“We finished the fiscal year with a solid fourth quarter in a challenging environment,“ said William A. Wulfsohn, Carpenter president and CEO. “Our intense focus on continuous improvement allowed us to offset SAO variable production inflation on a cost per ton basis for the fourth consecutive year. Also, a great team effort in the continued integration of the Latrobe operation, which exceeded our targeted deal synergies by almost two times, helped contribute to the quarterly performance."
In fiscal 2013 Carpenter ook actions to better support future growth. "We made significant investments that should enable us to grow profitably and, in the recently completed quarter, took steps to better align our cost structure with current market conditions which included a 3% reduction in our salaried workforce," Wulfsohn stated.
Net sales, excluding surcharge, increased by US$25.4 million or 5% from the third quarter of fiscal year 2013. The higher sales were primarily driven by increased shipments of nickel-based alloy materials used in aerospace engines and other aerospace applications. In aggregate, year-over-year sales declined by US$10.1 million or 2%. The lower level of sales was partly attributable to a reduction in demand from economically sensitive markets.
