Posted on Tue, Oct. 27, 2009
Carpenter Technology cited a 38 percent decrease in first-quarter sales (excluding surcharge) in reporting a loss of $9.3 million (21 cents a share), over income of $25.8 million (58 cents a share) a year ago.
Free cash flow was $17.8 million, against $12.7 million a year ago, chiefly from a tax refund received for overpayments in the previous year, the company said in a statement. Carpenter said that, at the end of the quarter, it had a cash balance of $375 million against outstanding debt of $279 million.
The Wyomissing-based maker of specialty alloys said that sales were down in all markets: aerospace, industrial, medical, consumer, automotive, and energy.
"We continue to expect that our revenue level has bottomed this quarter and will improve quarter to quarter over the balance of the year," said Gregory A. Pratt, chairman and interim chief executive officer.
Pratt was named to those posts earlier this month after the resignation of Anne L. Stevens, chairman and chief executive officer, and the announcement that her duties would be split between two people.
At midafternoon, shares were trading on the New York Stock Exchange at $23.39, up $2.02 (9.45 percent). - Roslyn Rudolph
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