Carpenter Tech beats estimates; sees higher oper profit in 2013

Tue Jul 31, 2012 8:52am EDT

* Q4 adj EPS $0.88 vs est $0.79

* Q4 rev up 33 pct at $643.7 mln vs est $628 mln

July 31 (Reuters) - Titanium alloys maker Carpenter Technology Corp's fourth-quarter profit beat analysts' estimates on higher sales at its aerospace and defense segment, and the company forecast a 30 percent rise in 2013 operating profit.

The company said its business was resilient to global economic pressures as it had low exposure to economically sensitive products and market segments.

Carpenter Tech expects operating profit to increase by about $70 million in 2013.

Fourth-quarter net profit rose to $40.8 million, or 77 cents per share, from $25.5 million, or 57 cents per share, a year earlier.

Profit, on an adjusted basis, was 88 cents per share. Analysts had expected a profit of 79 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose 33 percent to $643.7 million, higher than market estimates of $628.05 million.

The company, whose alloys were used in airplanes made by the Wright Brothers, said the aerospace and defense market sales jumped 49 percent.

Wyoming, Pennsylvania-based Carpenter's shares closed at $46.40 on Monday on the New York Stock Exchange.