8/6/2012 10:49:00 AM
HEADLINES
STOCKS: Aerospace Fastener Material Demand Pushing Past Peak
Carpenter Technology reported Aerospace & Defense market sales, including fastener material, rose 49% to $293.9 million in the fourth quarter of fiscal 2012. Excluding surcharge revenue, aerospace & defense sales jumped 55% on 105% higher volume (or up 24% on 21% higher volume without Latrobe Specialty Metals).
“Aerospace results reflect strength in all areas as airplane build rates remain high,” the company stated.
“Demand for titanium fastener material grew again in the quarter and is now well above prior peak levels. Nickel and stainless fastener demand has led to eight straight quarters of year-over-year growth and is approaching prior peak levels.”
Full-year aerospace and defense market sales rose 30.5% to $668.8 million.
Industrial & Consumer market sales edged up 3% to $139 million in the fourth quarter. Excluding surcharge revenue, sales increased 13% on 4% higher volume.
Energy market sales gained 13% to $79.2 million. Excluding surcharge revenue, energy market sales increased 26% on 34% higher volume.
Transportation market sales grew 11% to $41.2 million. Excluding surcharge revenue, transportation sales increased 22% on 2% higher volume.
Medical market sales climbed 11% to $38.3 million. Excluding surcharge revenue, medical market sales increased 13% on 5% higher volume.
International sales in the fourth quarter jumped 36% to $205.3 million, driven by a 74% increase in Asia/Pacific sales and a 28% increase in European sales. Growth in Asia/Pacific was led by sales into the aerospace and oil & gas end-markets. Growth in Europe was led by increased demand for materials used for aerospace, oil & gas and high value automotive applications. Total international sales in the quarter represented 32% of total Company revenue.
Consolidated net sales for the fourth quarter improved 33% to $643.7 million. Excluding surcharge revenue, net sales were $506.7 million, up 44% from a year ago on 31% higher volume. Operating income nearly doubled to $66.5 million, with Latrobe accounting for $17 million of that total.
Full-year sales gained 21% to $2.03 billion, with operating income more than doubling to $210.1 million. ©2012 GlobalFastenerNews.com
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