Carpenter is positioned to drive much-improved free cash flow over our explicit forecast period.
Carpenter Technology reported fourth-quarter results, and we are encouraged that it delivered adjusted operating margins (excluding surcharge) of 10.6% in fiscal 2018. Margins had remained below 10% in each of the three preceding years and had come in at only 8.0% in 2017. Even so, we contend that Carpenter is still in the early stages of its current upcycle from a profitability perspective. We forecast that operating margins will exceed 20% by 2023 before settling at a 14.5% midcycle level, or ...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.
We have operations in 27 countries.
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