4/30/2010
NEWS BRIEFS
Carpenter Technologies Reports Sinking Aerospace Fastener Demand
Carpenter Technologies reported aerospace market sales, including fasteners, rose 2% to $149.4 million in the third quarter of fiscal 2010. Excluding surcharge revenue, aerospace sales were down 4 percent on 2 percent lower volume.
“Aerospace results reflect increased sales of engine components, which were more than offset by lower demand for fasteners. Aerospace volumes increased 36%, reflecting a surge in quarter-to-quarter demand for engine components.
Industrial market sales, including fasteners, were flat at $74.4 million. Excluding surcharge revenue, industrial sales decreased 6% on 25% higher volume.
“The year-over-year result reflects a temporary mix shift to lower value products which include stainless redraw rod and stainless bar sold to distributors,” the company stated.
However, volumes increased from the second quarter by 37% as Carpenter benefited from shorter lead-time orders on lower value products.
Overall sales rose 2% to $336.9 million, with tonnage sold in the third quarter up 20%. Operating income fell 20% to $12.8 million, while net income declined to $2.1 million. ©2010 GlobalFastenerNews.com
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