1/16/2015 4:24:00 PM
NEWS BRIEFS
Destocking Hurts Precision Castparts
Precision Castparts Corp. announced that lower demand in oil & gas end markets, further aerospace engine destocking at a single customer, year-end customer inventory management actions, and an extended equipment upgrade negatively impacted the company’s third quarter fiscal year 2015 sales and earnings.
The company said those factors most meaningfully affected Forged Products’ results, and Airframe Products – including fasteners – was affected to a lesser degree by customers’ year-end inventory management actions.
Precision Castparts expects third quarter sales will be in the range of $2.42 billion to $2.47 billion and earnings per share (EPS) from continuing operations (attributable to PCC) in the range of $3.05 to $3.10 (diluted).
The company will hold its regularly scheduled conference call to discuss the results for its third fiscal quarter of 2015, at 10 a.m. EST on January 22, 2015.
Related Stories:
• ‘High Level’ Fastener Activity at Precision Castparts
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