8/1/2016 1:17:00 AM
NEWS BRIEFS
Supply Channel Adjustments Hurt CarTech Fastener Sales
Carpenter Technology Corp. reported sales, including fasteners, declined 18.5% to $1.81 billion in the fiscal year ended June 30, 2016. Operating income fell to $51.6 million, with net income slipping to $11.3 million.
Net sales for the fourth quarter of fiscal year 2016 dropped 12% to $457.7 million on 4% lower volume. Q4 operating income declined to $29.2 million.
Capital expenditures were $29.1 million in the fourth quarter of fiscal year 2016.
“Overall, the fourth quarter marked a strong finish to a successful year for Carpenter,” stated CEO Tony Thene.
“We significantly reduced our operating costs in fiscal year 2016, which offset a substantial portion of the volume decline impact we experienced in select end-use markets.
“Our results also benefited from our product and end-use market diversity. All of our Aerospace sub-markets generated growth compared to 2015, except fasteners which continues to be impacted by inventory channel adjustments.”
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