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Carpenter Technology's CEO Hosts Investor & Analyst Conference Call (Transcript)

William A. Wulfsohn

Okay, thank you, Mike, and thank you, everyone, for taking the time to join us this morning. Our last Investor Day was 18 months ago. And since then we have been very busy, and I think our progress is an evident. We set our primary goal back 18 months ago coming off of if you will the great recession to get back to prior peak even at a level that we had enjoyed several years back.

And I am pleased to say, we are ahead of schedule. And today, we will be announcing new earnings targets for both this year, the mid decade, as well the end of the decade. Today, we really will be talking about our future strategies and how we will get there? And as you may have noticed, we put out roughly five or six different announcements over the last week or so, really in preparation for today, things that we’ve been working on that we haven't previously disclosed, but wanted to be able to talk about openly.

And then just one that I will highlight, we’ll talk about our China facility and we’ll talk about other aspects of what we are doing. But I assume most of you have heard or read this morning that we put our announcement to that. We are both happy and sad and both at the same time to note that, Doug Ralph will be retiring from Carpenter. He will retire after the first of the year. This is something that Doug initiated. He is one of the fortunate one that can make the decision to do other things with his wife, while he is still young and feeling good, and I think he wants to play a lot of golf.

But I will say that as happy as we are for him as an individual and for his wife. Doug is a tremendous there and has brought much to our company, not just financial leadership, but also strategic and managerial expertise. And so we are going to miss him, but he is going to be here with us for through the year if you will, roughly until one year from now. And we will be making a transition. We will be completing the search. And you will hear about the transition and Doug will be with us from, but we're going to miss him.

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