Precision Castparts Earnings: Net Income Rises

PRECISION CASTPARTS CORP (NYSE:PCP) reported its results for the most recent quarter. Precision Castparts Corp. manufactures complex metal components and products and provides investment castings, forgings and fasteners/fastener systems for aerospace and industrial gas turbine applications.

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Results: Net income for the company rose to $271 million ($1.87/share) from $237.3 million in the year ago quarter.

Actual vs. Wall St. Expectations: PCP fell short of the mean analyst estimate of $1.91/share. Estimates ranged from $1.85 per share to $2 per share.

Quoting Management: “What we have been anticipating for several quarters is now beginning to materialize, and the fourth quarter gave us a much clearer line of sight into the future” said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. “Orders for aerospace castings and forgings loaded into our schedules midway through the quarter to support the announced build rates on both base commercial aircraft programs and the 787, which will drive sales in the second half of this fiscal year and beyond.”

Competitors to Watch: MS International plc (NYSE:MSI), Ladish Co., Inc. (NASDAQ:LDSH), Alcoa Inc. (NYSE:AA), Haynes International, Inc. (NASDAQ:HAYN), Allegheny Tech. Inc. (NYSE:ATI), Fansteel Inc. (FELI), Chicago Rivet & Machine Co. (AMEX:CVR), United Technologies Corp. (NYSE:UTX), and Hulamin Limited (HLM)

Stock Performance: Shares of PCP are unchanged from the previous close of $156.20.

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