Carpenter Technology reports fourth quarter and full year fiscal 2017 results
August 3, 2017
Carpenter Technology Corporation, Philadelphia, Pennsylvania, USA, has announced its financial results for the fourth quarter and fiscal year ended June 30, 2017. Net sales for the fourth quarter 2017 were reported at $507.7 million, said to be the highest achieved in two years. The fiscal year 2017 net sales were $1,797.6 million, down slightly from $1813.4 million reported in 2016. Net income of $25.5 million was reported for the fourth quarter of fiscal year 2017, with total net income for the year reported at $47 million, up from the $11.3 million total for 2016.
“Our strong fourth quarter results reflect the continued execution of our strategy to be an irreplaceable solutions provider coupled with the continued success from the rollout of the Carpenter Operating Model and commercial organisation realignment,” stated Tony Thene, Carpenter’s President and CEO. “While conditions continue to strengthen in many of our end-use markets, we are gaining momentum as a complete solutions provider for our diverse customer base.”
Carpenter’s Performance Engineered Product division, the segment of the company that includes the Dynamet titanium business and the Carpenter Powder Products (CPP) business, achieved net sales for the fiscal 2017 year of $366.6 million, up from $358.7 million in fiscal year 2016. Operating income for this division was said to be $8.5 million, compared to a $5.5 million loss in the previous year.
“In the Aerospace and Defence end-use market, we continue to see increasing demand for our products across our diversified sub-markets, especially engines, where we are seeing continued healthy order flows related to the next generation engines,” he continued. “We are experiencing similar momentum across other markets, such as the oil & gas sub-market, where our Amega West business continues to benefit from our investments in new products over the last several years. […] Overall, fiscal year 2017 was a successful one as we continued to build upon our foundation for long-term sustainable growth through our progress in becoming a complete solutions provider, as well as our expansion in core growth areas including titanium powder and Additive Manufacturing.”
“We enter fiscal year 2018 with notable operating momentum as we focus on leveraging our solutions-based commercial approach and realigned sales team to drive backlog growth, broaden applications for our products and deepen customer relationships across our end-use markets,” concluded Thene. “Overall, we remain well positioned to build on our progress in the year ahead, as we seek to expand market share, drive additional efficiency gains and grow the intrinsic value of our organisation to the benefit of our shareholders.”