Carpenter Technology Corporation has announced the financial results for the fourth quarter and fiscal year ended June 30, 2017.
The company reported net income of US$25.5 million for the fourth quarter of fiscal year 2017, while net sales were US$507.7 million, reportedly the highest in two years.
Net says for 2017 YTD were US$1,797.6 million, compared to US$1,813.4 million for YTD 2016.
The company’s Specialty Alloys Operations (SAO) achieved its highest margins in three years, while the Performance Engineered Products (PEP) segment delivered 23% sequential operating income growth
‘Our strong fourth quarter results reflect the continued execution of our strategy to be an irreplaceable solutions provider coupled with the continued success from the rollout of the Carpenter Operating Model and commercial organization realignment,’ said Tony Thene, Carpenter’s president and CEO. ‘While conditions continue to strengthen in many of our end-use markets, we are gaining momentum as a complete solutions provider for our diverse customer base.
‘Overall, fiscal year 2017 was a successful one as we continued to build upon our foundation for long-term sustainable growth through our progress in becoming a complete solutions provider, as well as our expansion in core growth areas including titanium powder and additive manufacturing.’
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.