Carpenter Technology Corporation (NYSE:CRS) today reported net
income attributable to Carpenter of $23.6 million or $0.52 per
share for the quarter ended December 31, 2011. Costs in the quarter
related to the Latrobe Specialty Metals transaction were $2.4
million or $0.05 per share. Excluding these costs, net income
attributable to Carpenter was $0.57 per share. Net income was $9.3
million or $0.21 per share in the same quarter a year earlier.
“Our solid second quarter results reflect continued execution of
our strategy to optimize the core business by growing premium
product volume and improving our overall profit per pound through
pricing and mix management actions,” said William A. Wulfsohn,
President and Chief Executive Officer. “Within our overall top-line
results for the quarter, revenues increased 12 percent on 4 percent
higher volume for our premium products, including special alloys,
titanium and powder metals – while revenues for our stainless
products increased 31 percent on 12 percent lower volume. Our
success in driving more premium volume through our limited capacity
and actions to improve our product mix enabled us to more than
double our profit per pound from a year ago.
“With end-market demand remaining strong, and our sizable
backlog, including in Europe, we remain on track to achieve our
fiscal year financial target of a 50 percent increase in operating
income, excluding pension earnings, interest and deferrals, versus
last year.
“The Latrobe acquisition is on track to close by the end of the
third quarter and we remain excited about the benefits from this
combination. Integration plans are well developed, and we are
confident that the deal will achieve our previously announced
financial targets.
“We have also changed our external reporting segments this
quarter to reflect our two different business models, which require
different management approaches. Specialty Alloys Operations (SAO)
is comprised of our integrated steel mill operations and will be
managed to optimize efficiency and profitability across the total
system. Performance Engineered Products (PEP) consists of our
titanium, powder metals and Amega West businesses and will be
managed in a more entrepreneurial manner to promote speed and
flexibility, and drive overall revenue and profit growth.”
Second Quarter Results
Financial highlights for the second quarter of fiscal year 2012
include:
(in millions, except per share amounts
& pounds sold)
2Q FY
2012
2Q FY
2011
YTD FY
2012
YTD FY
2011
Net Sales $431.1 $375.6 $845.2 $727.3
Net Sales Excluding Surcharge (a) $330.3 $277.0
$643.9 $540.7 Operating Income Excluding Pension
Earnings, Interest and Deferrals (a) $47.5 $20.9
$95.1 $43.8 Acquisition Related Costs $2.4
$ 0.7 $3.8 $ 0.7 Net Income Attributable to
Carpenter $23.6 $9.3 $47.4 $16.9
Diluted Earnings per Share $0.52 $0.21 $1.05
$0.38 Net Pension Expense per Diluted Share (a)
$(0.13) $(0.21) $(0.27) $(0.43) Free Cash Flow
(a) $3.7 $(89.9) $(105.5) $(136.4)
Pounds Sold (000) 49,042 52,732 96,066
100,922
(a) non-GAAP financial measure that is explained in the attached
tables
Net sales for the second quarter were $431.1 million, up 15
percent from the prior year. Excluding surcharge revenue, net sales
were $330.3 million, up 19 percent from a year ago. The Amega West
acquisition accounted for four percentage points of the
year-to-year revenue growth.
Total pounds sold in the second quarter were 7 percent lower
than the fiscal year 2011 second quarter based on deliberate
actions to grow premium products and strengthen overall mix.
Titanium products increased 17 percent, powder metal products were
up 15 percent and special alloys products increased 1 percent,
while stainless steel and other alloys decreased 12 percent.
Gross profit was $84.3 million compared with $49.1 million in
the fiscal year 2011 second quarter. The higher gross profit in
this year’s second quarter was driven by a significantly higher
profit per pound due to an improved product mix and higher prices,
plus increased profit contributions from all of our PEP
businesses.
SG&A expense as a percentage of revenue excluding surcharge
was 1.6 percent lower than the prior year second quarter. SG&A
expense in the current quarter was $38.0 million or 11.5 percent of
revenue excluding surcharge, compared with $36.3 million or 13.1
percent of revenue excluding surcharge for the second quarter of
fiscal year 2011. This mostly reflects the inclusion of Amega West
overhead costs.
Operating income for the second quarter was $43.9 million
compared with $12.1 million a year earlier. Excluding surcharge
revenue and pension earnings, interest and deferrals (EID),
operating margin was 14.4 percent for the quarter compared to 7.5
percent in the fiscal year 2011 second quarter.
Interest expense in the quarter was $5.8 million compared to
$4.3 million in the year-ago period due to the impact of financing
actions taken during last year’s fourth quarter. This mainly
represents the net impact of a $150 million higher debt level and a
lower average interest rate.
Other income was $0.4 million compared to $3.0 million in the
fiscal year 2011 second quarter. The difference was largely related
to the lower contribution from joint ventures along with the
reduction in the market value of assets supporting certain
non-qualified retirement plans and the elimination of CDSOA program
credits.
The provision for income tax was $14.7 million or 38.2 percent
of pre-tax income compared to $1.4 million or 13.0 percent of
pre-tax income in the second quarter of fiscal year 2011. The tax
rate in the quarter reflected the non-deductibility of Latrobe
transaction costs and an unfavorable state tax item. The low rate
in the prior year included a retroactive extension of the R&D
tax credit. The estimated tax rate for the full fiscal year is
currently 35 percent.
Net income attributable to Carpenter was $23.6 million or $0.52
per diluted share, compared with second quarter net income of $9.3
million or $0.21 per diluted share in fiscal year 2011.
Free cash flow, defined as cash from operations less capital
expenditures, dividends, and the net impact from the purchase and
sale of businesses, was $3.7 million in the current quarter. Strong
operating cash flows were largely offset by a net increase in
working capital led by higher inventory levels and increased
capital spending. Free cash flow is expected to be positive, with
lower inventory levels, over the remainder of the fiscal year.
Markets:
Aerospace & Defense market sales were $192.2 million
in the second quarter, up 26 percent compared with the same period
a year ago. Excluding surcharge revenue, aerospace & defense
sales were up 25 percent on 12 percent higher volume. Aerospace
results reflected strength in all areas. Demand for titanium
fastener material is nearing record levels, and demand for nickel
and stainless fastener material has shown significant growth over
the last year. Expectations remain unchanged for continued
aerospace fastener growth. Demand for engine components remains
strong, driven by high build rates. Increased sales of materials
used in aerospace structural components contributed 11 points of
the Aerospace growth rate this quarter. Aerospace structural
applications that use high value, proprietary alloys is a focus
area for the Company.
Industrial & Consumer market sales were $105.0
million, down 7 percent compared with the second quarter of fiscal
year 2011. Excluding surcharge revenue, industrial & consumer
sales were unchanged on 19 percent lower volume. The year-over-year
results reflect the continued impact of mix management and pricing
actions. Volume declines were mainly related to reduced sales of
lower value materials used for general industrial, housing and
appliance applications. Improved mix was due to increased sales of
higher value alloys used in precision fittings, powder
near-net-shape components, and select magnetics applications.
Energy market sales of $61.3 million increased 48 percent
from the second quarter a year earlier. Excluding surcharge
revenue, energy market sales increased 58 percent on 23 percent
higher volume. The higher revenue was again driven primarily by the
Amega West acquisition which contributed 34 percent of the total
revenue growth. The remaining revenue and volume growth of 24
percent and 23 percent, respectively, is attributable to increased
demand for materials used in both industrial gas turbines and the
oil and gas segment. Activity in the industrial gas turbine market
continues to grow as natural gas prices remain low and utilities
shift away from coal fired power plants. The oil and gas segment
also continued to grow with the directional drilling rig count
hitting another new peak this quarter.
Medical market sales were $31.7 million in the second
quarter, up 22 percent from a year ago. Excluding surcharge
revenue, medical market sales increased 30 percent on 16 percent
higher volume. Nearly half of the volume growth came from increased
sales of higher value titanium products, which had a positive
impact on mix. There was also broad-based growth across the balance
of the product portfolio.
Transportation market sales were $31.4 million, a
decrease of 4 percent from a year earlier. Excluding surcharge
revenue, transportation sales declined 2 percent on 18 percent
lower volume. Overall lower volumes relate to mix management
actions that targeted a reduction of lower value products. At the
same time, sales grew for high value materials required in turbo
charger, gasket and fuel system applications, used in smaller,
higher efficiency turbo charged engines, particularly in
Europe.
International sales in the second quarter were $142.5
million, an increase of 20 percent compared with the same quarter a
year earlier - driven by a 28 percent increase in European sales.
Overall international growth was led by increased demand for
materials used for aerospace, high value automotive applications
and industrial gas turbines. Total international sales in the
quarter represented 33 percent of total Company revenue, compared
with 32 percent in the prior year.
Pension Effects
During the second quarter, the Company recorded expense
associated with its pension and other post retirement benefit plans
of $9.8 million or $0.13 per diluted share consistent with full
year expected non-cash net pension of $39.4 million, or $0.54 per
diluted share. This compares to $15.1 million or $0.21 per diluted
share in the prior year second quarter. The Company expects to make
additional cash contributions of $12.3 million during the remainder
of fiscal year 2012.
Future pension expense and cash funding levels are determined by
interest rate movements and the performance of asset investments.
The current estimate of net pension expense for the Carpenter plans
in fiscal year 2013 is $48 million, with the EID component of this
at $22 million.
Outlook
“As we look ahead, we are making strong progress against our
goal to surpass our prior peak level of EBITDA by fiscal year 2014,
excluding the positive impact from Latrobe,” said Wulfsohn. “We
expect that the SAO business will make further progress on the
profit per pound measure, and we will see continued good revenue
and profit growth on our PEP businesses. We are still capacity
constrained, so SAO volume upside remains limited – although the
addition of the Latrobe capacity will help, and those benefits have
been built into the expected synergies. The Latrobe acquisition is
still expected to be modestly accretive to total EPS in FY13.”
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, January
26, at 11:00 a.m., ET, to discuss financial results and operations
for the fiscal second 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 premium alloys, including
special alloys, titanium alloys and powder metals, as well as
stainless steels, and alloy and tool steels. Information about
Carpenter can be found on the Internet at
http://www.cartech.com.
Forward-Looking Statements
This press release contains 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, 2011 and the quarterly reports on Form 10-Q
for the quarter ended September 30, 2011, and the exhibits attached
to those filings. They include but are not limited to: (1)
expectations with respect to the synergies, costs and other
anticipated financial impacts of the Latrobe acquisition
transaction could differ from actual synergies realized, costs
incurred and financial impacts experienced as a result of the
transaction; (2) the possibility that the Latrobe acquisition is
delayed or does not close, including, without limitation, due to
the failure to receive any required regulatory approvals or the
failure to satisfy any closing condition, (3) the taking of
governmental action (including the passage of legislation) to block
the Latrobe acquisition; (4) 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;(5) the ability of Carpenter to achieve
cost savings, productivity improvements or process changes; (6) the
ability to recoup increases in the cost of energy, raw materials,
freight or other factors; (7) domestic and foreign excess
manufacturing capacity for certain metals; (8) fluctuations in
currency exchange rates; (9) the degree of success of government
trade actions; (10) the valuation of the assets and liabilities in
Carpenter’s pension trusts and the accounting for pension plans;
(11) possible labor disputes or work stoppages; (12) the potential
that our customers may substitute alternate materials or adopt
different manufacturing practices that replace or limit the
suitability of our products; (13) the ability to successfully
acquire and integrate acquisitions, including the Latrobe
acquisition; (14) the availability of credit facilities to
Carpenter, its customers or other members of the supply chain; (15)
the ability to obtain energy or raw materials, especially from
suppliers located in countries that may be subject to unstable
political or economic conditions; (16) Carpenter’s 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 (17) Carpenter’s 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)
December 31, June 30, 2011 2011 ASSETS Current
assets: Cash and cash equivalents $ 318.8 $ 492.5 Marketable
securities - 30.5 Accounts receivable, net 229.2 259.4 Inventories
432.5 328.6 Deferred income taxes 29.1 14.9 Other current assets
25.2 31.7 Total current assets 1,034.8
1,157.6 Property, plant and equipment, net 685.7 662.9
Goodwill 46.0 44.9 Other intangibles, net 27.6 30.0 Other assets
80.7 96.5 Total assets $ 1,874.8
$ 1,991.9 LIABILITIES Current liabilities: Accounts
payable $ 147.7 $ 170.5 Accrued liabilities 158.2 124.9 Current
portion of long-term debt - 100.0 Total
current liabilities 305.9 395.4 Long-term debt, net of
current portion 407.4 407.8 Accrued pension liabilities 158.7 188.5
Accrued postretirement benefits 107.0 108.7 Deferred income taxes
63.3 48.3 Other liabilities 56.0 67.2
Total liabilities 1,098.3 1,215.9
EQUITY Carpenter stockholders' equity: Common stock 274.0
273.7 Capital in excess of par value 239.8 235.4 Reinvested
earnings 1,053.3 1,022.1 Common stock in treasury, at cost (530.1 )
(532.2 ) Accumulated other comprehensive loss (269.9 )
(233.3 ) Total Carpenter stockholders' equity 767.1
765.7 Noncontrolling interest 9.4
10.3 Total equity 776.5
776.0 Total liabilities and equity $ 1,874.8 $
1,991.9 PRELIMINARY
CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share
data) Three Months Ended Six Months Ended December
31, December 31, 2011 2010 2011 2010 NET SALES $
431.1 $ 375.6 $ 845.2 $ 727.3 Cost of sales 346.8
326.5 679.7 628.4
Gross profit 84.3 49.1 165.5 98.9 Selling, general and
administrative expenses 38.0 36.3 73.8 72.0 Acquisition related
costs 2.4 0.7 3.8
0.7 Operating income 43.9 12.1 87.9 26.2 Interest
expense (5.8 ) (4.3 ) (12.7 ) (8.5 ) Other income (expense), net
0.4 3.0 (0.4 ) 4.5
Income before income taxes 38.5 10.8 74.8 22.2 Income tax
expense 14.7 1.4 27.2
5.2 Net income 23.8 9.4 47.6 17.0 Less:
Net income attributable to noncontrolling interest 0.2
0.1 0.2 0.1
NET INCOME ATTRIBUTABLE TO CARPENTER $ 23.6 $ 9.3 $
47.4 $ 16.9 EARNINGS PER SHARE: Basic $ 0.53
$ 0.21 $ 1.06 $ 0.38 Diluted $ 0.52
$ 0.21 $ 1.05 $ 0.38
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 44.4 44.1 44.4
44.1 Diluted 45.1 44.7
45.1 44.6 Cash dividends per
common share $ 0.18 $ 0.18 $ 0.36 $ 0.36
PRELIMINARY CONSOLIDATED STATEMENTS OF
CASH FLOWS (in millions) Six Months Ended December 31,
2011 2010 OPERATING ACTIVITIES: Net income $ 47.6 $
17.0
Adjustments to reconcile net income to net
cash used for operating activities:
Depreciation and amortization 37.2 30.1 Deferred income taxes 13.6
(4.2 ) Net pension expense 19.7 30.3 Net loss on disposal of
property and equipment 0.4 0.5 Changes in working capital and
other: Accounts receivable 22.5 (4.5 ) Inventories (110.3 ) (116.5
) Other current assets 1.9 4.3 Accounts payable (21.5 ) (5.5 )
Accrued liabilities (4.1 ) (15.4 ) Pension contribution (15.4 ) -
Boarhead Farms settlement (21.8 ) - Other, net 2.4
(0.2 ) Net cash used for operating activities (27.8 )
(64.1 ) INVESTING ACTIVITIES: Purchases of property,
equipment and software (60.3 ) (17.7 ) Proceeds from disposals of
property and equipment 0.2 0.1 Acquisition of businesses (1.4 )
(41.6 ) Acquisition of equity method investment -- (6.2 ) Purchases
of marketable securities -- (63.0 ) Proceeds from sales and
maturities of marketable securities 30.4 101.4
Net cash used for investing activities (31.1 )
(27.0 ) FINANCING ACTIVITIES: Payments on long-term debt
assumed in connection with acquisition of business -- (12.4 )
Payments on long-term debt (100.0 ) -- Proceeds received from sale
of noncontrolling interest -- 9.1 Dividends paid (16.2 ) (16.0 )
Tax benefits on share-based compensation 0.8 0.1 Proceeds from
stock options exercised 1.5 0.3 Net
cash used for financing activities (113.9 ) (18.9 )
Effect of exchange rate changes on cash and cash equivalents
(0.9 ) 1.8 DECREASE IN CASH AND CASH
EQUIVALENTS (173.7 ) (108.2 ) Cash and cash equivalents at
beginning of period 492.5 265.4 Cash
and cash equivalents at end of period $ 318.8 $ 157.2
PRELIMINARY SEGMENT FINANCIAL
DATA (in millions, except pounds sold) Three Months Ended
Six Months Ended December 31, December 31, 2011 2010 2011
2010 Pounds sold (000): Specialty Alloys Operations 47,078 50,348
91,288 95,952 Performance Engineered Products 3,434 3,088 6,872
6,330 Intersegment (1,470 ) (704 ) (2,094 )
(1,360 ) Consolidated pounds sold 49,042
52,732 96,066 100,922
Net sales: Specialty Alloys Operations Net sales
excluding surcharge $ 258.1 $ 228.4 $ 492.6 $ 438.7 Surcharge
102.4 97.4 203.7
184.3 Specialty Alloys Operations net sales $ 360.5
$ 325.8 $ 696.3 $ 623.0
Performance Engineered Products Net sales excluding surcharge $
81.2 $ 44.3 $ 164.2 $ 92.3 Surcharge 1.1 1.1
2.3 2.3 Performance
Engineered Products net sales $ 82.3 $ 45.4 $ 166.5
$ 94.6 Other $ 9.5 $ 9.2 $ 19.6
$ 18.5 Intersegment (21.2 ) (4.8
) (37.2 ) (8.8 ) Consolidated net sales $ 431.1
$ 375.6 $ 845.2 $ 727.3
Operating income: Specialty Alloys Operations $ 50.9 $ 26.7 $ 97.2
$ 52.7 Performance Engineered Products 10.4 4.7 22.2 11.4 Other 0.7
0.2 1.2 0.4 Corporate costs (including acquisition related costs)
(12.6 ) (10.6 ) (22.8 ) (20.5 ) Pension earnings, interest &
deferrals (3.6 ) (8.8 ) (7.2 ) (17.6 ) Intersegment (1.9 )
(0.1 ) (2.7 ) (0.2 ) Consolidated
operating income $ 43.9 $ 12.1 $ 87.9 $ 26.2
In January 2012, the Company announced it had made changes to
its reportable segments. The Company now has two reportable
business segments, Specialty Alloys Operations (SAO) and
Performance Engineered Products (PEP). Previously, the Company's
reportable segments consisted of Premium Alloys Operations (PAO),
Advanced Metals Operations (AMO) and Emerging Ventures.
The SAO segment is comprised of Carpenter's major premium alloy
and stainless steel manufacturing operations. This includes
operations performed at mills primarily in Reading, Pennsylvania
and the surrounding area, South Carolina, and the new premium
products manufacturing facility being built in Limestone County,
Alabama.
The PEP segment is comprised of Carpenter's differentiated
operations. This includes Dynamet titanium business, the Carpenter
Powder Products (CPP) business, and the Amega West business. The
pounds sold data above for the PEP segment includes only the
Dynamet and CPP businesses.
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 Six Months Ended December 31, December 31, FREE CASH FLOW
2011 2010 2011 2010 Net cash provided from (used for)
operating activities $ 46.2 $ (33.6 ) $ (27.8 ) $ (64.1 ) Purchases
of property, equipment and software (33.0 ) (9.6 ) (60.3 ) (17.7 )
Proceeds from disposals of property and equipment -- -- 0.2 0.1
Acquisition of equity method investment -- (6.2 ) -- (6.2 )
Proceeds received from sale of noncontrolling interest -- 9.1 --
9.1 Acquisition of businesses (1.4 ) (41.6 ) (1.4 ) (41.6 )
Dividends paid (8.1 ) (8.0 ) (16.2 )
(16.0 ) Free cash flow $ 3.7 $ (89.9 ) $ (105.5 ) $ (136.4 )
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 Six Months Ended December 31,
December 31, NET PENSION EXPENSE PER DILUTED SHARE 2011 2010
2011 2010 Pension plans expense $ 9.3 $ 13.4 $ 18.8 $
26.9 Other postretirement benefits expense 0.5
1.7 0.9 3.4 Net pension expense
9.8 15.1 19.7 30.3 Income tax benefit (3.8 ) (5.6 )
(7.5 ) (11.3 ) Net pension expense, net of tax $ 6.0
$ 9.5 $ 12.2 $ 19.0 Net pension
expense per diluted share $ 0.13 $ 0.21 $ 0.27
$ 0.43 Weighted average diluted common shares
45.1 44.7 45.1 44.6
Management believes that net pension expense per diluted share
is helpful in analyzing the operating performance of the Company,
as net pension expense may be volatile due to changes in the
financial markets, which may result in significant fluctuations in
operating results from period to period.
Three Months Ended Six Months Ended
December 31, December 31,
OPERATING MARGIN EXCLUDING SURCHARGE AND
PENSION EARNINGS, INTEREST AND DEFERRALS
2011 2010 2011 2010 Net sales $ 431.1 $ 375.6
$ 845.2 $ 727.3 Less: surcharge revenue 100.8
98.6 201.3 186.6 Consolidated
net sales excluding surcharge $ 330.3 $ 277.0 $ 643.9
$ 540.7 Operating income $ 43.9 $ 12.1 $ 87.9
$ 26.2 Pension earnings, interest & deferrals 3.6
8.8 7.2 17.6
Operating income excluding pension
earnings, interest and deferrals
$ 47.5 $ 20.9 $ 95.1 $ 43.8
Operating margin excluding surcharge,
pension earnings, interest and deferrals
14.4 % 7.5 % 14.8 % 8.1 %
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 Six Months Ended
December 31, December 31, NET SALES BY MAJOR PRODUCT CLASS 2011
2010 2011 2010 Net Sales by Product Class Excluding
Surcharge: Special alloys $ 136.3 $ 127.6 $ 264.3 $ 244.3 Stainless
steel 120.4 91.7 232.2 176.8 Titanium products 36.7 28.2 75.4 61.3
Powder metals 15.2 12.1 29.0 23.8 Alloy and tool steel 4.1 5.0 9.3
9.8 Distribution and other 17.6 12.4 33.7
24.7 Consolidated net sales excluding surcharge $
330.3 $ 277.0 $ 643.9 $ 540.7 Surcharge revenue 100.8
98.6 201.3 186.6 Consolidated net sales
$ 431.1 $ 375.6 $ 845.2 $ 727.3 Three Months Ended
Six Months Ended December 31, December 31, NET SALES BY END USE
MARKET 2011 2010 2011 2010 End Use Market Excluding
Surcharge: Aerospace and defense $ 142.6 $ 114.4 $ 271.0 $ 224.6
Industrial and consumer 75.8 76.1 149.3 149.3 Energy 51.7 32.7
102.1 57.4 Transportation 22.5 22.9 44.5 44.5 Medical 28.2 21.7
57.4 46.4 Distribution 9.5 9.2 19.6
18.5 Consolidated net sales excluding surcharge $ 330.3 $
277.0 $ 643.9 $ 540.7 Surcharge revenue 100.8
98.6 201.3 186.6 Consolidated net sales $
431.1 $ 375.6 $ 845.2 $ 727.3
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