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CarTech sees lower profits amid higher weather costs

Keywords: Tags  Carpenter Technology, earnings forecast, William A. Wulfsohn, Thorsten Schier

NEW YORK — Carpenter Technology Corp. said it expects its fiscal third-quarter earnings to be in a range of 54 to 58 cents per diluted share, 10 cents lower than previously forecast due to higher energy costs and lower-than-expected sales of specialty alloys.

"The impact of weather-related expense was roughly double what we expected and communicated in January," president and chief executive officer William A. Wulfsohn said in a statement April 10. "In addition, while specialty alloys operations realized double-digit sequential quarterly volume growth, this gain was less than we expected in January."

Separately, the Wyomissing, Pa.-based steelmaker shipped its first commercial product from its Athens, Ala., facility during its fiscal third quarter ended March 31 and saw a "substantial" increase in its backlog, which is expected to buoy earnings in the coming fiscal year, according to Wulfsohn.

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