Net sales for the fourth quarter were $643.7 million, up 33 percent from the prior year. Excluding surcharge revenue, net sales were $506.7 million, up 44 percent from a year ago on 31 percent higher volume. Excluding the Latrobe impact, fourth quarter revenue excluding surcharge was up 15 percent on 3 percent higher volume. Specialty Alloy Operations (SAO) segment sales without surcharge increased 18 percent on 10 percent higher volume, while Performance Engineered Products (PEP) segment sales without surcharge increased 15 percent on 5 percent lower volume compared with the fiscal year 2011 fourth quarter.Gross profit was $120.6 million compared with $77.0 million in the fiscal year 2011 fourth quarter. The higher gross profit was driven by improvement in SAO due to increased volume and a higher profit per pound from an improved product mix and higher prices, and the inclusion of Latrobe.
Carpenter Technology Reports Fourth Quarter Results
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