Carpenter is positioned to drive much-improved free cash flow over our explicit forecast period.
Carpenter Technology reported mixed fourth-quarter results to close out its fiscal 2016. We were most interested to see the profitability of the Specialty Alloys Operations (SAO) segment, given that its aerospace exposure will generate the lion's share of incremental profits in the coming years. Toward this end, we were encouraged that SAO operating margins came in at 13.0%, up from 12.3% last quarter and 10.9% in the same period last year. However, results from the Performance Engineered Produc...Carpenter Technology is a producer and distributor of alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels as well as drilling tools. The company's alloy-based materials and process solutions are used for applications in the aerospace, defense, transportation, energy, medical, industrial and consumer markets as well as additive manufacturing processes and soft magnetics applications. The company also produces metal powders and parts. The company has two business segments: Specialty Alloys Operations, which consists of the company's alloy and stainless steel manufacturing operations; and Performance Engineered Products, which consists of the company's differentiated operations.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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