Carpenter Technology has reported net sales for Q3 2020 of US$585.4 million, down from US$609.9 million in Q3 2019, a decrease of US$24.5 million (4%). Operating income was US$58.7 million, compared to US$73.2 million in the same period last year.
‘Our third quarter results reflected solid execution in a challenging environment due to the impact of the 737 MAX production halt as well as the Covid-19 pandemic,’ said Tony R Thene, president and CEO. ‘Our performance speaks largely to the dedication of our employees who have responded to an unprecedented situation with a focused commitment to delivering for our customers while also adopting enhanced safety measures. In response to COVID-19, we moved quickly to develop and implement benchmark safety protocols aimed at protecting our employees in a rapidly changing environment.
‘Looking ahead, visibility is limited given the ongoing COVID-19 pandemic and its potential impact on demand patterns across our end-use markets. We remain in close contact with our customers and will continue working alongside them to fulfil their material requirements. We believe our financial position remains healthy and we are executing targeted portfolio restructurings and cost reductions to drive enhanced flexibility. While we cannot predict the duration of COVID-19 and the total impact it will have on our business, we remain fully committed to the safety of our employees and continuing to serve as a critical supply chain partner for our customers during this difficult time.’
This story uses material from Carpenter, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.