Here's Why This Aerospace Supplier Surged This Week
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 . 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.
Source Fool.com
