Carpenter Technology Corporation (NYSE:CRS) today reported net
income attributable to Carpenter of $25.5 million or $0.57 per
share for the quarter ended June 30, 2011. Costs in the quarter
related to the recently announced Latrobe Specialty Metals
(Latrobe) acquisition were $2.4 million or $0.04 per diluted share.
Excluding these costs, net income attributable to Carpenter was
$0.61 per diluted share. This compares to net income attributable
to Carpenter of $5.9 million or $0.13 per share for the same
quarter a year earlier.
“We finished the year with another strong quarter of operating
performance,” said William A. Wulfsohn, President and Chief
Executive Officer. “Revenue growth is outpacing volume gains as we
continue driving our mix management and pricing initiatives. These
actions, combined with our cost focus, are translating top-line
growth momentum to our bottom line.
“Over the past year, we have seen strong, sustained demand for
our products. As a result, we are actively seeking ways to expand
our capacity to facilitate further growth. We have announced a
facility expansion in Reading targeting premium remelt, forge
finishing and annealing operations and we are preceding with
capacity investments in our Dynamet titanium wire fastener and
Powder Products businesses. Our recent agreement to acquire Latrobe
Specialty Metals, while providing many strategic benefits, will
also help expand our capacity and facilitate further growth.”
Fourth Quarter and Full Year Fiscal 2011
Results
Financial highlights for the fourth quarter and full year fiscal
year 2011 include:
(in millions, except per share amounts
& pounds sold)
4Q FY
2011
4Q FY
2010
FY 2011
FY 2010
Net Sales $483.6 $364.2
$1,675.1 $1,198.6 Net
Sales Excluding Surcharge (a) $352.4
$269.8 $1,231.1
$921.7 Operating Income Excluding Pension Earnings, Interest
and Deferrals (a) $43.8 $19.7
$131.6 $49.6 Net
Income Attributable to Carpenter $25.5
$5.9 $71.0 $2.1
Diluted Earnings per Share $0.57
$0.13 $1.59 $0.04
Net Pension Expense per Diluted Share (a)
$(0.21 ) $(0.21 ) $(0.84 )
$(0.85 ) Free Cash Flow (a) $61.5
$23.1 $(88.9 )
$40.1 Pounds Sold (000) 58,052
51,790 216,834
172,974
(a) non-GAAP financial measure that is
explained in the attached tables
Net sales for the fourth quarter were $483.6 million, up 33
percent from the prior year. Excluding surcharge revenue, net sales
were $352.4 million, up 31 percent from a year ago.
Total pounds sold in the fourth quarter were 12 percent higher
than the fiscal year 2010 fourth quarter, with the Premium Alloys
Operations (PAO) segment up 40 percent and the Advanced Metals
Operations (AMO) segment up 7 percent.
Gross profit was $77.0 million compared with $43.7 million in
the fiscal year 2010 fourth quarter. The higher gross profit in
this year’s fourth quarter was driven by higher volumes, an
improved product mix, higher prices and better operating
performance.
SG&A expense as a percentage of revenue excluding surcharge
was 1.2 percent lower than the prior year. SG&A expense in the
current quarter was $39.6 million or 11.2 percent of revenue,
compared with $33.5 million or 12.4 percent of revenue for the
fourth quarter of fiscal year 2010. The year-over-year increase is
due to the addition of Amega West overhead cost and higher
compensation related expense.
Operating income for the fourth quarter was $35.0 million
compared with $10.2 million a year earlier. Excluding surcharge
revenue and pension earnings, interest and deferrals (EID),
operating margin was 12.4 percent for the quarter and 13.1 percent
excluding acquisition related costs. This compares to 7.3 percent
in the fiscal year 2010 fourth quarter.
Other income was $2.8 million compared to $0.9 million in the
fiscal year 2010 fourth quarter. The difference is primarily due to
residual payments received under the expired CDSOA anti-dumping
subsidy program. The provision for income tax was $7.7 million or
23 percent of pre-tax income compared to $0.7 million or 11 percent
of pre-tax income in the 2010 fourth quarter.
Net income attributable to Carpenter was $25.5 million or $0.57
per diluted share, compared with fourth quarter net income of $5.9
million or $0.13 per diluted share in fiscal year 2010. For the
full year, net income attributable to Carpenter was $71.0 million
or $1.59 per diluted share, compared with full fiscal year 2010 net
income of $2.1 million or $0.04 per diluted share.
Free cash flow, defined as cash from operations less capital
expenditures, dividends, and the net impact from the purchase and
sale of businesses, was $61.5 million in the current quarter,
driven by working capital improvements. For the full fiscal year,
free cash flow was a negative $88.9 million due to the cash
purchase of Amega West and Oilfield Alloys, as well as increased
working capital to support business growth.
Markets:
Aerospace market sales were $194.1 million in the fourth
quarter, up 24 percent compared with the same period a year ago.
Excluding surcharge revenue, aerospace sales were up 17 percent on
13 percent higher volume. Aerospace results reflect continuing
strong demand for engine components driven by high build rates.
Demand for titanium fastener material is approaching prior peak
levels with continued strong demand expected in the coming year.
Demand for nickel and stainless fastener material has grown over
the last three quarters and channel activity within these segments
indicates demand growth should continue over the next several
quarters.
Industrial market sales were $105.8 million, up 24
percent compared with the fourth quarter of fiscal year 2010.
Excluding surcharge revenue, industrial sales increased 25 percent
on 11 percent higher volume. The year-over-year results reflect the
impact of mix management and pricing actions as well as demand
growth for higher value materials for fittings. In addition, powder
metal sales used for tool steel products were up significantly.
Energy market sales of $70.5 million increased 189
percent from the fourth quarter a year earlier. Excluding surcharge
revenue, energy market sales increased 189 percent on 79 percent
higher volume. A significant increase in demand for materials used
in industrial gas turbines drove the growth and positive mix in
this segment. The oil and gas segment continued to grow due to
increases in directional drilling activity, the Amega West
acquisition and higher pricing. Strong growth trends should
continue in Energy through fiscal year 2012.
Consumer market sales were $40.8 million, an increase of
8 percent from the fourth quarter of fiscal year 2010. Excluding
surcharge revenue, sales increased 10 percent on 4 percent lower
volume. Revenue grew faster than volume as the growing global
demand for higher value materials used in sporting goods
applications outpaced sales of lower value materials used in
housing. Mix management efforts and pricing actions are having a
considerable positive impact on the Consumer market.
Automotive market sales were $37.7 million, an increase
of 21 percent from a year earlier. Excluding surcharge revenue,
automotive sales rose 13 percent on 2 percent higher volumes. The
revenue growth is attributable to mix management efforts that
caused increased participation in higher value turbo charger and
fuel system components, with a corresponding reduction in lower
value products. These efforts are expected to better position
Carpenter to participate in the trend toward premium stainless and
high-temp alloys used in the next generation technologies that
support higher fuel economy.
Medical market sales were $34.7 million in the fourth
quarter, up 19 percent from a year ago. Excluding surcharge
revenue, medical market sales increased 24 percent on 2 percent
higher volume. Share gain drove substantial growth of higher priced
titanium products and a richer product mix. Sales of non-implant
stainless products also grew in the quarter and contributed to the
positive results.
International sales in the fourth quarter were $150.4
million, an increase of 34 percent compared with the same quarter a
year earlier. Sales in Europe were up 41 percent on 29 percent
higher volume driven mainly by increased demand in Aerospace and
Energy and high value Automotive products. Asia revenues increased
13 percent as products for Aerospace continued to show strong
demand. Total international sales in the quarter represented 31
percent of total Company sales, in-line with the prior year.
Fiscal Year 2012 Outlook
“Demand growth remains strong in our strategic end markets,”
said Wulfsohn. “Several of our largest customers are seeking to
expand and extend our supply contracts. Carpenter revenue,
excluding Latrobe, is still expected to grow by more than 10
percent in fiscal year 2012. As previously communicated, operating
income, excluding pension EID, on the base Carpenter business
should be approximately 50 percent higher than fiscal year 2011.
The full-year tax rate is projected to be 33 percent and interest
expense should be about $7 million higher based on $150 million of
incremental debt.
“Free cash flow is expected to be slightly negative after
factoring in higher capital spending of about $200 million aimed at
capacity expansion, and a modest increase in working capital to
support business growth.
“We are also excited about the Latrobe acquisition as it plays
an important role in Carpenter’s growth strategy. Latrobe has a
well-positioned business portfolio that is also benefiting from
strong customer demand. We expect the combined business will enable
production efficiencies which will result in expanded production
capacity The combined entities also have a larger critical mass to
justify the next major increment of premium capacity expansion. The
Latrobe acquisition, including transactions costs, should be
accretive in year one depending on the closing date, and strongly
accretive in later years with the benefit of significant
synergies.”
Pension Effects
During the fourth quarter, the Company recorded expense
associated with its pension and other post retirement benefit plans
of $15.2 million or $0.21 per diluted share. For the full fiscal
year, non-cash pension expense was $60.8 million, or $0.84 per
diluted share. Due primarily to improvement in equity markets
during fiscal 2011 that enabled pension assets to grow by $78.6
million and a slightly higher discount rate assumption, non-cash
pension expense in fiscal year 2012 will decrease to $39.4 million
or $0.55 per diluted share. The expense will be allocated equally
through the fiscal year. The Company currently expects to make cash
contributions of approximately $28 million in fiscal year 2012.
Non-GAAP Financial Measures
This press release includes discussions of financial measures
that have not been determined in accordance with U.S. generally
accepted accounting principles ("GAAP"). The non-GAAP financial
measures, accompanied by reasons why the Company believes the
measures are important, are included in the attached schedules.
Conference Call
Carpenter will host a conference call and webcast today, July
28, at 9:00 a.m., ET, to discuss financial results and operations
for the fiscal fourth quarter. Please call 610-208-2222 for details
of the conference call. Access to the call will also be made
available at Carpenter's web site (http://www.cartech.com) and
through CCBN (http://www.ccbn.com). A replay of the call will be
made available at http://www.cartech.com or at
http://www.ccbn.com.
About Carpenter Technology
Carpenter produces and distributes specialty alloys, including
stainless steels, titanium alloys, and superalloys. Information
about Carpenter can be found on the Internet at
http://www.cartech.com.
Forward Looking Statements
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, 2010 and the quarterly reports on Form 10-Q
for the quarters ended September 30, 2010, December 31, 2010 and
March 31, 2011 and the exhibits attached to those filings. They
include but are not limited to: 1) the ability to successfully
close the Latrobe Specialty Metals, Inc. transaction and the
synergies, costs and other anticipated financial impacts of the
transaction; 2) the cyclical nature of the specialty materials
business and certain end-use markets, including aerospace,
industrial, automotive, consumer, medical, and energy, or other
influences on Carpenter's business such as new competitors, the
consolidation of competitors, customers, and suppliers or the
transfer of manufacturing capacity from the United States to
foreign countries; 3) the ability of Carpenter to achieve cost
savings, productivity improvements or process changes; 4) the
ability to recoup increases in the cost of energy, raw materials,
freight or other factors; 5) domestic and foreign excess
manufacturing capacity for certain metals; 6) fluctuations in
currency exchange rates; 7) the degree of success of government
trade actions; 8) the valuation of the assets and liabilities in
Carpenter's pension trusts and the accounting for pension plans; 9)
possible labor disputes or work stoppages; 10) the potential that
our customers may substitute alternate materials or adopt different
manufacturing practices that replace or limit the suitability of
our products; 11) the ability to successfully acquire and integrate
acquisitions; 12) the availability of credit facilities to
Carpenter, its customers or other members of the supply chain; 13)
the ability to obtain energy or raw materials, especially from
suppliers located in countries that may be subject to unstable
political or economic conditions; 14) our manufacturing processes
are dependent upon highly specialized equipment located primarily
in one facility in Reading, Pennsylvania for which there may be
limited alternatives if there are significant equipment failures or
catastrophic event; and 15) our future success depends on the
continued service and availability of key personnel, including
members of our executive management team, management, metallurgists
and other skilled personnel and the loss of these key personnel
could affect our ability to perform until suitable replacements are
found. 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.
PRELIMINARY CONSOLIDATED BALANCE SHEETS (in millions)
June 30, June 30, 2011 2010
ASSETS Current assets: Cash and cash equivalents $492.5
$265.4 Marketable securities 30.5 105.2 Accounts receivable, net
259.4 188.5 Inventories 328.6 203.6 Deferred income taxes 14.9 21.5
Other current assets 31.7 36.0 Total current assets
1,157.6 820.2 Property, plant and equipment, net 662.9 617.5
Goodwill 44.9 35.2 Other intangibles, net 30.0 17.6 Deferred income
taxes -- 16.2 Other assets 96.5 76.5 Total assets
$1,991.9 $1,583.2 LIABILITIES Current
liabilities: Accounts payable $170.5 $130.5 Accrued liabilities
124.9 87.6 Current portion of long-term debt 100.0 --
Total current liabilities 395.4 218.1 Long-term debt, net of
current portion 407.8 259.6 Accrued pension liability 188.5 322.6
Accrued postretirement benefits 108.7 146.7 Deferred income taxes
48.3 -- Other liabilities 67.2 62.8 Total liabilities
1,215.9 1,009.8 EQUITY Carpenter stockholders'
equity: Common stock 273.7 273.2 Capital in excess of par value
235.4 223.3 Reinvested earnings 1,022.1 983.2 Common stock in
treasury, at cost (532.2 ) (535.2 ) Accumulated other comprehensive
loss (233.3 ) (371.1 ) Total Carpenter stockholders' equity 765.7
573.4 Noncontrolling interest 10.3 --
Total equity 776.0 573.4 Total liabilities and equity
$1,991.9 $1,583.2 PRELIMINARY
CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share
data)
Three Months Ended Year Ended June 30, June 30, 2011
2010 2011 2010 NET SALES $483.6 $364.2 $1,675.1 $1,198.6
Cost of sales 406.6 320.5 1,426.1
1,053.8 Gross profit 77.0 43.7 249.0 144.8 Selling,
general and administrative expenses 39.6 33.5 149.5 133.1
Acquisition related costs 2.4 -- 3.1 --
Operating income 35.0 10.2 96.4 11.7 Interest expense (4.2 )
(4.5 ) (17.1 ) (17.8 ) Other income, net 2.8 0.9 8.5
10.8 Income before income taxes 33.6 6.6 87.8
4.7 Income tax expense 7.7 0.7 16.1 2.6
Net income 25.9 5.9 71.7 2.1 Less: Net income
attributable to noncontrolling interest 0.4 -- 0.7 --
NET INCOME ATTRIBUTABLE
TO CARPENTER $25.5 $5.9 $71.0 $2.1
EARNINGS PER SHARE: Basic $0.57 $0.13 $1.59
$0.04 Diluted $0.57 $0.13 $1.59
$0.04
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 44.2 44.0 44.1 43.9 Diluted 45.0
44.5 44.7 44.4 Cash dividends
per common share $0.18 $0.18 $0.72 $0.72
PRELIMINARY CONSOLIDATED STATEMENTS OF
CASH FLOWS (in millions) Year Ended June 30, 2011
2010 OPERATING ACTIVITIES: Net income $71.7 $2.1
Adjustments to reconcile net income to net
cash provided from operating activities:
Depreciation and amortization 66.5 59.1 Deferred income taxes (4.0
) (1.8 ) Net pension expense 60.8 61.3 Net loss on disposal of
property and equipment 0.8 2.0 Pension contribution (3.9 ) --
Changes in working capital and other: Accounts receivable (56.9 )
(62.5 ) Inventories (116.1 ) (19.1 ) Other current assets 6.4 24.2
Accounts payable 34.5 60.8 Accrued liabilities 4.6 13.4 Other, net
(0.2 ) (24.3 ) Net cash provided from operating activities 64.2
115.2 INVESTING ACTIVITIES: Purchases of
property, equipment and software (79.6 ) (44.2 ) Proceeds from
disposals of property and equipment 1.1 1.0 Acquisition of
businesses, net of cash acquired (45.4 ) -- Acquisition of equity
method investment (6.2 ) -- Purchases of marketable securities
(91.3 ) (145.0 ) Proceeds from sales and maturities of marketable
securities 166.0 55.3 Net cash used for investing
activities (55.4 ) (132.9 ) FINANCING ACTIVITIES: Proceeds
from issuance of long-term debt, net of offering costs 247.4 --
Payments on long-term debt assumed in connection with acquisition
of business (12.4 ) -- Payments on long-term debt -- (20.0 )
Proceeds received from sale of noncontrolling interest 9.1 --
Dividends paid (32.1 ) (31.9 ) Payments of debt issue costs (1.4 )
(2.0 ) Tax benefits on share-based compensation 1.7 0.2 Proceeds
from stock options exercised 1.6 0.2 Net cash
provided from (used for) financing activities 213.9 (53.5 )
Effect of exchange rate changes on cash and cash equivalents
4.4 (3.5 ) INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 227.1 (74.7 ) Cash and cash equivalents at beginning of
period 265.4 340.1 Cash and cash equivalents at end
of period $492.5 $265.4
PRELIMINARY SEGMENT FINANCIAL DATA (in millions)
Three Months Ended Year Ended June 30, June 30, 2011
2010 2011 2010 Pounds sold (000): Advanced Metals Operations 45,666
42,532 171,502 142,008 Premium Alloys Operations 13,002 9,258
47,572 30,966 Intersegment (616 ) -- (2,240 ) --
Consolidated pounds sold 58,052 51,790 216,834
172,974 Net sales: Advanced Metals Operations:
Net sales excluding surcharge $240.2 $197.3 $858.3 $675.4 Surcharge
81.4 63.1 282.8 177.6 Advanced
Metals Operations net sales $321.6 $260.4 $1,141.1
$853.0 Premium Alloys Operations: Net sales
excluding surcharge $105.1 $73.4 $369.8 $249.0 Surcharge 51.9
31.3 163.2 99.3 Premium Alloys
Operations net sales $157.0 $104.7 $533.0
$348.3 Emerging Ventures: Net sales excluding
surcharge $19.1 $ -- $35.3 $ -- Surcharge -- -- --
-- Emerging Ventures net sales $19.1 $
-- $35.3 $ -- Intersegment (14.1
) (0.9 ) (34.3 ) (2.7 ) Consolidated net sales $483.6 $364.2
$1,675.1 $1,198.6 Operating income:
Advanced Metals Operations $22.7 $7.9 $62.3 $11.8 Premium Alloys
Operations 33.6 19.1 110.2 71.2 Emerging Ventures 1.0 -- 3.9 --
Corporate costs (12.5 ) (7.3 ) (42.0 ) (33.5 ) Pension earnings,
interest & deferrals (8.8 ) (9.5 ) (35.2 ) (37.9 ) Intersegment
(1.0 ) - (2.8 ) 0.1 Consolidated operating
income $35.0 $10.2 $96.4 $11.7
We have three reportable business segments: Advanced Metals
Operations, Premium Alloys Operations and Emerging Ventures.
The Advanced Metals Operations (AMO) segment includes the
manufacturing and distribution of high temperature and high
strength metal alloys, stainless steels and titanium in the form of
small bars and rods, wire, narrow strip and powder. AMO sales are
spread across many of our end-use markets including aerospace,
industrial, consumer, automotive, and medical. The Premium
Alloys Operations (PAO) segment includes the manufacturing and
distribution of high temperature and high strength metal alloys and
stainless steels in the form of ingots, billets, large bars and
hollows and primarily services the aerospace and energy markets.
The Emerging Ventures segment currently includes the
operations of the recently completed acquisitions of Amega West
Services and Oilfield Alloys, manufacturers and service providers
of high-precision components for measurement while drilling (MWD)
and logging while drilling (LWD), drill collars, stabilizers and
other down-hole tools used for directional drilling. MWD and LWD
technology is used to ensure critical data is obtained and
transmitted to the surface to monitor progress of the well. The net
sales of Amega West and Oilfield Alloys are to customers in the
energy end use market. The service cost component of net
pension expense, which represents the estimated cost of future
pension liabilities earned associated with active employees, is
included in the operating results of the business segments. The
residual net pension expense, which is comprised of the expected
return on plan assets, interest costs on the projected benefit
obligations of the plans, and amortization of actuarial gains and
losses and prior service costs, is included under the heading
"Pension earnings, interest & deferrals."
PRELIMINARY NON-GAAP FINANCIAL MEASURES (in millions,
except per share data) Three Months Ended Year Ended
June 30, June 30, FREE CASH FLOW 2011 2010 2011 2010 Net
cash provided from operating activities $117.2 $48.1 $64.2 $115.2
Purchases of property, equipment and software (44.0 ) (17.1 ) (79.6
) (44.2 ) Proceeds from disposals of property and equipment 0.1 0.1
1.1 1.0 Acquisition of equity method investment - -- (6.2 ) --
Proceeds received from sale of noncontrolling interest - -- 9.1 --
Acquisition of businesses, net of cash acquired (3.8 ) -- (45.4 )
-- Dividends paid (8.0 ) (8.0 ) (32.1 ) (31.9 ) Free cash flow
$61.5 $23.1 ($88.9 ) $40.1 Management
believes that the free cash flow measure provides useful
information to investors regarding our financial condition because
it is a measure of cash generated which management evaluates for
alternative uses. Three Months Ended Year Ended June
30, June 30, NET PENSION EXPENSE PER DILUTED SHARE 2011 2010 2011
2010 Pension plans expense $13.6 $13.7 $54.0 $54.3 Other
postretirement benefits expense 1.6 1.8 6.8
7.0 Net pension expense 15.2 15.5 60.8 61.3 Income tax
benefit (5.8 ) (6.0 ) (23.2 ) (23.7 ) Net pension expense, net of
tax $9.4 $9.5 $37.6 $37.6 Net
pension expense per diluted share $0.21 $0.21 $0.84
$0.85 Weighted average diluted common shares
45.0 44.5 44.7 44.4 Management
believes that net pension expense per diluted share is helpful in
analyzing the operating performance of the Company, as net pension
expense tends to be volatile due to changes in the financial
markets, which may result in significant fluctuations in operating
results from period to period. OPERATING MARGIN
EXCLUDING SURCHARGE AND Three Months Ended Year Ended PENSION
EARNINGS, INTEREST AND DEFERRALS June 30, June 30, 2011 2010 2011
2010 Net sales $ 483.6 $ 364.2 $1,675.1 $1,198.6 Less:
surcharge revenue 131.2 94.4 444.0 276.9
Consolidated net sales excluding surcharge $352.4
$269.8 $1,231.1 $921.7 Operating income
$35.0 $10.2 $96.4 $11.7 Pension earnings, interest & deferrals
8.8 9.5 35.2 37.9
Operating income excluding pension
earnings, interest and deferrals
$43.8 $19.7 $131.6 $49.6
Operating margin excluding surcharge,
pension earnings, interest and deferrals
12.4 % 7.3 % 10.7 % 5.4 % Management believes that removing
the impacts of raw material surcharges from net sales provides a
more consistent basis for comparing results of operations from
period to period. In addition, management believes that excluding
the impact of pension earnings, interest and deferrals, which may
be volatile due to changes in the financial markets, is helpful in
analyzing the true operating performance of the Company.
PRELIMINARY SUPPLEMENTAL SCHEDULES (in
millions) Three Months Ended Year Ended June 30, June
30, NET SALES BY MAJOR PRODUCT LINE 2011 2010 2011 2010
Product Line Excluding Surcharge: Special alloys $ 147.6 $ 128.2 $
548.2 $ 449.6 Stainless steel 141.3 96.4 466.1 311.7 Titanium
products 41.6 31.5 140.7 112.4 Tool and other steel 17.1 10.4 59.4
37.4 Other materials 4.8 3.3 16.7 10.6 Consolidated net
sales excluding surcharge $352.4 $269.8 $1,231.1 $921.7
Surcharge revenue 131.2 94.4 444.0 276.9 Consolidated net
sales $483.6 $364.2 $1,675.1 $1,198.6 Three Months
Ended Year Ended June 30, June 30, NET SALES BY END USE MARKET 2011
2010 2011 2010 End Use Market Excluding Surcharge: Aerospace
$ 139.1 $ 118.4 $ 502.3 $ 404.0 Industrial 73.2 58.4 262.0 196.5
Energy 54.7 18.9 156.7 64.1 Consumer 28.9 26.3 107.2 87.4
Automotive 26.1 23.2 98.1 80.3 Medical 30.4 24.6 104.8 89.4
Consolidated net sales excluding surcharge $352.4 $269.8 $1,231.1
$921.7 Surcharge revenue 131.2 94.4 444.0 276.9
Consolidated net sales $483.6 $364.2 $1,675.1 $1,198.6
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