Carpenter Technology reports a net income of US$38.8 million, or US$0.79 earnings per diluted share.
Net sales for the second quarter of fiscal year 2020 were US$573.0 million, compared with US$556.5 million in the same period of 2019, an increase of US$16.5 million (3%) on 7 percent lower volume. Operating income was US$55.0 million compared to US$55.4 million.
‘Our second quarter results reflect a continuation of our consistent year-over-year earnings growth, backlog expansion and record operating performance at [specialty alloys operations] SAO,’ said Tony Thene, president and CEO. ‘Operating income at SAO reached its highest level on record as we continue to drive a richer product mix by prioritizing higher-value solutions across our end-use markets.
‘The second quarter marked our 12th consecutive quarter of year-over-year sales growth and backlog growth. We generated double-digit year-over-year revenue growth in the Aerospace and Defense end-use market as our leading solutions, sub-market diversity and participation on practically all major industry platforms continue to drive strong performance. In addition, sales in the Medical end-use market increased double digits compared to last year as demand for our high-value solutions remains high.’
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.