Carpenter earnings climb on strong market demand
Oct 25, 2011 | 06:54 PM
| Thorsten Schier
NEW YORK Carpenter Technology Corp.s fiscal first-quarter net income tripled to $23.8 million on sales that gained 17.7 percent from a year earlier to $414.1 million as the companys focus on higher-value products shielded it from a general downturn in commodity products.
"Thus far, we have not seen significant changes in customers demand. We have record backlogs and long lead times. The long products segment is less exposed to the current economic weakness that we have seen in commodity flat-rolled stainless," president and chief executive officer William A. Wulfsohn said during a call Tuesday discussing Carpenters earnings for the three months ended Sept. 30. ....
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