December 03, 2008

Carpenter operating results for Q3 seen down

Carpenter Technology Corporation expects to report net income from continuing operations for its fiscal third quarter ended March 31st 2008, in the range of USD 1.00 to USD 1.05 per diluted share. This range excludes the gain from the USD 145 million sale of Carpenter's ceramics businesses that will be recorded in the third quarter results.

In the same period a year ago, Carpenter reported record third quarter net income of USD 1.27 per share that included comparable net income from continuing operations of USD 1.22 per share.

On January 29th 2008, the Company indicated that its third quarter performance for 2008 might not surpass the exceptionally strong third quarter results of a year ago due to softening US economic conditions.

Results for the 2008 third quarter reflected reduced demand in Carpenter's economically sensitive automotive, industrial and consumer end markets, combined with higher operating costs. Demand in the domestic and international energy and aerospace markets continued strong in the third quarter.

The Company will release its financial results on April 29th 2008