4/27/2011 10:34:00 AM
NEWS BRIEFS
Carpenter Tech Reports Rising Fastener Demand
Carpenter Technology reported sales, including fasteners, increased 37.7% to $464.2 million during the third quarter of fiscal 2011. Operating income doubled to $44 million, and net income soared to $28.2 million.
“We believe the aerospace market is at the beginning of a long and robust up cycle,” CEO Bill Wulfsohn stated. “Demand for titanium fastener materials is nearing its prior peak high of 2008.”
“And finally, we are beginning to see order activity pick up for nickel and stainless aerospace fasteners.”
“Order activities and shipments for our titanium fastener wire business is nearing prior peak levels as demand for titanium fasteners is picking up in anticipation of significant Boeing 787 needs.”
The 787 uses eight times more titanium fasteners by weight than the 737, Wulfsohn explained.
Carpenter sales outside the U.S. were $142 million, an increase of 35% over the third quarter a year ago. Sales in Europe were up 40% on 36%-higher volume. This was driven mainly by increased demand in aerospace and energy and positive mix shifts in automotive. Our sales backlog in Europe remains at a three-year high. ©2011 GlobalFastenerNews.com
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