7/30/2009
NEWS BRIEFS
Carpenter Tech Reports Aerospace and Industrial Fastener Sales Declines
Carpenter Technologies reported aerospace market sales, including fasteners, dropped 42% to $120.4 million, including surcharge revenue, during the final quarter of fiscal 2009.
“Excess inventory in the supply chain for both jet engine components and fasteners also contributed to the lower demand,” CEO Anne Stevens stated.
Full-year aerospace revenue dipped 22% to $579.3 million.
“In our aerospace market, the most recent airline build projections indicate that the second half of our fiscal year may show improvement,” Stevens noted.
Industrial market sales, including fasteners, slipped 60% to $55.4 million during fiscal Q4, reflecting “strong competitive pricing pressures and cautious customer buying behavior.”
Full-year industrial sales fell 30% to $326.6 million.
Consolidated company sales declined 30% to $1.36 billion during fiscal 2009. Excluding surcharge revenue, sales from continuing operations were $1.055 billion, down 23%. Income decreased 76% to $47.9 million. ©2009 GlobalFastenerNews.com
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