5/17/2010
HEADLINES
Stock Report: PRECISION CASTPARTS
Precision Castparts reported Fastener Products sales for fiscal 2010 dropped 12% to $1.4 billion, while segment operating income declined 4.3% to $439.3 million, or 32.5% of sales.
Those results included a 13% sales drop to $333.6 million during the final fiscal quarter, along with a 9% dip in segment operating income to $108.4 million.
“With aerospace destocking at an end, direct aerospace OEM orders are seeing a gradual recovery, with solid upside in the second half of fiscal 2011 in response to the ramp of 787 production and higher aircraft build rates,” the company stated.
“The Investment Cast Products and Fastener Products segments demonstrated their ability to deliver continued performance improvement in less than optimal market conditions,” stated CEO Mark Donegan said.
Overall sales at PCC dropped 19.3% to $5.5 billion, with net income declining to $924.3 million.
Precision Castparts has forged a powerhouse fastener division that includes Cherry Aerospace, Air Industries and Shur-Lok. Precision Castparts assembled its fastener division by acquiring SPS Technologies in 2003 for $893 million and airframe fastener maker AIC in early 2005 for $194 million.
PCC also manufactures thread rolling dies and header tooling for fastener machinery.
PCC supplies structural and airfoil components for the aircraft engine and industrial gas turbine industries and has diversified into non-aerospace businesses.
The company has more than 80 facilities in 22 states and 16 countries.
Corporate Office: 4650 SW Macadam Ave., Portland, OR 97201-4254.
Tel: 503 417-4800 Fax 503 417-4817
Web: precast.com
CEO: Mark Donegan, 52
Investor Relations: Dwight Weber
Fastener executive: Steven Hackett, executive VP and president of fastener products
Employees: 20,000
©2010 GlobalFastenerNews.com
Related Stories:
• Top Ten Fastener Deals of 2009
• Fastener Acquisitions Increase As Economy Gains Traction
• Which Fastener Company Generates “Eye-Popping” Returns For Investors?
Share: