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Carpenter Technology (CRS) Hikes Prices for Specialty Alloy Products

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Carpenter Technology Corporation (CRS - Free Report) has announced hikes for base prices on new, non-contract orders across all specialty alloy products by 6-9%. This price rise will be effective on new orders placed after May 24.

Last month, the company reported adjusted loss per share of 54 cents for third-quarter fiscal 2021. The figure came in narrower than the Zacks Consensus Estimate of loss per share of 58 cents. The company had reported adjusted earnings per share of 82 cents in the year-ago period. Revenues of $352 million plunged 66.2% year over year, missing the Zacks Consensus Estimate of $365 million.

Carpenter Technology anticipates to witness demand recovery across its key end-use markets in fourth-quarter fiscal 2021. The company’s industrial end-use market is likely to witness strong demand for fluid control and semiconductor applications for its ultra-high-purity materials. It is witnessing recovery in some areas of the Aerospace and Defense end-use market, with a strong defense sub-market. Apart from this, Carpenter Technology is gaining from improving demand in the medical end-use market. In the transportation end-use market, demand in the light vehicle market is strong, driven by North America and China. The Heavy-duty truck market is likely to grow through calendar-year 2022. However, a challenging oil and gas sub-market, with reduced drilling activity in North America, is affecting the company’s energy end market.

During the fiscal fourth quarter, the Specialty Alloys Operations (SAO) and Performance Engineered Products (PEP) segment will gain from improving demand, with sales expected to increase sequentially across most end-use markets. Moreover, Carpenter Technology has been implementing cost-reduction initiatives and portfolio realignments that are expected to aid in significant costs savings. Some of the prominent players in the Steel – Speciality industry like Allegheny Technologies Incorporated (ATI - Free Report) , Arch Resources Inc. (ARCH - Free Report) and Haynes International, Inc. (HAYN - Free Report) are also gaining from focus on cost-reduction actions.

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