1/27/2010
NEWS BRIEFS
Carpenter Tech: Several Quarters Before Fastener Sales Improve
Carpenter Technologies reported aerospace market sales, including fasteners, dropped 28% to $113.5 million during the second quarter of fiscal 2010, hampered by excess inventory.
“Although aerospace volume in total was flat with the first quarter, it appears that engine super alloy materials are now in balance while it will take several more quarters before surplus fastener inventories in the supply chain are used up,” the company stated.
Six-month aerospace sales totaled $216.4 million.
Industrial market sales, including fasteners, decreased 26% to $62.3 million during fiscal Q2. Excluding surcharge, industrial sales decreased 16 percent on 19 percent lower volume.
“The year-over-year results reflect lower sales in virtually all applications due to weak manufacturing demand.”
Six-month industrial market sales reached $112.7 million.
Overall sales dropped 27% to $263.8 million during Q2, with gross profit slipping 53% to $35.6 million and operating income plummeting to $2 million compared with $39.7 million during the second quarter of fiscal 2009. ©2010 GlobalFastenerNews.com
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