Carpenter Technology eyes accelerated growth in fiscal year 2023

August 1, 2022

Carpenter Technology Corporation, headquartered in Philadelphia, Pennsylvania, USA, has announced financial results for its fiscal fourth quarter and year ended June 30, 2022. Net sales for the fourth quarter of 2022 were $563.8 million, compared with $421.6 million in the fourth quarter of 2021. This resulted in a net income of $2.6 million, up from -$57.1 million loss in Q4 2021. Overall, full year 2022 net sales were $1,836.3 million, up from $1,475.6 million in FY2021, with a net loss for the year reported at -$49.1 million, an improvement on the -$229.6 million loss reported for FY2021.

“Our fourth quarter results marked a successful end to the year and place us on strong ground to deliver accelerated growth in fiscal year 2023,” stated Tony Thene, Carpenter Technology’s president and CEO. “The quarter saw us return to a positive EPS as both the Specialty Alloy Operations (“SAO”) and Performance Engineered Products (“PEP”) segments outperformed our expectations. We also continued to expand our backlog across our end-use markets and secured another price increase on our transactional business as overall demand conditions across our end-use markets remain strong.”

Operating income for the fourth quarter of 2022 was $24.6 million compared to an operating loss of $70.7 million in the prior year period. Adjusted to exclude special items, operating income was $14.9 million in the recent fourth quarter compared to adjusted operating loss of $12.5 million in the same period a year ago. The improvement in operating income is reported to be the result of increased shipments as activity levels continued to ramp to meet improving market conditions in key end-use markets compared to the previous year.

“In the fourth quarter, our backlog grew by 29% on a sequential basis and 191% year-over-year. We also generated positive free cash flow of $65 million and finished the fiscal year with total liquidity of $448 million. The fourth quarter’s operating income results were driven by double digit sequential revenue growth in the Aerospace and Defense and Medical end-use markets.”

“Fiscal year 2022 proved to be a challenging but successful year,” Thene continued. “We navigated through an unforeseen outage of our Reading Press, continued COVID-19 isolations, a difficult hiring environment, and other supply chain challenges. But in addressing each of them, I believe we are emerging from it stronger and well-positioned for growth.”

“Looking ahead, we expect to see continued growth across our end-use markets, especially in Aerospace, Defense and Medical applications, where customers are still ramping to pre-pandemic levels. To capitalise on the demand in our core business, we are focused on achieving additional productivity and capacity gains through the Carpenter Operating Model. Further, our strong position in our core business is supported by our capabilities in key emerging areas including electrification and additive manufacturing that further support our long-term growth profile. We believe the continued execution of our strategy will drive sustainable long-term value creation for our customers and shareholders,” he concluded.

In the latest issue of PM Review…

Download PDF

Extensive Powder Metallurgy industry news coverage, and the following exclusive deep-dive articles and reports:

  • Phoenix Sintered Metals: A story of transformation, growth and community from America’s PM heartland
  • World PM2024 Yokohama: The stage is set for the PM industry to find a path to sustainable growth
  • The state of Europe’s hard magnets industry and the challenge of optimising the mass production of Nd2Fe14B permanent magnets

The latest news from the world of metal powders, delivered to your inbox

Don't miss any new issue of PM Review, and get the latest industry news. Sign up to our weekly newsletter.

Sign up

Join our community

Discover our magazine archive…

The free-to-access PM Review magazine archive offers unparalleled insight into the world of Powder Metallurgy from a commercial and technological perspective through:

  • Reports on visits to leading PM part manufacturers, metal powder manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.


Browse the archive


Looking for PM production equipment, metal powders, R&D support and more?

Discover suppliers of these and more in our
advertisers’ index and buyer’s guide, available in the back of PM Review magazine.

  • Powders & materials
  • Powder process, classification & analysis
  • PM products
  • Atomisers & powder production technology
  • Compaction presses, tooling & ancillaries
  • Sintering equipment & ancillaries
  • Post-processing
  • Consulting & toll sintering
View online
Share via
Copy link