Carpenter Technology Corporation (NYSE: CRS), a producer of specialty alloys and metal powders, released its financial results for the fourth quarter and for the full year of 2019.
According to the reported data, full-year net profit for fiscal year 2019 was $ 167 million, compared to $ 188.5 million in 2018. For the three months ended June 30, 2019, net income was reported at $ 48.9 million.
In the past year, Carpenter has adopted additive manufacturing as a company's strategy, joining GE's additive manufacturing partner network in the first quarter of 2019, and acquiring British metal powder producer LPW Technology for $ 79 million in the second quarter.
Tony Thene, President of Carpenter Technology, said: "Our FY 2019 results demonstrate the value of the strong execution of our business and manufacturing strategies, which has driven year-on-year revenue and profit growth in the aerospace and defense and medical end markets, and we continue to Looking to the future, take innovative measures to strengthen our leadership position through targeted investments in key emerging technologies. In the past year, we have significantly improved our additives by acquiring LPW companies and adding powder lifecycle management solutions Manufacturing platform. "
Carpenter Technology has two business units, the Special Alloys Business (SAO) and Performance Engineering Products (PEP). SAO includes the company's high-quality alloy and stainless steel manufacturing business, while PEP includes its Dynanamet titanium business, Carpenter powder products (CPP), Amega West, Latrobe, and Mexico distribution business, PBF expert CalRAM (acquired in February 2018), and LPW business, which include Supply of powder for additive manufacturing, and provision of powder processing equipment.
For the fourth quarter of 2019, SAO net sales were $ 532 million, compared to $ 518.3 million in the fourth quarter of 2018. For PEP, which includes the company's additive manufacturing business, net sales in the fourth quarter of 2019 were $ 126.4 million, compared to $ 116.3 million in the fourth quarter of 2018.
For the full year of 2019, SAO's net sales were $ 1.9673 billion, compared with 2018's full-year sales of $ 1.8038 billion. PEP's full-year net sales in 2019 were $ 479.7 million, which is higher than the net sales of PEP in fiscal 2014 The amount increased by 11.6% to 429.7 million US dollars.
Through the end-use market, aerospace and defense are Carpenter's most powerful sectors, with net sales of $ 1.0515 billion in fiscal 2017 and net sales of $ 957.1 million in fiscal 2018. This market is closely followed by industrial and consumer goods, with net sales of $ 298.5 million in fiscal 2019 and $ 295.9 million in fiscal 2018. Medical is Carpenter's next largest market, with net sales of $ 176.3 million in fiscal 2017 and net sales of $ 149.3 million in fiscal 2018.
Thene said, "Looking ahead, we are focused on advancing our solution approach, gaining additional productivity and capacity through the Carpenter operating model, and investing in the future of our industry and end markets. We believe that further implementation of our strategy will enhance our Long-term growth potential and create sustainable long-term value creation for our customers and shareholders. "