CRS - Here's Why This Aerospace Supplier Surged This Week
2024-05-03 08:32:56 ET
Shares in Carpenter Technology (NYSE: CRS) rose 18.9% in the week ending Friday morning, according to data provided by S&P Global Market Intelligence . There's no mystery as to why. The company's stellar third-quarter 2024 earnings served notice that the aerospace supplier is ahead of its medium-term aims.
CEO Tony Thene made investors' and my life a lot easier by summarizing the key takeaways from the company's earnings:
It's not hard to see why the market rushed to buy the stock, and I think the run can continue . As Thene notes, its specialty alloys are sold across the aerospace market from the original equipment manufacturer (OEM) to maintenance, repair, and overhaul (MRO) and to companies like Boeing and Airbus . As such, it stands to benefit even if there's a slowdown in airplane deliveries (the OEM market), leading to an increase in MRO demand as older planes run more.
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Here's Why This Aerospace Supplier Surged This Week