1/24/2013 11:01:00 AM
NEWS BRIEF
Precision Castparts reported fiscal 2013 third-quarter sales at its Airframe Products segment — primarily fasteners — increased 32% to $597.4 million, driven by a 13% rise in commercial aerospace sales.
“The segment’s core fastener production rates continue to ramp steadily, with effective leverage of these higher volumes,” the company stated.
Airframe Products operating income during Q3 grew 43% to $180.1 million – or 30.1% of sales.
“Airframe Products showed solid year-over-year aerospace growth, with strong leverage as critical aerospace fastener volumes continued to accelerate after an extended period of destocking,” stated CEO Mark Donegan.
Nine-month Airframe Products segment sales increased 36% to $1.65 billion, while operating income improved 41% to $492.9 million.
Overall Q3 sales rose 13% to $2 billion, with operating income up 13% to $520.6 million and net income gaining 10% to $339.9 million. ©2013 GlobalFastenerNews.com
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