BUSINESS NEWS: CarTech Reports Record Quarterly
Carpenter Technology Corp. (Wyomissing, Pa.) reported record quarterly sales and net income. Net sales for the first quarter 2006 were $426.0 million, compared with $342.1 million for the same quarter of 2005 (a 25% increase). Net income in the first quarter of 2006 was $60.8 million, or $2.32 per diluted share, compared to net income of $35.3 million, or $1.38 per diluted share, a year ago (a 72% increase). Free cash flow in the first quarter of 2006 was $53.3 million, compared with $46.1 million in the quarter a year ago. Aerospace market sales increased 80% to a record high, and international sales accounted for 33% of total sales.
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