Carpenter Technology to Increase Base Prices on Specialty Alloy Portfolio

Rhea-AI Summary

Carpenter Technology Corporation (NYSE: CRS) announced an average price increase of 6% to 8% on new non-contract orders for its specialty alloy products, effective from November 8, 2021. This decision aims to offset rising costs and maintain profitability in the competitive market of specialty alloys. The company continues to uphold applicable surcharges on its products. Carpenter Technology is recognized for its advanced materials tailored for industries such as aerospace, defense, and energy, reinforcing its position as a leader in premium specialty alloys.

Positive

• Implementation of a 6% to 8% price increase on new orders may enhance revenue stability.
• Continued leadership in high-performance specialty alloys supports long-term growth potential.

Negative

• Price increases may lead to reduced demand from customers sensitive to cost changes.

PHILADELPHIA, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) announced today that it will increase base prices by an average of six percent (6%) to eight percent (8%) on new, non-contract orders across the majority of its specialty alloy products. The increases will be effective with new orders placed after November 8, 2021. All applicable surcharges will remain in effect.

About Carpenter Technology
Carpenter Technology Corporation is a recognized leader in high-performance specialty alloy-based materials and process solutions for critical applications in the aerospace, defense, transportation, energy, industrial, medical, and consumer electronics markets. Founded in 1889, Carpenter Technology has evolved to become a pioneer in premium specialty alloys, including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing (AM) processes and soft magnetics applications. Carpenter Technology has expanded its AM capabilities to provide a complete “end-to-end” solution to accelerate materials innovation and streamline parts production. More information about Carpenter Technology can be found at www.carpentertechnology.com.

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and are subject to risks, uncertainties and other factors that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in Carpenter Technology's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended June 30, 2021, the quarterly report on Form 10-Q for the quarter ended September 30, 2021 and the exhibits attached to those filings. They include, but are not limited to, statements regarding announced base price increases. Carpenter Technology undertakes no obligation to update or revise any forward-looking statements.

Media Inquiries:	Investor Inquiries:
Heather Beardsley	The Plunkett Group
+1 610-208-2278	Brad Edwards
hbeardsley@cartech.com	+1 914 582-4187
	brad@theplunkettgroup.com

FAQ

What is Carpenter Technology's recent price increase on specialty alloys?

Carpenter Technology announced a price increase of 6% to 8% on new non-contract orders for specialty alloys.

When is the price increase effective for Carpenter Technology's products?

The price increase takes effect on new orders placed after November 8, 2021.

What is Carpenter Technology known for?

Carpenter Technology is known for its specialty alloy products used in critical applications across various industries.

How does the price increase impact Carpenter Technology's stock CRS?

The price increase may stabilize revenue but could potentially reduce demand among cost-sensitive customers.