Carpenter Technology Corporation is raising its base prices from six to nine percent on new, non-contract orders across all specialty alloy products. Separately, the company reported continued, albeit reduced, losses of $40 million in its third quarter reflecting significant decline in business due to pandemic disruption.
The price increases were announced on May 24 and are being applied to new orders placed after that date. Among its specialty alloy products are an extensive lineup of soft magnetic alloys for improving the performance of electric motors and magnetic components.
For the recent quarter, covering the three months ended March 31, the $40 million loss compared to a profit of $58 million during the same period in 2020 and an improvement from its loss of $89 million in its second quarter. Revenues for the quarter plunged to $351 million from $585 for the same period a year earlier.
“Our third quarter results were in-line with our expectations as we continue to weather near-term volume headwinds, as we had anticipated,” said Tony Thene, president and CEO. “Looking ahead, we believe end-use market conditions will continue to improve as we move through calendar year 2021,” he commented.
Based in Philadelphia, Carpenter is a major producer of high-performance specialty alloy-based materials and process solutions in the aerospace, defense, transportation, energy, industrial, medical, and consumer electronics markets. Founded in 1889, the company has evolved to become a pioneer in premium specialty alloys including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing processes and soft magnetics applications. See www.carpentertechnology.com.