Carpenter Technology Adds $1B Buyback After Exhausting Prior $400M Program
CRS has more than doubled off its 52-week low of $228.
Summary
Carpenter Technology's board authorized an additional $1.0 billion share repurchase program, effective immediately after the company exhausted its prior $400 million authorization in August 2026. The new program represents roughly 3.8% of the company's $26.3 billion market cap and signals management's confidence in sustained cash generation following record FY26 operating income of $702 million and FY27 guidance of $850–$880 million. The buyback complements the existing dividend and comes just weeks after the sudden passing of CEO Brian Malloy, with Chairman Tony Thene now leading the company. Repurchases will be funded from operations and available liquidity, with no fixed timeline or obligation.
At the time of this announcement, CRS was trading at $528.64 on NYSE in the Manufacturing sector, with a market capitalization of approximately $26.3B. The 52-week trading range was $228.00 to $625.99. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.