10/25/2012 1:12:00 AM
NEWS BRIEFS
Carpenter Tech. Fastener Titanium At Record Level
Carpenter Technology reported net sales for the first quarter of fiscal 2013 rose 32% to $544.9 million, while operating income soared 40% to $61.6 million and net income gained 64% to $39.2 million.
Aerospace market sales gained 45% to $252.6 million. Demand for nickel and stainless fastener material increased year over year for the ninth consecutive quarter — while shipment of titanium fastener material set a new first quarter record following a record fourth quarter.
Sales of Carpenter’s Custom-series stainless alloys and the addition of Latrobe’s structural, bearing and other complementary products also contributed to the year-to-year growth rate.
Industrial market sales grew 8% to $113.9 million, while Energy market sales increased 31% to $77.4 million.
Automotive market sales grew 10% to $34.5 million, boosted by Carpenter’s focus on high-end specialty automotive applications required to meet increasing fuel efficiency standards.
International sales climbed 19% to $163.8 million, driven by a 41% increase in Asia/Pacific sales and a 14 percent increase in European sales.
In August Carpenter Technology Corp. announced the relocation of its Carpenter Specialty Wire Products (CSWP) business from Orangeburg, CI, to an advanced precision wire manufacturing facility in Wauseon, OH. Carpenter acquired the Wauseon plant as part of its acquisition of Latrobe Specialty Metals earlier this year.
The company said the transition will take place over the next 12 to 15 months, after which the Orangeburg facility, which the company acquired from AMAx Specialty Metal Corp. in 1984, will close.
Based in Wyomissing, PA, Carpenter Technology manufactures and distributes heading wire/rod and bar products in specialty alloys, including stainless steels, titanium alloys, superalloys, and various engineered products. ©2012 GlobalFastenerNews.com
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