Carpenter Technologies Turns A Corner
FEATURE
By most accounts, public companies with fastener operations turned in strong results in the third quarter of 2013.
But one company had an especially robust share gain during the quarter: Carpenter Technologies.
The Wyomissing, PA-based company achieved the highest percentage increase in Q3 among companies tracked by the FIN Fastener Stock Index, gaining 29% after two consecutive quarters of share declines.
Carpenter Technologies reported net sales of $2.27 billion in fiscal 2013, which ended July 30. Full-year operating income grew 13% to $232.7 million.
And a recent supply agreement with United Technologies Corp. should improve their performance in the first quarter of fiscal 2014.
Carpenter Technology manufactures and distributes heading wire/rod and bar products in specialty alloys, including stainless steels, titanium alloys, superalloys, and various engineered products.
Visit FIN’s Stock Review page for the last five years of Carpenter Technology results.
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