Carpenter to report lower earnings for its first fiscal year quarter ending Sept. 30, 1996.READING, Pa.--(BUSINESS WIRE)--Sept. 23, 1996--Carpenter Technology Corp. (NYSE NYSE See: New York Stock Exchange :CRS CRS Course CRS Certified Residential Specialist (real estate certification) CRS Central Reservation System CRS Can't Remember Stuff (polite form) CRS Cost Reduction Strategy CRS Consumer Relations Specialist ) reported that its earnings per share for the Sept. 30, 1996, quarter would be below the record $.70 per share earned for the same period last year and the $.75 per share analysts' consensus forecast by approximately 40 percent. Sales for the September 1996 quarter are expected to exceed those of the prior year quarter. The first quarter is traditionally Carpenter's lowest quarter because of shutdowns by the company and many of its customers. The lower earnings are a direct result of an extended maintenance shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down period at Carpenter during July 1996, which resulted in lower manufacturing levels and higher repair spending levels. The prior year's shutdown was shorter and occurred in two fiscal years (June 1995 and July 1995). The extended shutdown was needed as a result of the high operating rate Operating rate The percentage of total production capacity of a company, industry, or country that is being used. operating rate The portion of capacity at which a business operates. of manufacturing facilities over the past two fiscal years and the expectation that the high operating rate will continue. Important repair and improvement projects were completed on constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. work centers which will enhance Carpenter's capability to meet future customer requirements. The markets for the company's products are generally firm, with notable strength in the aerospace, automotive and power generation segments. Some softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. of demand has been experienced in stainless forge bar and electronic strip products as a result of customer inventory adjustments. Future quarterly year-to-year sales comparisons are expected to be positive for the balance of the year, barring an economic slowdown. Carpenter, headquartered in Reading, manufactures high performance alloys and specialty steel products for automotive, aerospace, electronics and other industries worldwide. The company also manufactures structural ceramic cores for the casting industry and metal injection molded mold 1 n. 1. A hollow form or matrix for shaping a fluid or plastic substance. 2. A frame or model around or on which something is formed or shaped. 3. Something that is made in or shaped on a mold. parts for many other applications. Carpenter has approximately 4,600 employees throughout the world, including 2,800 in Reading. CONTACT: Carpenter Technology Corp., Reading John A. Schuler, treasurer, 610/208-2165 |
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