Carpenter Technology reports quarterly earnings

Carpenter Technology reports quarterly earnings

Pennsylvania specialty alloys manufacturer Carpenter Technology reported its net income increased by over 65 percent due to strong market demand for it high-value materials. Net sales rose to $362.4 million for its fourth quarter 2005, a year-on-year increase from $296.8 million. Year-end net sales were reported as $1,314.2 million, an almost 23 percent increase over 2004’s net sales. Net income was reported as $47.8 million, or $1.86 per diluted share, compared to $17.7 million, or $0.73, for the fourth quarter 2004. Year-end 2005 net income was $135.5 million while year-to-date 2004 net income was $36 million, representing an increase of nearly 74 percent. Robert J. Torcolini, chairman, president, and CEO said, "Record results for the quarter and fiscal 2005 were driven by strong demand for our higher value materials, especially from the aerospace market, and our continued focus on lean and variation reduction," he went on to add, “We believe that market conditions will remain favorable in fiscal 2006, particularly for our specialty alloy, titanium and ceramic materials sold into the aerospace market … Although we are pleased with our recent accomplishments, we see opportunity for continued improvement in our operating results." Carpenter Technology Corporation is a leading manufacturer and distributor of specialty alloys, including stainless steel and titanium, and various engineered products made from metallic and ceramic materials.