In a world increasingly dependent on advanced materials and technology, the demand for high-performance alloys and specialty steels is at an all-time high.

Driving this vanguard of materials innovation, is Carpenter Technology Corporation, as it pioneers the manufacturing, fabrication, and distribution of specialized metals. The company’s broad product portfolio includes titanium, nickel, cobalt, and superalloys, which are not only durable but also uniquely resistant to heat, corrosion, and wear. Its specialty products are designed to tackle the most challenging conditions encountered in various industries, thereby enabling customers to achieve advanced and distinctive applications.

Carpenter caters to a diverse array of needs spread across multiple industries including aerospace, defense, transportation, medical, energy, and industrial sectors. Aerospace, in particular, is a significant consumer of Carpenter’s high-strength, high-temperature alloys used in engines and other critical aircraft components.

Benefitting from a history dating back over a century, the company has evolved to become a pioneer in premium specialty alloys, as well as those specifically engineered for additive manufacturing processes and soft magnetics applications. Its manufacturing capabilities also provide a complete “end-to-end” solution to accelerate materials innovation and streamline parts production across its global footprint.

Focused on a strategy that revolves around leveraging advanced technology to create sophisticated materials and solutions that solve their customers’ unique challenges, Carpenter continues to expand its operations and product offerings.


Founded in 1889 by James Carpenter, Carpenter Technology Corporation initially began as Carpenter Steel Company. Based in Pennsylvania, the company first made a name for itself by producing high-quality tool steels, largely thanks to its proprietary “open hearth” melting process. The steady success of these early ventures allowed Carpenter to establish a solid foundation, from which it would eventually expand both its size and product range.

In the 1920s, as the demand for stainless steel grew, Carpenter adeptly diversified, adding these corrosion-resistant alloys to its product line-up. This product expansion helped the company weather the tumult of the Great Depression and laid the groundwork for growth in the subsequent years. During World War II, Carpenter played a crucial role in producing materials for military applications, including airplane engines and other vital equipment. This period of wartime production facilitated a significant expansion in the company’s operations and customer base.

Post-war years saw Carpenter further broadening its product portfolio with the addition of high-temperature alloys and titanium. These innovations expanded Carpenter’s reach into the burgeoning aerospace industry and other sectors, which required these advanced, high-performance materials.

Fast forward to the early 2000s, the company adopted a transformative strategy, aiming to become a global leader in premium specialty alloys, including superalloys, high-strength steels, and titanium alloys. This shift saw the company investing heavily in research and development, leading to the creation of new materials and manufacturing techniques, such as powder metallurgy and additive manufacturing.

One of the most significant growth periods for the company occurred in 2012 when it acquired Latrobe Specialty Metals. This acquisition expanded Carpenter’s production capacity, product range, and market presence significantly.

Carpenter continued to grow and innovate throughout the 2010s, focusing on additive manufacturing, an emerging technology that utilizes 3D printing techniques to produce complex, high-performance metal parts. In 2018, the company opened its Emerging Technology Center (ETC) in Alabama, specifically designed for additive manufacturing research and development.

Today, Carpenter has grown into a multi-billion dollar global enterprise, as the company’s emphasis on innovation, quality, and customer service continues to drive its growth and solidify its reputation as a leading provider of advanced materials.


Tony Thene is the current president and chief executive officer of Carpenter Technology. Joining the company over a decade ago as a senior VP and CFO, he previously spent 23 years across multiple senior and executive roles with Alcoa. Under his guidance, Carpenter has expanded its footprint in advanced materials and additive manufacturing, while ensuring the company remains a key player in its traditional markets. In particular, Thene’s leadership was instrumental in the successful opening of the ETC, a major step forward for the company’s strategic focus on additive manufacturing.

Accompanying Thene is chief commercial officer, Marshall Akins. Joining Carpenter in 2016 as the VP for Aerospace, Akins is now responsible for overseeing the company’s commercial operations. Prior to Carpenter, he held several senior roles with Boston Consulting Group.


Carpenter serves the ever-evolving world of advanced technology, offering a diverse array of products designed to meet the highest standards of performance and reliability. The company’s offerings primarily consist of specialty alloys which are formed into a wide range of products.

The stainless steels produced by Carpenter are prized for their corrosion resistance, excellent strength, and superior finish. High-performance alloys are designed to endure extreme conditions, titanium alloys stand out for their high strength-to-weight ratio, while superalloys possess excellent mechanical strength and resistance to thermal creep deformation.

More recently, Carpenter has taken the lead in additive manufacturing, offering metal powders optimized for 3D printing applications. These powders are made to deliver exceptional quality and performance for industries demanding high precision.

The robustness and versatility of the company’s products have earned them a vast, diverse customer base.

Aerospace customers rely heavily on Carpenter’s alloys for the production of critical aircraft components, thanks to their high-strength, high-temperature resistance. While the defense industry values the durable materials for use in advanced weapon systems and armor.

The advanced materials also play a crucial role in the medical field, serving as key components in medical devices and orthopedic implants.

The energy sector, both traditional and renewable, also uses the company’s materials that can withstand the harsh conditions found in oil wells or the demanding environment of a wind turbine gearbox.

In addition, industrial and consumer product manufacturers use Carpenter’s materials in a host of applications, ranging from industrial cutting tools to consumer electronics. The company’s ability to produce materials that meet exacting standards and survive in challenging conditions makes them a trusted supplier across industries.


Carpenter’s ability to rapidly translate customer needs into innovative solutions is central to its value proposition. One of the keys to the company’s success is its technology development. By responding swiftly to customer needs and creating proprietary, breakthrough products, Carpenter has cultivated a reputation for innovation and agility. Moreover, the company’s ability to anticipate market trends underpins its go-to-market strategy.

Looking ahead, Carpenter is focusing on key emerging trends within its core segments across aerospace and defense, medical, transportation, energy, and industrial and consumer markets.

In the Aerospace and Defense sector, demand continues to rise due to increasing global travel and spending on critical platforms. In response to current global events, more advanced, lightweight, and fuel-efficient planes are required, driving demand for Carpenter’s advanced alloys and materials.

With the global population aging, the demand for medical procedures is on the rise. The push for improved patient outcomes has resulted in a need for longer-lasting implants, minimally invasive surgeries, and finer surgical tools. Carpenter’s advanced materials, known for their durability and precision, are ideally suited for these applications.

As the transportation industry shifts its focus towards fuel efficiency, demand for Carpenter’s lightweight and durable materials is likely to increase. These materials contribute to more fuel-efficient and environmentally friendly vehicles, while also aligning with global efforts to combat climate change.

The Energy sector is currently facing an increasing global need for energy, driving the search for more and new sources. Consequently, there is rising demand for more durable and advanced tooling to support difficult-to-find oil and gas sources and new energy generation platforms.

Finally, there is a rising demand for infrastructure build-out and increased semiconductor needs to support consumer and industrial applications. Additionally, there’s a need for high-value material solutions due to more devices requiring better wireless performance, the drive for higher-quality fluid control, and the trend toward miniaturization. Carpenter’s range of specialty alloys and advanced materials serve these needs effectively.

This accelerating demand environment is being reflected in its record backlog as these market conditions present both pricing opportunities and the potential for optimizing the company’s product mix.


Carpenter has been delivering a consistent and strong recovery after the covid pandemic, with most quarters adding to this positive trajectory. For the first nine months of 2023, net sales reached $1.8 billion, representing an impressive 41% increase compared to the same period last year. This notable expansion in revenue is attributable to the surge in sales driven by stronger product demand for materials used across all end-use markets, with the exception of the Transportation sector.

Operating income for the first nine months reached $70.2 million, marking a significant improvement from the operating loss of $49.5 million recorded during the same period last year. This turnaround to profitability can be attributed to higher sales, a more robust product mix, and improved operational efficiencies. While there were challenges due to a major press outage, labor shortages, supply chain disruptions, and inflationary pressures, the company has managed to navigate and overcome these obstacles.

Looking ahead, consensus estimates have Carpenter closing out 2023 with total sales of $2.54 billion maintaining year-over-year growth close to 40%. Management believes it is well positioned to achieve its goal of delivering a further $54 million to $60 million of operating income in the final quarter. While analysts are also forecasting full-year earnings per share to improve significantly from a $1.06 loss per share in 2022 to a $1.03 profit in 2023.


While Carpenter is a leader in specialty materials for critical applications with over 130 years of metallurgical and manufacturing expertise, the business is highly competitive with challenges depending on the end-use market, product, or geography. However, a significant portion of the products it produces are highly engineered materials for demanding applications. As a result, there are less than ten companies producing similar products that the company considers its major competitors for high-value products used in demanding applications, particularly in Aerospace and Defense and Energy end-use markets. These products are generally required to meet complex customer product specifications and often require the materials to be qualified prior to supplying the customer. Carpenter’s experience, technical capabilities, product offerings, and research and development efforts represent solid barriers to existing and potential competitors.

For other less specialized products, competition does extend to numerous smaller and independent distributors both domestically and internationally, where, in certain instances, the company faces the threat of product substitution. Carpenter’s ability to manage this risk through continued innovation, quality assurance, and customer relationship management is essential.


By leveraging its unique manufacturing expertise and assets, staying at the forefront of materials innovation, and focusing on high-growth areas driven by key industry trends, Carpenter looks well-positioned to maximize future market demand, while continuing to deliver value to its shareholders.

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