Carpenter Technology reports full year results
August 5, 2014
Carpenter Technology, a leading producer of special alloys, titanium alloys, gas atomised metal powders and high alloy steels, reported a fall of 4% in net sales to $1,783 million (excluding surcharges) in the financial year ending June 30, 2014, despite a 6% rise in the volume of material shipped. Net income was put at $132 million.
William A Wulfsohn, President and CEO, stated that overall company earnings and margins improved sequentially from the third to fourth quarters of fiscal year 2013/2014, and that the sales backlog in the Specialty Alloys Operation (SAO) was up 32% year-on-year. SAO sales of premium alloys and stainless steels for the year were $1,345 million (excluding surcharges) whilst sales for the Performance Engineered Products (PEP) segment were $498.6 million ($520.1 million in 2013).
The PEP segment includes the Carpenter Powder Products division which contributed $48.6 million to sales ($55.9 million in 2013). Carpenter is one of the world’s leading metal powder producers using the Micro-MeltTM gas atomisation process.
Carpenter Technology opened its new Athens facility in Limestone County, Alabama, USA, in January 2014 for the production of premium special alloys. ‘’We produced 1000 tons of saleable product in the fourth quarter and are making significant progress obtaining internal and customer qualifications. These qualifications are critical to enable us to support our growing demand with Athens’ capacity,’’ stated Wulfsohn.
