Carpenter Technology Corp. reported sales in the second quarter of fiscal 2020 increased 3% to $573 million on 7% lower volume. Operating income gained 4.9% to $471.2 million, reflecting stronger product mix across all end-use markets, partially offset by higher spending in key growth areas. Net income grew 9.3% to $38.8 million.

“We generated double-digit year-over-year revenue growth in the Aerospace and Defense end-use market as our leading solutions, sub-market diversity and participation on practically all major industry platforms continue to drive strong performance,” stated CEO Tony Thene. 

“In addition, sales in the Medical end-use market increased double digits compared to last year as demand for our high-value solutions remains high.”

Six-month sales improved 2.7% to $1.16 billion, with gross profit up 0.3% to $933.1 million. Operating income increased 14% to $114.8 million, while net income grew 19.4% to $80 million. Web: CarpenterTechnology.com