Hardmetals company Carpenter Technology said it received net sales of US$572.4 million in Q1, reflecting year-over-year revenue gains across all end-use markets. Net income was US$31.5 million, or $0.65 earnings per diluted share.
‘Our first quarter results reflect further execution of our commercial strategy and success in capitalizing on strong market conditions partially offset by our annual preventative maintenance shutdowns at certain key work centers,’ said Tony Thene, president and CEO. “While this created a near-term headwind, our solutions focus continues to generate significant customer response as our backlog increased 9% on a sequential basis and 38% compared to last year.’
‘In the Aerospace and Defense end-use market, engine activity remains near record levels and we are also generating healthy customer demand in other sub-markets. We also continue to experience strong demand for our titanium solutions in the Medical end-use market as we further implement our solutions-focused approach and broaden our relationships with leading industry OEMs.
‘Looking ahead, we are focused on executing our commercial and manufacturing strategies while also strategically investing in targeted growth areas that will enhance our long-term growth profile.’
This story is reprinted from material from Carpenter, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.