Carpenter Pre-Announces Fiscal Third Quarter Operating Results
April 14 2008 - 8:01AM
Business Wire
Carpenter Technology Corporation (NYSE:CRS) expects to report net
income from continuing operations for its fiscal third quarter
ended March 31, 2008, in the range of $1.00-$1.05 per diluted
share. This range excludes the gain from the $145 million sale of
Carpenter�s ceramics businesses that will be recorded in the third
quarter results. In the same period a year ago, Carpenter reported
record third quarter net income of $1.27 per share, that included
comparable net income from continuing operations of $1.22 per
share. On January 29, 2008, the Company indicated that its third
quarter performance for 2008 might not surpass the exceptionally
strong third quarter results of a year ago due to softening U.S.
economic conditions. Results for the 2008 third quarter reflected
reduced demand in Carpenter�s economically sensitive automotive,
industrial and consumer end markets, combined with higher operating
costs. Demand in the domestic and international energy and
aerospace markets continued strong in the third quarter. The
Company will release its financial results on Tuesday, April 29,
2008 and host a conference call and webcast at 10:00 a.m., Eastern
time, on that day to discuss the results of operations for the
quarter ended March 31, 2008. Please call 610-208-2800 for the
conference call telephone number and passcode. The webcast will be
hosted by Thomson/CCBN and can be accessed at Carpenter
Technology's web site at www.cartech.com. The webcast is also being
distributed through the Thomson StreetEvents Network to both
institutional and individual investors. Individual investors can
listen to the call at www.fulldisclosure.com, Thomson/CCBN's
individual investor portal, powered by StreetEvents. Institutional
investors can access the call via Thomson's password-protected
event management site, StreetEvents (www.streetevents.com).
Carpenter Technology produces and distributes specialty alloys,
including stainless steels, titanium alloys and superalloys, and
various engineered products. Detailed information about Carpenter
Technology can be accessed at our website: www.cartech.com. Except
for historical information, all other information in this news
release consists of forward-looking statements within the meaning
of the Private Securities Litigation Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ from those projected,
anticipated or implied. The most significant of these uncertainties
are described in Carpenter's filings with the Securities and
Exchange Commission including its annual report on Form 10-K for
the year ended June 30, 2007, its subsequent Forms 10-Q, and the
exhibits attached to those filings. They include but are not
limited to: 1) the cyclical nature of the specialty materials
business and certain end-use markets, including aerospace,
industrial, automotive, consumer, medical, and energy including
power generation, or other influences on Carpenter�s business such
as new competitors, the consolidation of customers, and suppliers
or the transfer of manufacturing capacity from the United States to
foreign countries; 2) the ability of Carpenter to achieve cost
savings, productivity improvements or process changes; 3)�the
ability to recoup increases in the cost of energy and raw materials
or other factors; 4)�domestic and foreign excess manufacturing
capacity for certain metals; 5)�fluctuations in currency exchange
rates; 6) the degree of success of government trade actions; 7)�the
valuation of the assets and liabilities in Carpenter�s pension
trusts and the accounting for pension plans; 8)�possible labor
disputes or work stoppages; 9) the potential that our customers may
substitute alternate materials or adopt different manufacturing
practices that replace or limit the suitability of our products;
10) the ability to successfully acquire and integrate acquisitions;
and 11) the ability of Carpenter to implement and manage material
capital expansion projects in a timely and efficient manner. Any of
these factors could have an adverse and/or fluctuating effect on
Carpenter's results of operations. The forward-looking statements
in this document are intended to be subject to the safe harbor
protection provided by Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. Carpenter undertakes no obligation to update or revise
any forward-looking statements.
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