NEW YORK Carpenter
Technology Corp., which posted higher sales and earnings in its
fiscal third quarter, expects continued growth in the aerospace
and energy markets to drive long-term demand.
The Wyomissing, Pa.-based
company posted net income of $33 million for the three months
ended March 31, a 15.4-percent increase from the same period
last year, on sales that climbed 16.3 percent to $539.9
"We are making great progress to
create additional premium products capacity in the near and
long term to support the material and service needs of our
customers in what we believe is the early stage of a strong
growth cycle in the aerospace and energy markets," William A.
Wulfsohn, president and chief executive officer, said in a
The titanium and specialty alloy
manufacturer completed its acquisition of Latrobe Specialty
Metals Inc. in February, expanding its total product capacity
(AMM, March 1), and the company said it will add
another 4,000 tons of premium products capacity in the next two
months, helping it to meet increased customer demand until its
new facility in Alabama is operational in 2014.
Aerospace and defense market
sales were up 21 percent to $240.5 million in the fiscal third
quarter compared with a year earlier, and energy market sales
increased 28 percent to $68.6 million. Demand for titanium
fastener material exceeded prior peaks, while nickel and
stainless fastener demand also has shown significant growth,
the company said.
Carpenters international sales, which accounted for 33
percent of the companys total revenue, increased 30
percent to $178.7 million.