Carpenter sees second quarter growth

Carpenter Technology Corp. reported a 12th consecutive quarter of yearover-year earnings growth when it announced its fiscal second-quarter earnings Thursday morning.

President and CEO Tony Thene credited revenue growth in the Philadelphiabased company’s aerospace and defense and medical end-use sales. Carpenter also reported record operating income for its specialty alloys operations.

“The second quarter marked our 12th consecutive quarter of year-overyear sales growth and backlog growth,” Thene said in a statement. “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.”

Thene said the company has been using its “diverse portfolio of leading applications” to soften the blow of a supply chain disruption caused by the grounding and halt in production of the Boeing 737 MAX.

Meanwhile, Thene said the construction of the hot strip mill in Reading “remains on target and will enable us to further capitalize on our soft magnetics solutions portfolio and the anticipated growth associated with expanding electrification initiatives across multiple markets.”

Carpenter announced in March 2018 that it will invest $100 million in improvements to the Reading facility.

For the fiscal secondquarter Carpenter reported profit of $38.8 million and net income of 79 cents per share. Earnings, adjusted for restructuring costs, came to 83 cents per share. Revenue was $573 million in the period.

Carpenter shares have fallen 12% since the beginning of the year. The stock has climbed nearly 1% in the last 12 months.