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 million.
"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 statement.
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.