Sglogo_1

 

Events Reports Directory Forum Articles Job Post Resume Post Links Currency Archive Metal Rate Archive Glossary Import Duty Structure Incoterms 2000 Technical Info Trade Leads Currency Codes Contact Us Disclaimer Feedback Privacy Policy Site Map

 

FAIL (the browser should render some flash content, not this).

September 06, 2008


Carpenter Technology FY’07 net up by 7.2% YoY

Carpenter Technology Corporation announced a record fourth quarter operating income despite a rapid rise in nickel prices, which reached a record high during the quarter.

Q4'06Q4'07FY'06FY'07
Sales450.5560.51568.21944.8
Operating Income90.992.4310.7323.8
Net Income68.061.3211.8227.2

In USD million
Includes specialty and titanium alloys, stainless steel, and powder materials

Net income of USD 61.3 million reflected an effective tax rate of 34.2% YoY as compared to 25.6% in the fourth quarter a year ago.
Carpenter said that its fourth quarter results also reflected LIFO expense of USD 79.3 million due primarily to escalating nickel prices and higher year end inventory levels. This expense is mostly offset through the Company's surcharge mechanism. In the fourth quarter a year ago, Carpenter had LIFO expense of USD 19.8 million.

For fiscal 2007, Carpenter generated record sales and net income. Sales growth, excluding surcharge, was driven primarily by the Carpenter's increased focus on the energy market and strong demand from the industrial market. Record fiscal year net income was achieved primarily as a result of the Company's continued focus on operational excellence.

Mr Anne Stevens chairman, president & CEO of said that "Our fourth quarter and fiscal year results are particularly pleasing given the challenges from record high nickel prices throughout most of the year and temporary inventory adjustments in some of our key end use markets. Carpenter's strong financial performance reflected the underlying leverage of its business operating model and solid manufacturing execution. We continued to experience sales momentum in the oil and gas sector during the fourth quarter as we gained increasing customer acceptance for our products and supporting technical expertise. Additionally, there was a significant step up in demand for material sold into the power generation market. Although shipments of our premium products remained solid in the quarter, lower shipments of non premium products resulted in a reduction in pounds shipped from a year ago.”

He added that "Our record results for fiscal 2007 are a strong reflection of our product portfolio strength and the dedicated efforts of our employees to continually work towards operational excellence and focus on satisfying the unique needs of our customers."

Carpenter Technology Corporation is a leading manufacturer and distributor of specialty alloys, including stainless steel and titanium, and various engineered products made from metallic and ceramic materials.