Difficult start to fiscal year for Carpenter Technology

October 27, 2014

Carpenter Technology Corporation (NYSE:CRS) has announced financial results for the quarter ended September 30, 2014. The company reported net income of $13.5 million, compared to $34.6 million in the same quarter last year. Net sales for the first quarter of fiscal year 2015 were $549.8 million, and net sales excluding surcharge were $440.1 million, an increase of $28.0 million (7%) from the same quarter last year, on 11% higher shipments.

Operating income was reported at $22.1 million, a decrease of $33.7 million from the first quarter of the prior year. Operating income excluding pension earnings, interest and deferrals (EID) was $24.5 million, a decrease of $37.3 million (or 60%) from the first quarter of the prior year.

The reduction in operating income versus the prior year was stated as being primarily due to the operational issues experienced in the first two months of the current quarter, weaker mix and additional Athens depreciation expense.

“After a difficult start to the quarter, performance in September improved. The Latrobe press is now back on line and we saw our Specialty Alloys Operations (SAO) segment mix improve in September. That said, we need to drive further improvements and successfully work through recent challenges at our Reading mill,” stated William A Wulfsohn, Carpenter’s President and Chief Executive officer.

“Looking forward, we expect SAO to continue year-over-year volume growth as we expand the number of customer approvals for Athens production. We also anticipate that SAO’s sales mix will improve based on recent trends in our backlog. In addition, the Performance Engineered Products (PEP) segment is expected to improve year-over-year. Finally, we remain focused on keeping our selling, general and administrative expenses flat. These are the crucial building blocks in terms of driving profitable growth as we progress through our fiscal year,” added Wulfsohn.


Subscribe to our FREE e-newsletter

Register to receive our FREE e-newsletter and a complimentary digital subscription to Powder Metallurgy Review magazine:

Your email address:

Useful links: Download PM Review magazine | News headlines | Browse articles 

Recent issue of Powder Metallurgy review - your go-to resource to stay updated on the world of powder metallurgy and metal powders

In the latest issue of PM Review…

PM Review Spring 2023

Download PDF

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

  • GKN Powder Metallurgy: A strategic vision for the future of permanent magnets for EVs
  • Building trust in the Powder Metallurgy industry: The role of standardisation and an update on recent work by ISO/TC 119
  • High-volume powder production for Additive Manufacturing: SMS group’s continuous metal powder production process
  • Development of enhanced-performance PM brake pads for high-speed trains by Beijing Tianyishangjia New Material Corp., Ltd.
  • The START project: Creating a sustainable supply chain for green energy harvesting products by Powder Metallurgy
  • World PM2022: Reviewing three innovative methods for metal powder production

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

From the industry…

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
Download PDF
Share via
Copy link