CRS - Why Shares in This Aerospace Supplier Soared in March
2024-04-05 13:17:40 ET
Shares in premium specialty alloy company Carpenter Technology (NYSE: CRS) rose 10.5% in March, according to data provided by S&P Global Market Intelligence . The move came in an upbeat month for aerospace-focused stocks, driven by GE Aerospace 's (NYSE: GE) upbeat presentation on March 7.
The company classifies itself as the "leading global manufacturer of products, parts, and components made of specialty materials, alloys, and titanium." It generates around half of its sales from the aerospace market . Its other two significant end markets are industrial & consumer (19%) and medical (14%).
As such, aerospace is its primary end market and the determining factor influencing its earnings. Its alloys and products are used extensively in the aerospace industry, including engines, fasteners, and structural and avionics components.
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Why Shares in This Aerospace Supplier Soared in March