Carpenter Technology authorizes $1 billion buyback program

Carpenter Technology Corporation, a Philadelphia-based company specializing in high-performance specialty alloy materials and process solutions, has announced a new share repurchase program authorized by its board of directors. The program allows for the repurchase of up to $1.0 billion worth of the company's outstanding common stock.

This builds upon a previous $400 million share repurchase completed in August, with the final $119.0 million of shares bought this month. CEO Tony R. Thene expressed confidence in the company's long-term value creation potential, noting that the company's fiscal year 2027 outlook shows growth compared to fiscal year 2026. Carpenter Technology expects a brownfield capacity expansion project to commence in fiscal year 2028.

The share repurchase authorization can be executed through various methods, including open market purchases, private negotiations, accelerated share repurchase programs, or other means, contingent on market conditions and legal requirements. The company is not obligated to acquire a specific number of shares and can modify, suspend, or terminate the authorization at any time.

Funding for the repurchases will come from cash generated by operations and available liquidity. Carpenter Technology, founded in 1889, produces specialty alloys used in aerospace, defense, medical, transportation, energy, and industrial and consumer markets.