4/29/2009
NEWS BRIEFS
Carpenter Technologies Reports Downturn for Fiscal Q3
Carpenter Technologies reported aerospace market sales, including fasteners, dropped 29% to $146.7 million in the third quarter of fiscal 2009, reflecting “reduced airplane builds and lower overall passenger miles, compounded by excess inventory in the jet engine supply chain.” The slowdown included reduced demand for nickel-based and titanium fasteners.
Industrial market sales, including fasteners, slipped 28% to $79.1 million, hurt by “strong competitive pricing pressures in more commodity-oriented applications and reduced overall demand.”
Q3 net sales dropped 35% to $330 million, while operating income declined 78% to $16.1 million. Gross profit was $49.2 million in the third quarter compared with $108.5 million a year earlier.
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