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

Crocs benefiting from stay-at-home shift, collaborations with Justin Bieber and other celebrities

11:27 am ET October 28, 2020 (MarketWatch)
Print

Tonya Garcia

Crocs Inc.'s (CROX) earnings reached record heights in the third quarter thanks to the stay-at-home shift caused by the coronavirus pandemic and marketing collaborations with a number of big-name celebrities.

The shoe manufacturer reported profit and revenue (https://www.marketwatch.com/story/crocs-shares-rise-after-record-earnings-report-2020-10-27?mod=mw_quote_news) that beat expectations and is guiding for 20% to 30% revenue growth in the fourth quarter.

Crocs stock has surged 49.3% over the past three months, and shares are up 27.1% for the year to date. The S&P 500 index is up just 2.1% for the period.

"Investors' top question is if the quarter represents the peak of the 'fad,'" wrote UBS in a note.

"We don't think so because in addition to fashion, the stay-at-home phenomenon and highly effective marketing are fueling Crocs and the benefits of these trends likely continue through 4Q. "

UBS rates Crocs stock neutral and raised its price target to $57 from $48.

In addition, Crocs had a number of star partnerships, including a special-edition glow-in-the-dark clog with Puerto Rican reggaeton artist Bad Bunny, which was released with the Finish Line chain of stores, and Justin Bieber and his fashion label Drew House. Both collaborations sold out quickly.

"Results again were led by strength in the Americas reflecting significant brand heat fueled by recent compelling collaborations, improved relationships with key retailers, and strong sales of Jibbitz (doubled year-over-year) which are a key driver of ASP gains and consumer interest," wrote Baird analysts.

Jibbitz are the charms that shoppers can add to their Crocs shoes.

"With increased confidence the brand is returning to ongoing +double-digit top-line growth, we expect Crocs to remain a relative winner given strong demonstrated brand momentum and a pivot to offense on product/marketing."

Baird rates Crocs shares outperform and raised its price target to $72 from $62.

"We think demand for Crocs will continue to exceed supply, which should lead to positive long-term sales and margin improvement," wrote Sam Poser at Susquehanna Financial Group.

"Support of frontline medical workers, ever-increasing personalization options, and successful collaborations have driven an increase in brand consideration, and this should lead to improved momentum in Crocs' clog and sandal businesses going into next year."

Susquehanna rates Crocs stock positive and raised its price target to $68 from $53.

-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

October 28, 2020 11:27 ET (15:27 GMT)

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