Carpenter Technology sees positive results for its fourth quarter and full year 2018
August 7, 2018
Carpenter Technology Corporation, Philadelphia, Pennsylvania, USA, has announced its financial results for the fourth quarter and fiscal year ended June 30, 2018. Net sales for its fourth quarter 2018 were reported at $618 million, up from $507.7 million in its fourth quarter 2017 and its highest quarterly sales in six years. Net sales for the company’s full year 2018 were $2,157.7 million, up from $1,797.6 million in 2017.
A net income of $42.8 million was reported for the fourth quarter of the company’s fiscal year 2018 (Q4 2017: $25.5 million). Total net income for the year reported at $188.5 million, a significant improvement on the net income of $47 million reported for the full year 2017.
Tony Thene, Carpenter’s President and CEO, commented on the results, “Our fourth quarter results marked the culmination of a successful year as strong execution of our strategy, the strength of our increasing solutions-focused customer approach, and growing market demand resulted in our best quarterly operating income performance since the fourth quarter of fiscal year 2014.”
“Our performance in fiscal year 2018, and especially during the fourth quarter, demonstrates that our strategy is resonating with customers, and whether it is materials for rotating jet engine parts to medical implant materials to 3D printed parts, we offer the best solutions for our customers,” he concluded.
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 fourth quarter of the fiscal year 2018 of $116.3 million, up from $106.2 million in the fourth quarter of fiscal year 2017. Operating income for this division was said to be $7.9 million, compared to $5.8 million in the previous year.
Thene stated that during its fiscal year 2018, Carpenter has significantly evolved its Additive Manufacturing offerings, adding part design and production with its acquisition of metal Additive Manufacturing service provider CalRAM, establishing an AM Technology Center in Reading, Pennsylvania, USA, and developing its capabilities as a small-scale AM solutions provider for customers in areas such as oil & gas.
Looking ahead to 2019, he stated that Carpenter will rapidly evolve to offer end-to-end AM solutions across multiple industries. He pointed to the company’s planned opening of an Emerging Technology Center in Athens, Alabama, USA, in twelve months, and its involvement as a founding partner in GE Additive’s Manufacturing Partner Network, as further evidence of its commitment to developing its market presence in the Additive Manufacturing industry.