1/28/2015 1:14:00 PM
NEWS BRIEFS
Carpenter Tech’s Fastener Material Sales Jump
Carpenter Technologies reported revenue for the second fiscal quarter of 2015 grew 9% to $548.4 million, while operating income slipped 5.3% to $45 million and net income dropped 18% to $24.1 million.
END MARKETS
Aerospace and Defense – Segment sales grew 6% to $189.2 million, which included a 20% jump in sales for fastener materials (titanium and nickel).
“Demand is returning with a stronger mix for aerospace distribution products,” the company stated.
Defense related activity is improving, but remains below prior year levels.
Energy – Sales increased 8% to $70.3 million. Depressed oil prices are expected to impact the oil and gas business going forward.
Medical – Sales rose 15% to $25.7 million on the strength of increased orthopedic and surgical instrument demand.
While OEMs have resumed more normalized buying patterns, the pricing environment remains “extremely competitive.”
Transportation – Sales climb 10% to $31.3 million, driven by strong demand for engine component materials; product mix continues to improve. 2014 U.S. light vehicle sales increased 6% year-over-year.
“Low fuel prices are driving increased sales of larger vehicles and engines.”
Industrial and Consumer – Sales grow 9% to $96.5 million, boosted by high-value consumer electronics and industrial goods applications.
Six-month sales rose 9.6% to $1.1 billion, with gross profit declining 22% to $154 million and net income dropping 41% to $37.6 million.
Carpenter Technology manufactures and distributes heading wire/rod and bar products in specialty alloys, including stainless steels, titanium alloys, superalloys, and various engineered products.
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• Fastener Demand Up 5.4% Annually Through 2018
• Record Year for Alcoa’s Fastener Segment
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