7/31/2014 11:09:00 AM
NEWS BRIEFS
Carpenter Technology Reports Rising Titanium Demand
Carpenter Technology reported sales for the fourth quarter of fiscal year 2014 declined 2% to $604.6 million on 7% higher shipments. Operating income dropped 10.5% to $59.2 million.
END MARKETS
Aerospace and Defense – Overall revenue declined 7% to $212.2 million due to continued demand weakness for engine and defense materials. Titanium fastener revenue rose 6% year-over-year as demand continued to grow. Demand was stable for nickel fasteners and structural components.
Energy – Carpenter continued to see weak demand in the power generation segment. Revenue dropped 10% to $73.4 million, with continued soft demand for materials used in oil well completions.
Medical – Sales grew 6% to $28 million. Year-over-year volume and revenue growth was driven by improving demand for orthopedic and surgical devices.
Carpenter reported a resumption of more normalized buying patterns by OEMs as inventories have stabilized, while distributor demand for titanium products increased.
Transportation – Sales improved 20% to $33.5 million. North American light vehicle sales are expected to remain at high levels. Carpenter results continue to benefit from a strong demand for materials used in the next generation of fuel delivery systems.
Industrial and Consumer – Demand for Carpenter materials continues to be strong in plant and equipment applications, bridge infrastructure projects and semiconductor applications. Sales rose 10% to $107.1 million.
Carpenter Technology manufactures and distributes heading wire/rod and bar products in specialty alloys, including stainless steels, titanium alloys, superalloys, and various engineered products. ©2014 GlobalFastenerNews.com
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