Carpenter Technology Corp. (CRS:US), a U.S. processor of titanium and stainless steel, fell the most in 15 months after it reported fiscal second-quarter profit that trailed analysts’ estimates.
The shares (CRS:US) fell 5.3 percent to $51.05 at 10:41 a.m. in New York after earlier declining 7.5 percent, the most intraday since October 2011.
Profit was about 61 to 62 cents a share in the three months through December, the Reading, Pennsylvania-based company said in a preliminary earnings statement yesterday after the close of trading. The average of 11 estimates compiled by Bloomberg was for profit excluding one-time items of 71 cents.
Carpenter sees “uncertainty in demand for lower-value mill products,” Chief Executive Officer William A. Wulfsohn said in the statement. The performance-engineered products unit (CRS:US), which includes its titanium and powder metals businesses, also is “performing below plan,” he said.
The company’s customers include Boeing Co. and General Electric Co., according to data (CRS:US) compiled by Bloomberg.
Carpenter said it will report its second-quarter earnings (CRS:US) on Jan. 31.
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