5/17/2010
HEADLINES
Stock Report: CARPENTER TECHNOLOGIES
Carpenter Technologies reported aerospace market sales, including fasteners, rose 2% to $149.4 million in the third quarter of fiscal 2010. Excluding surcharge revenue, aerospace sales were down 4% on 2% lower volume.
“Aerospace results reflect increased sales of engine components, which were more than offset by lower demand for fasteners. Aerospace volumes increased 36%, reflecting a surge in quarter-to-quarter demand for engine components.”
Industrial market sales, including fasteners, were flat at $74.4 million. Excluding surcharge revenue, industrial sales decreased 6% on 25% higher volume.
However, volumes increased by 37% as Carpenter benefited from shorter lead-time orders on lower value products.
Overall sales rose 2% to $336.9 million, with tonnage sold in the third quarter up 20%. Operating income fell 20% to $12.8 million, while net income declined to $2.1 million.
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.”
Industrial market sales, including fasteners, decreased 26% to $62.3 million during fiscal Q2.
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.
Corporate Office: 2 Meridian Blvd., Wyomissing, PA 19610-1339. Tel: 610 208-2000 Fax 610 208-3716
Web: cartech.com
CEO: Anne Stevens
Fastener executives: Jerry Leibensperger, wire sales manager; Bruce Smith, wire products technical manager
Employees: 4,000
©2010 GlobalFastenerNews.com
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