Carpenter Technology's 4Q Alloy Profits More Than Double

Carpenter Technology, a Pennsylvania-based alloy producer, has reported a substantial increase in profits for the fourth fiscal quarter, driven by robust sales in aerospace, defense, and medical-end use markets. The company's profits surged to $93.6 million, more than doubling from $38.4 million in the same period last year. Sales rose to $798.7 million from $758.1 million a year earlier.

Aerospace and defense sales soared by 28% to $376.3 million, excluding surcharge revenues, while medical-end use market sales jumped 38% to $91.7 million. However, industrial and consumer sales declined by 15.4% to $82.8 million, and transportation sales dropped 32.2% to $26.6 million.

Carpenter sold 57.2 million pounds of specialty alloys, a decrease of 7.3% from 61.5 million pounds a year earlier. Despite this, specialty alloy sales rose by 16.2% to $715.8 million. Performance engineered product volumes were down by 15.3% to 2.9 million pounds, but segment sales increased by 8.2% to $111.2 million.

For the fiscal year 2024, Carpenter posted $2.8 billion in sales and $186.5 million in profits, compared to $2.6 billion in sales and $56.4 million in profits in 2023. The aerospace, defense, and medical-end markets were the company's top performers.

Looking ahead, Carpenter expects strong results in the first quarter of 2025 due to increased productivity, product mix improvements, and pricing actions.