Carpenter Forecasts 3rd Quarter Earnings Expectations
04/15/2008 - Reduced demand in most of its markets prompts Carpenter Technology to downgrade its expectation for third-quarter net income into the range of $1.00 to 1.05 per diluted share.
Carpenter Technology Corp. announced that it expects to report net income from continuing operations in the range of $1.00-$1.05 per diluted share for its fiscal third quarter ended March 31, 2008. The projection does not include the gain from the $145-million sale of Carpenter’s ceramics businesses, which will be recorded in the third quarter results.
The $1.00 to $1.05 per diluted share projection compares to record third-quarter net income of $1.27 per share in the same period a year ago. Last year’s results included comparable net income from continuing operations of $1.22 per share.
The company had indicted in late January that the softening U.S. economic conditions might prevent its third-quarter performance for 2008 from surpassing the exceptionally strong third-quarter results of a year ago.
The projected results for the 2008 third quarter reflect 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 is scheduled to release its financial results on Tuesday, April 29, 2008.
Carpenter Technology produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products.
