Earnings per share of $0.49
Carpenter Technology Corporation (NYSE:CRS) (the “Company”) today
announced financial results for the fiscal first quarter ended
September 30, 2017. The Company reported net income of $23.4
million, or $0.49 earnings per share, for the first quarter of
fiscal year 2018.
“This was our best first quarter in four years as continued
execution of our commercial and manufacturing strategies and
improving market conditions drove solid operational performance,”
said Tony Thene, Carpenter’s President and CEO. “Our
solutions-focused approach is helping our customers win in their
markets while improving our product mix. Complementing this growth,
the organization-wide implementation of the Carpenter Operating
Model is unlocking capacity while simultaneously improving our cost
position. At the same time, we are seeing conditions across most of
our end-use markets continue to improve, furthering the demand for
our solutions. In the Aerospace and Defense end-use market, engine
demand remains strong as the new platform ramp continues and we are
also benefiting from our broad participation in other attractive
Aerospace sub-markets.”
Mr. Thene concluded, “Looking ahead, we want to continue
building on the momentum of our solutions-focused commercial
approach across our markets and manufacturing execution to drive
profitable growth. We believe we have significant opportunities to
continue to leverage our strengths as we look to position Carpenter
as the irreplaceable solutions provider in evolving technologies
like additive manufacturing. We’re off to a great start to fiscal
year 2018 and remain focused on best positioning Carpenter to
generate sustainable long-term growth and deliver increasing value
to shareholders.”
Financial Highlights
($ in
millions) |
|
Q1 |
|
Q1 |
|
Q4 |
|
|
|
FY2018 |
|
FY2017 |
|
FY2017 |
|
Net
Sales |
$ |
479.8 |
|
|
$ |
389.0 |
|
|
|
$ |
507.7 |
|
|
Net Sales
Excluding Surcharge (a) |
$ |
409.8 |
|
|
$ |
339.8 |
|
|
|
$ |
438.9 |
|
|
Operating
Income |
$ |
41.7 |
|
|
$ |
1.4 |
|
|
|
$ |
44.6 |
|
|
Operating
Income Excluding Pension EID and Special Items (a)
|
$ |
42.2 |
|
|
$ |
9.0 |
|
|
|
$ |
53.4 |
|
|
Net Income
(Loss) |
$ |
23.4 |
|
|
$ |
(6.2 |
) |
|
|
$ |
25.5 |
|
|
Cash (Used
For) Provided from Operating Activities |
$ |
(7.4 |
) |
|
$ |
4.1 |
|
|
|
$ |
94.0 |
|
|
Free Cash
Flow (a) |
$ |
(44.9 |
) |
|
$ |
(31.0 |
) |
|
|
$ |
64.6 |
|
|
(a) Non-GAAP financial measure explained in
attached schedules |
|
|
|
|
|
Net sales for the first quarter of fiscal year 2018 were $479.8
million compared with $389.0 million in the first quarter of fiscal
year 2017, an increase of $90.8 million (or 23.3 percent), on 16.9
percent higher volume. Net sales excluding surcharge were
$409.8 million, an increase of $70.0 million (or 20.6 percent) from
the same period a year ago.
Operating income was $41.7 million compared to $1.4 million in
the prior year period. Operating income—excluding pension earnings,
interest and deferrals (EID) and special items—was $42.2 million,
compared to $9.0 million in the prior year period. These
results primarily reflect higher sales and improved mix compared to
the same quarter a year ago, stronger market conditions as well as
the continued positive impact of the Carpenter Operating Model.
Cash used for operating activities in the first quarter of
fiscal year 2018 was $7.4 million, compared to cash provided from
operating activities of $4.1 million in the same quarter last year.
The decrease in operating cash flow was primarily related to
higher working capital levels to support improving market
conditions.
Free cash flow in the first quarter of fiscal year 2018 was
negative $44.9 million, compared to negative free cash flow of
$31.0 million in the same quarter last year. Capital expenditures
were $28.9 million in the first quarter of fiscal year 2018
compared to $26.6 million in the same quarter last year.
Total liquidity, including cash and available revolver balance,
was $415.5 million at the end of the first quarter of fiscal year
2018. This consisted of $24.9 million of cash and $390.6
million of available borrowings under the Company’s credit
facility.
Conference Call and Webcast Presentation
Carpenter will host a conference call and webcast presentation
today, October 26th at 10:00 a.m. ET, to discuss the financial
results and operations for the first quarter of fiscal 2018. Please
dial +1 412-317-9259 for access to the live conference call.
Access to the live webcast will be available at Carpenter’s
website (http://www.cartech.com), and a replay will soon be made
available at http://www.cartech.com. Presentation materials used
during this conference call will be available for viewing and
download at http://www.cartech.com.
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). A reconciliation of
the non-GAAP financial measures to their most directly comparable
financial measures prepared in accordance with GAAP, accompanied by
reasons why the Company believes the non-GAAP measures are
important, are included in the attached schedules.
About Carpenter Technology
Carpenter Technology Corporation is a leading producer and
distributor of premium specialty alloys, including titanium alloys,
nickel and cobalt based superalloys, stainless steels, alloy steels
and tool steels. Carpenter’s high-performance materials and
advanced process solutions are an integral part of critical
applications used within the aerospace, transportation, medical and
energy markets, among other markets. Building on its history of
innovation, Carpenter’s powder technology capabilities support a
range of next-generation products and manufacturing techniques,
including additive manufacturing and 3D Printing. Information about
Carpenter can be found at www.cartech.com.
Forward-Looking Statements
This presentation 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 report on Form 10-K for the year
ended June 30, 2017 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, defense, industrial, transportation, 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; (2) the ability of Carpenter to
achieve cash generation, growth, earnings, profitability, operating
income, cost savings and reductions, qualifications, productivity
improvements or process changes; (3) the ability to recoup
increases in the cost of energy, raw materials, freight 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; (11) the availability of credit facilities to
Carpenter, its customers or other members of the supply chain; (12)
the ability to obtain energy or raw materials, especially from
suppliers located in countries that may be subject to unstable
political or economic conditions; (13) Carpenter’s manufacturing
processes are dependent upon highly specialized equipment located
primarily in facilities in Reading and Latrobe, Pennsylvania and
Athens, Alabama for which there may be limited alternatives if
there are significant equipment failures or a catastrophic event;
(14) the ability to hire and retain key personnel, including
members of the executive management team, management, metallurgists
and other skilled personnel; and (15) fluctuations in oil and gas
prices and production. 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 (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended.
Carpenter undertakes no obligation to update or revise any
forward-looking statements.
PRELIMINARYCONSOLIDATED
STATEMENTS OF OPERATIONS(in millions, except per share
data)(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
September 30, |
|
|
2017 |
|
2016 |
|
|
|
|
|
NET SALES |
|
$ |
479.8 |
|
|
$ |
389.0 |
|
Cost of sales |
|
394.2 |
|
|
343.0 |
|
Gross profit |
|
85.6 |
|
|
46.0 |
|
|
|
|
|
|
Selling, general and
administrative expenses |
|
43.9 |
|
|
44.6 |
|
Operating income |
|
41.7 |
|
|
1.4 |
|
|
|
|
|
|
Interest expense |
|
(7.2 |
) |
|
(7.3 |
) |
Other income, net |
|
0.7 |
|
|
0.6 |
|
|
|
|
|
|
Income (loss) before
income taxes |
|
35.2 |
|
|
(5.3 |
) |
Income tax expense |
|
11.8 |
|
|
0.9 |
|
|
|
|
|
|
NET INCOME (LOSS) |
|
$ |
23.4 |
|
|
$ |
(6.2 |
) |
|
|
|
|
|
EARNINGS (LOSS) PER
COMMON SHARE: |
|
|
|
|
Basic |
|
$ |
0.49 |
|
|
$ |
(0.13 |
) |
Diluted |
|
$ |
0.49 |
|
|
$ |
(0.13 |
) |
|
|
|
|
|
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING: |
|
|
|
|
Basic |
|
47.1 |
|
|
46.9 |
|
Diluted |
|
47.3 |
|
|
46.9 |
|
|
|
|
|
|
Cash dividends per
common share |
|
$ |
0.18 |
|
|
$ |
0.18 |
|
PRELIMINARYCONSOLIDATED
STATEMENTS OF CASH FLOWS(in millions)(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
September 30, |
|
|
2017 |
|
2016 |
OPERATING
ACTIVITIES: |
|
|
|
|
Net income (loss) |
|
$ |
23.4 |
|
|
$ |
(6.2 |
) |
Adjustments to
reconcile net income (loss) to net cash (used for) provided from
operating activities: |
|
|
|
|
Depreciation and amortization |
|
28.7 |
|
|
28.9 |
|
Deferred
income taxes |
|
0.6 |
|
|
37.5 |
|
Net
pension expense |
|
3.6 |
|
|
16.8 |
|
Share-based compensation expense |
|
4.2 |
|
|
3.0 |
|
Loss on
disposals of property and equipment |
|
0.1 |
|
|
0.1 |
|
Changes in working
capital and other: |
|
|
|
|
Accounts
receivable |
|
(1.2 |
) |
|
13.2 |
|
Inventories |
|
(46.3 |
) |
|
(33.5 |
) |
Other
current assets |
|
(9.0 |
) |
|
(44.6 |
) |
Accounts
payable |
|
15.9 |
|
|
(0.7 |
) |
Accrued
liabilities |
|
(21.7 |
) |
|
(10.5 |
) |
Pension
plan contributions |
|
(4.2 |
) |
|
— |
|
Other
postretirement plan contributions |
|
(0.5 |
) |
|
(1.4 |
) |
Other,
net |
|
(1.0 |
) |
|
1.5 |
|
Net cash
(used for) provided from operating activities |
|
(7.4 |
) |
|
4.1 |
|
INVESTING
ACTIVITIES: |
|
|
|
|
Purchases of property,
equipment and software |
|
(28.9 |
) |
|
(26.6 |
) |
Net cash
used for investing activities |
|
(28.9 |
) |
|
(26.6 |
) |
FINANCING
ACTIVITIES: |
|
|
|
|
Credit agreement
borrowings, net |
|
3.3 |
|
|
— |
|
Dividends paid |
|
(8.6 |
) |
|
(8.5 |
) |
Proceeds from stock
options exercised |
|
1.4 |
|
|
0.3 |
|
Other |
|
(0.2 |
) |
|
(0.2 |
) |
Net cash
used for financing activities |
|
(4.1 |
) |
|
(8.4 |
) |
Effect of exchange rate
changes on cash and cash equivalents |
|
(1.0 |
) |
|
(0.2 |
) |
DECREASE IN CASH AND
CASH EQUIVALENTS |
|
(41.4 |
) |
|
(31.1 |
) |
Cash and cash
equivalents at beginning of period |
|
66.3 |
|
|
82.0 |
|
Cash and cash
equivalents at end of period |
|
$ |
24.9 |
|
|
$ |
50.9 |
|
PRELIMINARYCONSOLIDATED
BALANCE SHEETS(in millions)(Unaudited) |
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
|
2017 |
|
2017 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
24.9 |
|
|
$ |
66.3 |
|
Accounts
receivable, net |
|
294.6 |
|
|
290.4 |
|
Inventories |
|
737.3 |
|
|
690.4 |
|
Other
current assets |
|
54.9 |
|
|
46.5 |
|
Total
current assets |
|
1,111.7 |
|
|
1,093.6 |
|
Property, plant and
equipment, net |
|
1,308.7 |
|
|
1,316.8 |
|
Goodwill |
|
263.4 |
|
|
263.4 |
|
Other intangibles,
net |
|
63.2 |
|
|
64.9 |
|
Deferred income
taxes |
|
7.5 |
|
|
7.6 |
|
Other assets |
|
138.0 |
|
|
131.8 |
|
Total
assets |
|
$ |
2,892.5 |
|
|
$ |
2,878.1 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current
liabilities: |
|
|
|
|
Credit
agreement borrowings |
|
$ |
3.3 |
|
|
$ |
— |
|
Current
portion of long-term debt |
|
55.0 |
|
|
55.0 |
|
Accounts
payable |
|
212.5 |
|
|
201.1 |
|
Accrued
liabilities |
|
110.8 |
|
|
139.9 |
|
Total
current liabilities |
|
381.6 |
|
|
396.0 |
|
Long-term debt, net of
current portion |
|
549.8 |
|
|
550.0 |
|
Accrued pension
liabilities |
|
372.1 |
|
|
378.3 |
|
Accrued postretirement
benefits |
|
123.3 |
|
|
122.6 |
|
Deferred income
taxes |
|
191.4 |
|
|
184.8 |
|
Other liabilities |
|
43.3 |
|
|
47.8 |
|
Total
liabilities |
|
1,661.5 |
|
|
1,679.5 |
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
Common stock |
|
277.0 |
|
|
276.7 |
|
Capital in excess of
par value |
|
289.9 |
|
|
284.8 |
|
Reinvested
earnings |
|
1,336.6 |
|
|
1,321.8 |
|
Common stock in
treasury, at cost |
|
(341.4 |
) |
|
(341.6 |
) |
Accumulated other
comprehensive loss |
|
(331.1 |
) |
|
(343.1 |
) |
Total
stockholders' equity |
|
1,231.0 |
|
|
1,198.6 |
|
Total
liabilities and stockholders' equity |
|
$ |
2,892.5 |
|
|
$ |
2,878.1 |
|
PRELIMINARYSEGMENT FINANCIAL
DATA(in millions, except pounds sold)(Unaudited) |
|
|
|
Three Months Ended |
|
September 30, |
|
2017 |
|
2016 |
Pounds sold (000): |
|
|
|
Specialty
Alloys Operations |
61,190 |
|
|
52,360 |
|
Performance Engineered Products |
3,526 |
|
|
2,414 |
|
Intersegment |
(1,370 |
) |
|
(594 |
) |
Consolidated pounds sold |
63,346 |
|
|
54,180 |
|
|
|
|
|
Net sales: |
|
|
|
Specialty
Alloys Operations |
|
|
|
Net sales
excluding surcharge |
$ |
325.6 |
|
|
$ |
266.0 |
|
Surcharge |
71.2 |
|
|
49.1 |
|
Specialty
Alloys Operations net sales |
396.8 |
|
|
315.1 |
|
|
|
|
|
Performance Engineered Products |
|
|
|
Net sales
excluding surcharge |
100.5 |
|
|
78.3 |
|
Surcharge |
0.2 |
|
|
0.2 |
|
Performance Engineered Products net sales |
100.7 |
|
|
78.5 |
|
|
|
|
|
Intersegment |
|
|
|
Net sales
excluding surcharge |
(16.3 |
) |
|
(4.5 |
) |
Surcharge |
(1.4 |
) |
|
(0.1 |
) |
Intersegment net sales |
(17.7 |
) |
|
(4.6 |
) |
|
|
|
|
Consolidated net sales |
$ |
479.8 |
|
|
$ |
389.0 |
|
|
|
|
|
Operating income: |
|
|
|
Specialty
Alloys Operations |
$ |
50.5 |
|
|
$ |
25.0 |
|
Performance Engineered Products |
5.3 |
|
|
(2.8 |
) |
Corporate
costs |
(12.9 |
) |
|
(13.8 |
) |
Pension
earnings, interest and deferrals |
(0.5 |
) |
|
(7.1 |
) |
Intersegment |
(0.7 |
) |
|
0.1 |
|
Consolidated operating income |
$ |
41.7 |
|
|
$ |
1.4 |
|
The Company has two reportable segments, Specialty Alloys
Operations (“SAO”) and Performance Engineered Products (“PEP”).
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 and Latrobe,
Pennsylvania and surrounding areas as well as South Carolina and
Alabama.
The PEP segment is comprised of the Company’s differentiated
operations. This segment includes the Dynamet titanium business,
the Carpenter Powder Products (CPP) business, the Amega West
business, and the Latrobe and Mexico distribution businesses. The
businesses in the PEP segment are managed with an entrepreneurial
structure to promote flexibility and agility to quickly respond to
market dynamics. It is our belief this model will ultimately
drive overall revenue and profit growth. The pounds sold data
above for the PEP segment includes only the Dynamet and CPP
businesses.
The corporate costs are comprised of executive and director
compensation, and other corporate facilities and administrative
expenses not allocated to the segments. Also included are items
that management considers not representative of ongoing operations
and other specifically-identified income or expense items.
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, or pension earnings, interest and deferrals (pension EID),
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 and is
included under the heading "Pension earnings, interest and
deferrals".
PRELIMINARYNON-GAAP FINANCIAL
MEASURES(in millions, except per share
data)(Unaudited) |
|
|
|
|
|
OPERATING MARGIN
EXCLUDING SURCHARGE, |
|
|
|
|
PENSION EARNINGS,
INTEREST AND DEFERRALS |
|
Three Months Ended |
AND SPECIAL ITEMS |
|
September 30, |
|
|
2017 |
|
2016 |
|
|
|
|
|
Net sales |
|
$ |
479.8 |
|
|
$ |
389.0 |
|
Less: surcharge |
|
70.0 |
|
|
49.2 |
|
Consolidated net sales
excluding surcharge |
|
$ |
409.8 |
|
|
$ |
339.8 |
|
|
|
|
|
|
Operating income |
|
$ |
41.7 |
|
|
$ |
1.4 |
|
Pension earnings,
interest and deferrals |
|
0.5 |
|
|
7.1 |
|
Operating income
excluding pension earnings, interest and deferrals |
|
42.2 |
|
|
8.5 |
|
|
|
|
|
|
Special items: |
|
|
|
|
Pension curtailment
charge |
|
— |
|
|
0.5 |
|
Operating income
excluding pension earnings, interest and deferrals and special
items |
|
$ |
42.2 |
|
|
$ |
9.0 |
|
|
|
|
|
|
Operating margin |
|
8.7 |
% |
|
0.4 |
% |
|
|
|
|
|
Operating margin
excluding surcharge, pension earnings, interest and deferrals
andspecial items |
|
10.3 |
% |
|
2.6 |
% |
Management believes that removing the impacts of raw material
surcharge from operating margin provides a more consistent basis
for comparing results of operations from period to period, thereby
permitting management to evaluate performance and investors to make
decisions based on the ongoing operations of the Company. 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. Management also believes that
removing the impact of the special items is helpful in analyzing
the operating performance of the Company, as these items are not
indicative of ongoing operating performance. Management uses its
results excluding these amounts to evaluate its operating
performance and to discuss its business with investment
institutions, the Company’s board of directors and others.
ADJUSTED EARNINGS PER
SHARE EXCLUDINGSPECIAL ITEMS |
|
IncomeBeforeIncomeTaxes |
|
IncomeTaxExpense |
|
NetIncome |
|
EarningsPerDilutedShare* |
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2017, as reported |
|
$ |
35.2 |
|
|
$ |
(11.8 |
) |
|
$ |
23.4 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
None
reported |
|
|
|
|
|
|
|
|
Total impact of special
items |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2017, as adjusted |
|
$ |
35.2 |
|
|
$ |
(11.8 |
) |
|
$ |
23.4 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
* Impact
per diluted share calculated using weighted average common shares
outstanding of 47.3 million for thethree months ended September 30,
2017. |
ADJUSTED EARNINGS PER
SHARE EXCLUDING SPECIAL ITEMS |
|
(Loss)IncomeBeforeIncomeTaxes |
|
IncomeTaxBenefit(Expense) |
|
Net(Loss)Income |
|
(Loss)EarningsPerDilutedShare** |
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2016, as reported |
|
$ |
(5.3 |
) |
|
$ |
(0.9 |
) |
|
$ |
(6.2 |
) |
|
$ |
(0.13 |
) |
|
|
|
|
|
|
|
|
|
Special items: |
|
|
|
|
|
|
|
|
Pension
curtailment charge |
|
0.5 |
|
|
(0.1 |
) |
|
0.4 |
|
|
0.01 |
|
Income
tax item* |
|
— |
|
|
2.1 |
|
|
2.1 |
|
|
0.04 |
|
Total impact of special
items |
|
0.5 |
|
|
2.0 |
|
|
2.5 |
|
|
0.05 |
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2016, as adjusted |
|
$ |
(4.8 |
) |
|
$ |
1.1 |
|
|
$ |
(3.7 |
) |
|
$ |
(0.08 |
) |
|
|
|
|
|
|
|
|
|
* Discrete
income tax charge recorded during the three months ended September
30, 2016 as a result of reducedtax benefits claimed in prior years
in connection with the Company’s $100 million voluntary pension
contributionpaid in October 2016. |
** Impact
per diluted share calculated using weighted average common shares
outstanding of 46.9 million for thethree months ended September 30,
2016. |
Management believes that earnings per share adjusted to exclude
the impact of the special items is helpful in analyzing the
operating performance of the Company, as these items are not
indicative of ongoing operating performance. Management uses its
results excluding these amounts to evaluate its operating
performance and to discuss its business with investment
institutions, the Company’s board of directors and others.
|
|
Three Months Ended |
|
|
September 30, |
FREE CASH FLOW |
|
2017 |
|
2016 |
|
|
|
|
|
Net cash (used for)
provided from operating activities |
|
$ |
(7.4 |
) |
|
$ |
4.1 |
|
Purchases of property,
equipment and software |
|
(28.9 |
) |
|
(26.6 |
) |
Dividends paid |
|
(8.6 |
) |
|
(8.5 |
) |
|
|
|
|
|
Free cash flow |
|
$ |
(44.9 |
) |
|
$ |
(31.0 |
) |
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.
PRELIMINARYSUPPLEMENTAL
SCHEDULES(in millions)(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
|
September 30, |
NET SALES BY END-USE
MARKET |
|
2017 |
|
2016 |
End-Use Market
Excluding Surcharge: |
|
|
|
|
Aerospace
and Defense |
|
$ |
215.6 |
|
|
$ |
173.3 |
|
Energy |
|
28.8 |
|
|
25.7 |
|
Transportation |
|
30.6 |
|
|
30.6 |
|
Medical |
|
33.4 |
|
|
23.0 |
|
Industrial and Consumer |
|
71.7 |
|
|
59.3 |
|
Distribution |
|
29.7 |
|
|
27.9 |
|
|
|
|
|
|
Consolidated net sales
excluding surcharge |
|
409.8 |
|
|
339.8 |
|
|
|
|
|
|
Surcharge |
|
70.0 |
|
|
49.2 |
|
|
|
|
|
|
Consolidated net
sales |
|
$ |
479.8 |
|
|
$ |
389.0 |
|
Media Inquiries:William J. Rudolph, Jr.+1
610-208-3892wrudolph@cartech.comInvestor Inquiries:Brad
EdwardsBrainerd Communicators+1
212-986-6667edwards@braincomm.com
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