Carpenter Technology publishes Q2 results

January 30, 2012

Carpenter Technology has published positive second quarter results, with the company stating that second quarter net sales, excluding raw material surcharge, were up 19% from a year earlier due to pricing and mix optimisation on 7% lower overall volume. Carpenter Technology Corporation reported net income attributable to Carpenter of $23.6 million for the quarter ended December 31, 2011 (net income $9.3 million in Q2 2011).  Costs in the quarter relating to the Latrobe Specialty Metals transaction  were $2.4 million.

Powder metal product sales were up 15%, and the company states that sales grew for high value materials required in turbo charger, gasket and fuel system applications, used in smaller, higher efficiency turbo charged engines, particularly in Europe, where the company reported a 28% increase in sales.

“Our solid second quarter results reflect continued execution of our strategy to optimise the core business by growing premium product volume and improving our overall profit per pound through pricing and mix management actions,” said William A. Wulfsohn, President and Chief Executive Officer.

“Within our overall top-line results for the quarter, revenues increased 12% on 4% higher volume for our premium products, including special alloys, titanium and powder metals, while revenues for our stainless products increased 31% on 12% lower volume. Our success in driving more premium volume through our limited capacity and actions to improve our product mix enabled us to more than double our profit per pound from a year ago.”

“With end-market demand remaining strong, and our sizable backlog, including in Europe, we remain on track to achieve our fiscal year financial target of a 50% increase in operating income, excluding pension earnings, interest and deferrals, versus last year. “

“The Latrobe acquisition is on track to close by the end of the third quarter and we remain excited about the benefits from this combination. Integration plans are well developed, and we are confident that the deal will achieve our previously announced financial targets.”

“We have also changed our external reporting segments this quarter to reflect our two different business models, which require different management approaches. Specialty Alloys Operations (SAO) is comprised of our integrated steel mill operations and will be managed to optimise efficiency and profitability across the total system. Performance Engineered Products (PEP) consists of our titanium, powder metals and Amega West businesses and will be managed in a more entrepreneurial manner to promote speed and flexibility, and drive overall revenue and profit growth.”

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