10/26/2011 8:49:00 AM
NEWS BRIEFS
Carpenter Technology Sees Growing Demand for Fastener Material
Carpenter Technology reported net sales for the first quarter of fiscal 2012 rose 18% to $414.1 million, while operating income soared to $44 million, while net income more than tripled to $23.8 million.
Aerospace market sales gained 19% to $173.5 million, driven by increased demand for materials used in fastener, engine and structural components. Demand for titanium fastener material is expected to surpass prior peak levels within this fiscal year, and demand for nickel and stainless fastener material has shown significant growth over the last two quarters.
“Growth trends for aerospace fasteners are expected to continue for the foreseeable future,” the company stated.
Industrial market sales increased 2% to $84.7 million, while Energy market sales nearly doubled to $59.2 million. Automotive market sales grew 7% to $32.4 million.
International sales climbed 31% to $138.1 million, led by Europe which experienced increased demand for materials used for aerospace engines, automotive fuel systems and energy applications in Europe.
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. ©2011 GlobalFastenerNews.com
Carpenter Technology reported net sales for the first quarter of fiscal 2012 rose 18% to $414.1 million, while operating income soared to $44 million, while net income more than tripled to $23.8 million.
Aerospace market sales gained 19% to $173.5 million, driven by increased demand for materials used in fastener, engine and structural components. Demand for titanium fastener material is expected to surpass prior peak levels within this fiscal year, and demand for nickel and stainless fastener material has shown significant growth over the last two quarters.
“Growth trends for aerospace fasteners are expected to continue for the foreseeable future,” the company stated.
Industrial market sales increased 2% to $84.7 million, while Energy market sales nearly doubled to $59.2 million.
Automotive market sales grew 7% to $32.4 million.
International sales climbed 31% to $138.1 million, led by Europe which experienced increased demand for materials used for aerospace engines, automotive fuel systems and energy applications in Europe.
In July Carpenter Technology agreed to acquire Latrobe Specialty Metals for $558 million. Latrobe manufactures and distributes high-performance materials for aerospace, defense, energy, and other significant applications with manufacturing operations in Pennsylvania, Ohio, Texas, and the UK, and seven distribution centers located throughout the U.S.
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. ©2011 GlobalFastenerNews.com
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