On a long-term basis, the end-use markets we serve are supported by strong macro trends. Let me give you a couple examples. In our aerospace and defense end-use market, we will benefit from the continuing growth in global air travel demand. Supporting this growth are narrow body build rates, which are expected to return to pre-pandemic levels in calendar year 2023. Carpenter Technology is well positioned to capture additional demand with the incremental capacity at our Athens facility. For these reasons, we have been able to negotiate long-term aerospace contracts that locked in share and pricing gains even during the pandemic. In defense, we are partnering with customers on the development of next generation programs and platforms that require our material solutions. The industry is demanding more and better solutions for new platforms like hypersonic, vertical lift, and fixed wing programs. To support that demand, we are engaging with customers on supply agreements for our material solutions, new product trials, and funded R&D programs. And given the geopolitical environment, investment is expected to continue well into the future.

Jul 28, 2022 / CEO / receipt, needs a key / Tony Tain, CEO | earnings call 2022-07-28 | transcript 07e336bc-867e-4a5c-a65d-ee326739704b | chars 18411-19562 | segment 18