By Kari Williamson
Net sales rose 15% to US$431.1m, but the remaining increase in net income comes from optimisation of Carpenter's core business.
President and CEO, William A. Wulfsohn, says: “Our solid second quarter results reflect continued execution of our strategy to optimise the core business by growing premium product volume and improving our overall profit per pound through pricing and mix management actions.
“Within our overall top-line results for the quarter, revenues increased 12% on 4% higher volume for our premium products, including special alloys, titanium and powder metals – while revenues for our stainless products increased 31% on 12% lower volume. Our success in driving more premium volume through or limited capacity and actions to improve our product mix enabled us to more than double our profit per pound from a year ago.”
Total pounds sold in Q2 amounted to 49,042, down 7% on the same period last year. Of that, stainless steel and other alloys decreased 12%, whereas titanium was up 17%, powder metal products were up 15% and special alloys increased 1%.
Carpenter Technology recently announced the merger with Latrobe, which is expected to be finalised in Q3.
Sales by market:
- Aerospace and defence: US$192.2m +26%
- Industrial and consumer: US$105.0m -7%
- Energy: US$61.3m +48%
- Medical: US£31.7m +22%
- Transportation: US$31.4m -4%
- International: US$142.5m +20%