Carpenter Technology Touts Record Fiscal 2026 Earnings, Capacity Expansion at Annual Meeting

Key Points

• Record fiscal 2026 earnings: Carpenter Technology reported its highest earnings in company history, surpassing the previous record set the prior year. Management credited strong aerospace and defense demand, specialized capabilities, and its solutions portfolio.
• Capacity expansion remains on track: The company’s brownfield expansion project is proceeding on schedule and within budget to increase capacity and support growing customer demand, while cash generation and its balance sheet enable continued investment and shareholder returns.
• Shareholders approved key proposals and board changes: Investors elected three directors, ratified PwC as the independent auditor, and approved executive compensation on an advisory basis. The company also welcomed newer directors Julie Beck and Kenneth Giacobbe after two board members completed their tenures.

Carpenter Technology NYSE: CRS said fiscal 2026 marked another record year for earnings, while the company continues to pursue a capacity expansion intended to support demand from aerospace and defense customers.

Speaking at the company’s virtual annual meeting of stockholders on Oct. 6, Chairman, President and Chief Executive Officer Tony Thene said fiscal 2026 produced the highest earnings in Carpenter Technology’s history, surpassing the prior record established a year earlier. He attributed the performance to the company’s market position, solutions portfolio and specialized capabilities.

“We believe Carpenter Technology is still in the early stages of a multi-year growth journey,” Thene said, citing aerospace and defense demand, differentiated capabilities and investments aimed at supporting future earnings and cash-flow growth.

Safety and Capacity Investment

Thene said safety remains the company’s top priority and reported a total case incident rate of 1.4 for fiscal 2026. He said the company’s long-term goal remains a zero-injury workplace.

The company’s brownfield capacity expansion project remains on schedule and within budget, according to Thene. He said the project is intended to strengthen Carpenter Technology’s competitive position and add capacity to address growing customer demand.

Thene also said the company’s cash generation and balance sheet support what he described as a balanced capital-allocation strategy: investing in high-return growth opportunities while returning cash to shareholders. Looking ahead to fiscal 2027, he said Carpenter Technology enters the year with “confidence, momentum, and a clear vision for the future.”

Shareholders Elect Directors, Approve Proposals

Stockholders elected Steven E. Karol, Charles D. McLane Jr. and Thene to three-year terms on the board, according to preliminary results announced during the meeting. Karol has served as a director since 2012 and is managing partner and founder of Watermill Group. McLane, a director since 2020, is the retired executive vice president and chief financial officer of Alcoa Corp.

Shareholders also ratified the appointment of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for the fiscal year ending June 30, 2027. In addition, they approved, on an advisory basis, the compensation of Carpenter Technology’s named executive officers.

James Dee, the company’s senior vice president, general counsel and secretary, said final voting results will be reported in an SEC filing. The company reported that 49.6 million common shares were outstanding and entitled to vote as of the Aug. 7 record date, and that a quorum was present at the meeting.

Board Changes

Thene recognized Colleen S. Pritchett and Howard H. Yu, whose board tenures concluded immediately before the annual meeting. He thanked both directors for their service.

The company also introduced two newer directors: Julie A. Beck, senior vice president, chief financial officer and treasurer of MSA Safety Inc., who joined the board in February 2025; and Kenneth J. Giacobbe, the retired executive vice president and chief financial officer of Howmet Aerospace Inc., who joined in August.

After the formal business concluded, Carpenter Technology opened the virtual meeting for stockholder questions and comments.

About Carpenter Technology (NYSE:CRS)

Carpenter Technology Corporation is a manufacturer of specialty metals and engineered products for applications that require high performance, durability, and resistance to extreme conditions. Founded in 1889, the company produces stainless steels, nickel- and cobalt-based alloys, titanium alloys, and other specialty materials.

Its product offerings include specialty wire, rod, bar, strip, billet, and powder, as well as precision-engineered components and additive-manufacturing materials.

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