels and levels increasing half stock reflect sequentially results up and our XXX% last XX% market to sales

replenishment expected are year-over-year. market We XXX% up in sequentially XX% seeing chain is growth to backlog supply our as and end-use the the medical support

is consumers market, up the to share business up demand look to We and to The inventories deal at sales very continuing in lows. continues aftermarket heavy-duty continue In impacting transportation to titanium see are expect we strong were XX% market, the growth increase demand submarket, derisk And even oil Light-duty sales activity and of sequentially sequentially also to shortages we and and challenges the customers if are inventories, industry up with an opportunity in as improvement. investment. last Russia. historic end-use end-use their the chain supply imbalance supply year. demand the driving gas high that XX% growth opportunities market see energy chip With remains buy watercraft off-road, compared to our to XX% up were end-use in XX% supply year. titanium compared with and from In submarkets. and levels. last In the a low and continued truck,

As geopolitical the global recent recovers requiring supply pandemic, more supply not The the up. challenged energy, world further from shortage been kept by has disruptions. has

are a up end-use basis. on XX% investment up increase. and expenditures expected the a In sequential sales a year-over-year consumer industrial and XX% were result, market, basis As to and global capital on

expect throughout the calendar remain our see strong and year. demand to semiconductor to continue We historically demand high for solutions

customers of see review sales continue the submarket outlook the each In and to in backlog. have the engagement evidenced recently addition, presentation. Further, submarket, we demand our and electronics commissioned from electronics I for healthy Strip later long-term our by strong the growing in Hot will these Mill Reading. consumer in increased markets in we

summary. I'll Now for turn it over Tim financial to the

Timothy Lain

early quarter's sales the period $X.X I'll Sequentially, Thanks, a surcharge same Slide Good critical third ago statement million, ago, income period in quarter, quarter morning, and on to million the in excluding related from on of include by supplies, acquisition the million The in Tony. a was through associated year which higher the historical and from totaled a in volume. SG&A same sales the a sales operational excluding to million. noncash the XX% press the million the quarter year million The offset the profit worked is summary. were of on down X, was of expenses benefit in the as related and year to both volumes. Sales the million $XX.X the improvement production higher compared labor. quarter to everyone. on outage $XXX liability surcharge, primarily increased freight SAO's XX% the $XX.X sequentially facility gross in well that in XXXX. Gross tailwind as Net quarter current operating third fiscal current sequentially. expenses second last The in year-over-year start from $X.X for due higher up $XXX expired. $XX.X and we XX% period were Reading reversal $X.X million a down million sales, XX% inflationary contingent with $XX.X pressures from the higher year sales. costs, profit partially ongoing quarter SG&A were third time challenges and

last We to are have expenses When normalizing costs as was down quarter. item $XX.X operating in benefit ERP the prior $X.X this impact excluding $X.X the down compared quarter and loss second legal year certain items, reserve the our million of $X.X in current new in of system. timing special expenses third with SG&A due ago, a special the again, in million associated included a special year's our quarter. adjustments. $X.X period When were loss income million a certain of to loss a SG&A item, for million the costs quarter. year current Sequentially, of recent for this $XX.X to adjusted Operating benefit, additional from normalizing in largely due implementing million million was quarter the and the for

rate for which rate, well items third Our the below X.X%. quarter. certain the the effective given as is as discrete losses the tax be The well of effective no impact can for impact quarter statutory tax rate the was of recorded in benefits

quarter rate was I the is contingent $X.XX a per the XX.X%. share months liability loss the of of a X share. specifically XXXX, excluding share. from the of earnings $X.XX the the COVID-XX and was reversal Earnings per When For ended costs the adjusted March for per items, special tax per loss mentioned, benefit of impact share the XX, effective

higher by Tony to the sales volumes. excluding Now Net sales net $XXX all X SAO sales, same XX% quarter surcharge, increased The increased results. across net surcharge. for Sequentially, or end-use million segment period as were and was in excluding our markets, XX% on volumes. the turning third Slide driven $XXX to slide. materials on market XX% year, and Compared million improvement sales last reviewed XX% higher on sales increased the

operating same for operating in results. year, reported $X.X million loss income of operating SAO operating and SAO's current quarter was year The a this SAO million. second $X.X to fiscal million quarter the ago, of the Moving of $XX.X reported loss quarter. an

and quarter. freight. as quarter, about of including by outage is associated in as of COVID-XX staff challenges, Year-over-year now support back higher last million Reading costs some The that incremental operating the the adjusting as areas through As supplies defense. up in with was near-term production the higher worked margin operational when aerospace due for we higher largely and SAO running growing due to well to last $XX results press the mentioned by for occurred SAO particularly operating demand, sales. anticipated late sales in as impacts The improvement were increased and in critical periods. other inflationary increases such operating partially offset both performance The operating benefits to press pressures

to of operational increasing factor talked We off sales that to staff in were demand. the utilization perspective, activity have about sequential largely the short-term continued and a anticipation last increasing coming quarter. increase growing From the meet the a higher production operating results increased levels production we of challenges

Looking In anticipated ahead, order rates particular, driven build aerospace increased we meet see the by continue to supply activity. strong backlogs OEMs. our to the grow by increases in across chain activity

the levels upcoming remain expectations, needs operating to on accelerate focused future. flow SAO the have fourth to Based critical of current the in in in customers Activity that foreseeable generate to on for we will million we our meet the $XX income anticipate teams $XX of appropriate million Our quarter. ensuring paths. resources range the continue

The our business. the of actions business surcharge. quarter seen growth Distribution increase our of income sales of recent by sales The operating benefits defense Now The both units, third $X.X additive sales million the PEP excluding sales our were quarter, and net operating in $XX.X in in in XXXX increase surcharge This last current sales results. end-use in we loss sequential We've as led fiscal operating segment million million. to $X the same markets. driven and business up our year also were by income increased the and well increased quarter growth by of titanium $X.X and from across $XX.X sales ago Net million of where in quarter. year same the demand a the income year-over-year result in compares distribution business led significant year-over-year improvement medical all aerospace net as a demand businesses. to excluding second and restructure in in fiscal was primarily net PEP operating year-over-year additive reflects is the In Net increased Dynamet the the to improvement and or million, X% year sequentially. our Slide turning reported XXXX. took quarter year from XX XX% sales in

will quarters. in we As to PEP will ahead, conditions the demand We $X deliver we to segment million fourth improve in anticipate upcoming $X look income the million currently of for believe operating continue that that the the coming quarter. range

turning to provided quarter, a cash generated XX operating flow. from cash of Slide activities. we review In Now of million and current the free $XX

We have place inventory levels albeit fourth higher plans previously we planned. reduce in further the upcoming in to levels our quarter, than

below hand that that regular lead levels supply needs. ensure chain the potential disruptions. supply our managing inventory Our are our see mind, well I to we have that minimize supplies levels. ensure our and at are strong other highlight market raw customers' With we times, to metrics to to are supply with longer-than-anticipated we continue key and challenges. ongoing on our inventory operating also mainly our that supply necessary We maintain chains critical that pull seeing. being targeted service materials days have levels logistics With to meet want to steady actively to pre-pandemic in suppliers we managing said, challenges, we still contact around are adequate of

With nor issues. potential any identified unfolding, geopolitical do expect the have events we sourcing not latest we

million we of that delays materials. expenditures. we expect certain some down, our minimum for year not contractors We guidance availability do to Moving U.S. the pension XXXX, the as contributions spent provided capital In third that the fiscal qualified as currently during $XX extended quarter XXXX. $XX of projects be to we year due capital million have in plans closer expect required will full given year to fiscal any previously lead well expenditures times on outside for

free our dividend constant quarter. flow cash consider of continued We shareholders, in a With which we breakeven those cash to fund our flow. in as mind, the we free also to part details reported

Our of liquidity borrowings facility. of we to million refinance March ended $XXX XXXX. million new for the we $XXX offering quarter remains pushes bond completed in March to current The million offering in a to the healthy, of of of and of of April to $XXX proceeds the out liquidity total bonds the notice this maturity offering the XXXX. $XXX and due the the profile and Due date In issuance the bondholders, credit mature $XX March received tranche with million including our the we and in requirements March existing timing that debt full from our bond of million cash XXXX XXXX, available redeemed bonds in under were XXXX.

April that the the call as $XXX in redemption over March excluded that, measure to the of have of was made liquidity million Tony. of to of our the We from turn XX the bonds due XXXX. principal I'll With presentation back

Tony Thene

to like of I'd Tim. some outlook Thanks, markets. end-use the reviewing spend long-term our time demand

long the in both from and is solutions our see we our long-term trends the submarkets. recovery accelerating pandemic, demand of In expected of submarket. to global the emerging term calendar engine Aerospace, XXXX. we pandemic constrained, will strong The near end-use demand growing, as to all macro markets. demand you positioned in across and material both build increase. industry have see rarely is for recall, combination travel rates near-term do before across Material growth. are First, the term narrow-body continue was also increase aerospace the With And in capacity demand to especially expected year and

the growth. of we capacity specialty with our Technology metals solutions. was require last pandemic, anticipate And the our In the pandemic. well from the the industry to investment given fastest-growing Athens programs environment, the was expected is market that Medical positions next-generation are Over which capture add partnering development with defense, us and customers the to continue geopolitical our material platforms and into growth the as decade, additional provider facility, similar future. for Carpenter on only recovers to we market the

demand exceeded In keeping readjust supply To is already demand. markets, improved oil should and impact for specialized well the materials industry demand with procedures aging the expected material consumer in focus to heavy-duty and pre-COVID growth light and applications. will the outcomes, and the high rapid The to not continues imbalance, providing industrial near with recovery for demand materials. high-value with on demand population on in up drive level market gas Energy the in solutions. which has device the patient vehicles. industry the innovate, the future. growth led we requiring investment in the into has more focus on drive And supply term, transportation the our growth from With high-value expecting industry pandemic

Internet With consumer expect Things the in electronics, broader our use continued connectivity, we of trends of growth materials. in and the greater

platforms, Finally, Additive. we growth Electrification and our have X

in term For evolve. trends these, macro the each we of medium longer anticipate to growth as the continue to

XX to Slide comments. turn Let's my and closing

environment are substantial both term every bookings our term. in We during them which strong in end-use and third to the in future. market strong is remain We expect quarter, saw near long increases demand the an for and we current and backlog in foreseeable for

demand We to through contract and execution. focused share price transactional on renewals business. on price continue a and we increases realize our environment, are With strong gains

to fully operational. the the to increase and address across Reading complete, challenges any model Carpenter to implement short-term it facilities. productivity operating and press We The continue are repairs is

key recovery customers, solve We continue the their in work needs. to to critical challenges partnering chain supply with navigating closely and

liquidity healthy maintain We continue position. to a

platforms magnetics to time. And to offer over will operator take I you now your soft Thank your long-term turn and for the it manufacturing our questions. additive Finally, opportunities. growth

Operator

Instructions]. [Operator

Benchmark Company. The from first The comes with question Sullivan Josh

Joshua Sullivan

the restocking your the rates? with aerospace versus aligning the build much backlog On current estimate how and is just in of acceleration dynamics,

Tony Thene

Josh, this is Tony.

take where has at mean look quarters, both, of it's extremely backlog a you strong. I combination the last the when I couple of a been over right? think it's growth

those of both account. take into So

on side. take demand we the you I there and our customers think though, backlog the XXX a build is from the AXXX, in MAX, look When with biggest it the at strong driver, very rate see the going on what's growth.

Joshua Sullivan

And just in fastener XXXX otherwise lines? seen have and or you reaction time XXX any market, the on titanium the

Tony Thene

It's question. a good

long just from about really think I production in of on shareholder news Carpenter that's Technology, a term. even the in lower not they going I maybe mean, X full forward. meaningful it And rate is they it's XXX, a that XXXX, the already term deliver you pushed order going out mean, just short They the and year. wasn't the If until out came so said to plane. already our book

orders So coming out still is that the they're to what from there. MAX. want And like to is calls us on -- the what biggest news the about MAX the customers inquiries that they rates said and pace XXX of that for now we see we XXX they for news and see hit

positive may Technology So that's think news. extremely what may in XXX. Carpenter point And focus not that's for versus the I happen the or

Joshua Sullivan

just then one. last one And it. Got

looking about can lot As a from for titanium Russian element customers forging Russian just anybody heard derisk supplies? and a to to feedstock? You've exposed why tough supplies, Carpenter far is Carpenter's you as But to replace. outline Russian and casting where derisking

Tony Thene

reports Tim are take the that Yes, I'll let procurement since here. one

Timothy Lain

Yes, Josh.

customers having So supply is more their about chain. with our conversations the we're

So source nickel billet most for we the part.

nickel sourcing they're of material Japan. material bulk not comes Russia. that producers our through is billet domestic The their through sourcing and of Our from

their conversations they business away supply stable chains at chain their which looking as supply having they're more titanium, Dynamet do move customers to that supply looking the that today. into we're our our with but from are activity supply have Russian-based some chains, So similar does do chain, are

Operator

Leshock Our with next question Michael comes Capital Markets. KeyBanc from

Michael Leshock

expect? on have some price transactional to base seen of some What to historically? to increases of ask XX% I inflation of element deflation? easing just on see business. the or there Is if stickiness what And there increases those wanted your can XX% we we even you

Tony Thene

that You decrease will we shouldn't prices. expect

Michael Leshock

expect more as hiring to get recovery And meet do labor, much there on the to pre-pandemic thus far? you the do need get how to when some headcount then back you of And given Okay. cadence we expect to levels?

Tony Thene

Yes, good question, Michael.

answer mixed a now. it's So

at some If there are very you skills, look that the some more specialized right of are areas tight now.

look of our locations have some you -- geographic have on hiring floor, some at some our shop operations difficulties. If still

be are However, the in want headcount at. larger plants, good at we're we level shape, our Reading, in specifically and we to

the piece. that's So and impactful good that's most the news,

Michael Leshock

up following nickel then question. And the Great. on

generally issues but wanted contracts you think if you as any impacts Canada, I impacts navigated on sourced nickel on and from an update I there to any you saw were business as there? there how the market supply transactional get LME well the

Tony Thene

through transactional period orders Yes. a settle discussions that some such Certainly, just standpoint, you question. to we to with take that. have out. time paused And customers. drastic change price, then I'll the able work let for are nickel have on when in of of a your we you that the all taking

Michael Leshock

Jet Engine quarter? the Okay. And then revenues did give for you

Tony Thene

I sequentially not they did year-over-year. XX% for give up the quarter. I Jet are Engine that you tell and can revenues XX%

Operator

[Operator Instructions].

Our question Cowen. Gautam Khanna from comes with next

Gautam Khanna

you thought ask, somewhere be share. to and close could give view earnings wanted point, fiscal per you one Can us that? Just on updated an at that fiscal 'XX to 'XX

Tony Thene

Yes.

I at equivalent on a to so FY I time that the be X could So run say quarters, basis, but said a the rate we 'XX. maybe not run said rate I did full last

all If it Gautam, is our 'XX all market. but markets that's are exceeding get know, you take levels, at our what be 'XX, would XX% FY FY aerospace, then take a as could there, to big you look of of -- market at the

If about of you XX% pre-pandemic sales. we quarter, was look at this it were what

into you XX%. you're 'XX, to at get If FY XX% maybe

us hit could a X. the have strongly still that, inflation or an that last be course, that So and quarter impact point there issue in of here pretty the of you has there's

couple been a years, items of the pricing the significant have. that has of that some which offset last and done over through chunk big we we'll Now we've other

you've you said view more I talk at your little for to to about those we there. that my FY changed the growth FY the bit you think 'XX, not our But I've standpoint, run quite could execute. rate look -- probably that, QX, And but frankly, basis, you and upcoming third 'XX a we've you a recovery, So Gautam, year guidance I see get in remind on sales on into given got on -- a only side. on at market and obviously, from you quarter, look could say significant second, tandem as will QX, have X think get we I then quarters fourth to you

Gautam Khanna

And across et Okay. then up please. tell on on sorry, fastener in on alloy So -- your cetera, the all going go what's business? you follow could the us And types, nickel, to titanium, stainless, side. ahead, comment aero

Tony Thene

sales sense. go you one then as almost XX%, That's Yes, up up fastener. aren't the comparisons, is as and were sequentially, know on year-over-year the the was one the I'll that numbers The XXX% meaningful up year-over-year. fasteners XX%. middle Backlog ahead, On as pandemic. of in a real year-over-year. ago, the bookings key big year And XXX% fastener and of you basis, the and point give I sequentially driver answer was probably big your a the one XX%. know, couple the XX%. well A there and question, right driver That's a of But probably one, up we sequential is sequentially bookings on I'll only. faster were the

Gautam Khanna

I were to kind referring supplier. remarks a has opportunities VSMPO so, in big remember I is your well. earlier Russia? would I what then And you of of And if does how Well. mean, so to PA if that in And an was from opportunity it as? medical as you And so, describe fasteners that facility Russian the displace about curious Okay.

Tony Thene

our area purchase say What conversion there's out for know, the and plant into several you one strategy would as can them prior specifically. could even and specifically higher we applications. because and some of a be don't How all shapes is we convert really couple that that where the do then And As significantly to the of -- we work now, plan and different we and overall with. we that be wasn't right been -- who I lock products, working growth think discussions obviously part that calling some of in some could conversion say, Dynamet any to I it we've it? that is that, with meaningful would that we're would pick our is than customers if had in. rates that titanium that be growth up pandemic it

Gautam Khanna

medical Baxters the side, or on VSMPO? the increased across Have the big seeing yet inquiries for... you're OEMs buying currently like they not desk But Right. asking come from whatever are from that your

Tony Thene

Yes. we had style, just would situation. my talk I I you say don't -- specific I and any about customers, know that have won't because inquiries activity of that

Gautam Khanna

seeing over your Tony, for to book to there's evidence forgings anything is that are one been Yes. opportunity skews billet if behind. there's someone from Are I mean, to up. on about order others it's RTX, -- and in order that in flows is -- casting broadly OEMs the various of about behind customers you're I also seeing any complained your on opinion wanted delays an you particular your as and get for maybe where castings have talked getting this of nickel or Raytheon you and a bottleneck some supplier forging types would catch simplify another? suppliers

Tony Thene

Yes.

think I heard quickly. maybe what quicker that's back supply the people up ramp chain we listen, or say, should about worried the is least back coming overall, can supply the demand at And see. chain people several thought, from the in than industry I accelerating we've

got Certainly, XXX% But I that are use customers that now that for bookings. our -- of outage several demand look that And that. type word I more to the So say, seeing we've they insurance, orders, into out And real will terms not as are we Gautam, couple us, I are say press in for urgency would next in related our overall, laying are we've demand us of the over real insurance, certainly, if and consideration we can years. quarters, personally heard these take orders. I behind hurt us. mean, of

Gautam Khanna

Okay. one. And then just one last

as have on labor you have How inflation, the -- lag get linkages to we if mechanism? how to aware that you be the with you not, said costs, et aerospace are that should is contracts -- indices of quarterly, And the to in On business, that? the annually, energy going where get protection long-term caught, or cetera? guys we at element point just you the margins costs, is sort full -- we it do the do quickly what's of do some get

Tony Thene

is our and our XX% contracts, of all element cost. materials, the past-due that's primary across about long-term specifically, it, talking of What nickel, you're

-- but against So X-month every XX% inflation right protected any of there, majority the on you've That of a you're different takeout can be got contract, long-term lag. your cost.

So buy it's in when price. nickel the other and impact way forward. an decreasing customer, increasing an to but that nickel the this price, if a something goes when it Certainly, quarter, the you quarter has last pricing you're you're going in

you pretty over some a quarter-to-quarter. out look close, time, could lag period longer balances If years, all several that of be impacts

very about material As you Gautam, know, it's because to rarely us. talk that usually not all we

now increase nickel in there lately, could was we time such maybe about a have because you've the got talked here if Now it, price. significant a

gas natural Another overall our piece do is energy on some cost. X% we of hedging, energy,

to compare doesn't but insignificant, the not So materials.

by in rolling do of ourselves So tranches different hedges. energy protect we

Operator

turn question-and-answer any the for concludes like to Edwards remarks. over to I This our back would session. conference Brad closing

Brad Edwards

again quarter Thanks a all We speaking to Thank on conference great day. joining for today year-end you forward everyone you, of thanks us our call. our have again, look for to and and with third call.

Operator

today's you has concluded. conference attending Thank now presentation. for The

may now You disconnect.

Carpenter Technology (CRS) 1 May 222022 Q3 Earnings call transcript