Carpenter Technology Corp
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Materials : Metals & Mining | Small Cap Value
Company profile

Carpenter Technology Corporation is engaged in the manufacturing, fabrication and distribution of specialty metals. The Company develops, manufactures and distributes specialty alloys, including titanium, nickel and cobalt, as well as alloys specifically engineered for additive manufacturing processes and soft magnetics applications. The Company's segments include Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP). Its SAO segment consists of alloy and stainless steel manufacturing operations. Its PEP segment includes the Dynamet titanium business, the Carpenter Powder Products business, the Amega West business, the Specialty Steel Supply business and the Latrobe and Mexico distribution businesses. It provides specialty alloy-based materials and process solutions for applications in the aerospace and defense, energy, transportation, medical and industrial and consumer industries.

Postmarket

Last Trade
Delayed
$0.00
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$35.70
Day's Change
-0.23 (-0.64%)
Bid
--
Ask
--
B/A Size
--
Day's High
35.99
Day's Low
34.88
Volume
(Heavy Day)
Volume:
636,449

10-day average volume:
466,213
636,449

UPDATE: Okta stock wobbles after earnings beat

8:49 am ET August 28, 2020 (MarketWatch)
Print

By Wallace Witkowski

Okta Inc. (OKTA) shares shifted between gains and losses in the extended session Thursday after the identity-management services company topped Wall Street estimates on its quarter and outlook.

Okta shares, which had been up 6% at one point in Thursday's after-hours session, were recently down about 4% premarket Friday. This follows a 2.6% decline in Thursday's regular session to close at $218.44.

The company, which makes software that helps workers to sign into network applications, reported a second-quarter loss of $60.1 million, or 48 cents a share, compared with a loss of $43 million, or 37 cents a share, in the year-ago period. Adjusted earnings, which excludes stock-based compensation expenses and other items, were 7 cents a share, versus a loss of 5 cents a share in the year ago period.

"The three mega-trends that have been driving our business for the past several years -- the adoption of cloud and hybrid IT, digital transformation, and zero-trust security -- are all being accelerated globally by the current environment," said Todd McKinnon, chief executive and Okta co-founder, in a statement.

Revenue rose to $200.4 million from $140.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast an adjusted loss of 2 cents a share on revenue of $186.3 million.

Okta expects an adjusted third-quarter loss of 2 cents to 1 cent a share on revenue between $202 million and $203 million, while analysts had forecast a loss of 5 cents a share on revenue of $195.7 million.

Okta's big COVID-19 bump came in the first quarter, ending April 30, with just a little bit of that coming in the second quarter, Chief Operating Officer Frederic Kerrest told MarketWatch in an interview.

"The bigger thing is that this is going to accelerate digital transformation and how people are going to do e-commerce and all kinds of things much more so than anything else," Kerrest said.

Kerrest said usage of one of Okta's products, Multi-Factor Authentication, or MFA, has tripled from a year ago, and that the company saw a daily peak of 150 million logins a few months ago, and expects to continue to see those type of numbers going forward.

Okta's earnings follows those of Salesforce.com Inc. (CRM), as the cloud-based customer relationship-management software company posted record revenue (https://www.marketwatch.com/story/salesforce-stock-surges-more-than-25-for-best-day-ever-on-blow-out-quarter-2020-08-26)as more businesses picked up the pace of their digital transformations because of COVID-19.

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

August 28, 2020 08:49 ET (12:49 GMT)

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