NEW YORK Carpenter
Technology Corp., which posted a 39.8-percent jump in earnings
in its fiscal second quarter, is looking for acquisition
"We are active in looking at
opportunities in the (performance engineered products) area. In
the ultra-premium area, there are a couple of areas of
interest," president and chief executive officer William A.
Wulfsohn said during a conference call. "Obviously it takes two
to tango, but we have some ideas and were working on
The Wyomissing, Pa.-based
company posted net income of $33 million for the three months
ended Dec. 31, up from $23.6 million in the same period a year
earlier, on sales that climbed 23.8 percent to $533.5 million.
Excluding revenue from surcharges, net sales of $430.7 million
were up 30 percent, which the company attributed primarily to
the acquisition of Latrobe Specialty Metals Inc.
The Latrobe acquisition had
delivered "double the expected synergies," Wulfsohn said during
the conference call, while the company also received strong
end-market demand for its premium and ultra-premium
"At the same time, we see weaker
demand for lower-value mill product lines and destocking in the
titanium medical supply chain," he said. "We currently expect a
full-year operating income improvement of 20 to 30 percent vs.
our last fiscal year, with strong fiscal second-half revenue
and earnings. We continue to believe that our sustained
investment in aerospace and energy markets will continue to
drive profitable growth over the next several years."
The company said that aerospace
and defense sales were up 36 percent year on year, with demand
for superalloy engine materials remaining strong due to higher
build rates and initial pull-through for new engine
Meanwhile, demand growth for
material used in oil and gas applications outpaced weaker
demand for power generation materials.