CRS - Carpenter Technology sees next quarter to remain under pressure on COVID-19 hit

Carpenter Technology ([[CRS]] -0.8%) adjusted operating margin slipped to -10.1% in Q1 2021, down from 12.3% a year ago.That's tell the adjusted operating loss of $48.8M, reflecting the impact of lower volume due to challenging conditions in the Aerospace and Defense and Medical end-use markets that continue to be pressured as a result of COVID-19. The figure is excluding one-off restructuring and asset impairment charges totalling $10.0M, associated with company's additive business.Revenue misses consensus by $17.7M at $353.3M (-39.6% Y/Y) on 29% lower volume"Looking ahead, the headwinds from COVID-19 will continue to impact demand levels across our key end-use markets in our upcoming second quarter," says President and CEO  Tony R. Thene.During the quarter, the completed issued $400M senior unsecured notes for redemption purpose and also divested its Amega West oil and gas business for $17.6M cash proceeds.Non-GAAP EPS was -$0.58, down $0.02 from market consensus.The company ended the quarter with free cash flow

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Carpenter Technology sees next quarter to remain under pressure on COVID-19 hit