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CARPENTER TECHNOLOGY REPORTS SALES AND EARNINGS FOR ITS SECOND FISCAL QUARTER

 CARPENTER TECHNOLOGY REPORTS SALES AND EARNINGS
 FOR ITS SECOND FISCAL QUARTER
 READING, Pa., Jan. 22 /PRNewswire/ -- Carpenter Technology Corporation (NYSE: CRS) today reported its sales and earnings for the second fiscal quarter ended Dec. 31, 1991.
 Second quarter sales were $134.1 million, down 4 percent from the $140.4 million in the same period last year. Net income was $6.2 million, compared with $9.6 million for the previous year. Earnings per share were $.70, down 38 percent from the $1.12 reported last year.
 For the first six months of the current fiscal year, net income was $8.4 million, compared with the $16.1 million reported for the same period last year. Earnings per share were $.94, down 50 percent compared with the reported $1.88 last year. Sales were $260.6 million vs. $265.8 million reported for the prior year.
 The decrease in net income in both the second quarter and six months to date resulted from lower unit selling prices and increases in most costs, particularly medical, wage, supply and environmental costs. Lower raw material costs partially offset the above cost increases. The lower unit selling prices reflected the competitive pressures caused by the weak U.S. economy.
 Unit volume shipments were 2 percent higher for the second quarter and flat for the six-month period.
 Paul R. Roedel, chairman of the board and chief executive officer, said, "Our marketplace remains highly competitive due to the continuing recessionary environment in which we are operating."
 He added that the company is continuing to closely control costs while supporting programs to improve the level of product quality, reliability and service required by its customers during this period of low economic activity.
 CARPENTER TECHNOLOGY CORPORATION
 (In thousands, except per-share data)
 Periods ended Three months Six months
 Dec. 31 1991 1990 1991 1990
 Net sales $134,118 $140,419 $260,648 $265,828
 Costs and expenses:
 Cost of sales 100,331 99,713 199,085 191,813
 Selling and
 administrative expenses 20,224 20,383 39,884 38,526
 Interest expense 4,673 5,129 9,484 9,989
 Other expense (income) (634) 7 (746) (69)
 Total 124,594 125,232 247,707 240,259
 Income before income taxes 9,524 15,187 12,941 25,569
 Income taxes 3,278 5,593 4,504 9,486
 Net income 6,246 9,594 8,437 16,083
 Earnings per share $.70 $1.12 $.94 $1.88
 Cash dividends per share .60 .60 1.20 1.20
 Average shares outstanding 8,387 8,543 8,460 8,556
 /delval/
 -0- 1/22/92
 /CONTACT: John A. Schuler, treasurer of Carpenter Technology, 215-371-2165/
 (CRS) CO: Carpenter Technology Corporation ST: Pennsylvania IN: MNG SU: ERN


KA-MP -- PH011 -- 2145 01/22/92 10:02 EST
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Publication:PR Newswire
Date:Jan 22, 1992
Words:463
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