10/20/2009
NEWS BRIEFS
PCC Fastener Sales Decline
Fastener Products sales at Precision Castparts Corp. dropped 16% to $338 million during the second quarter of fiscal 2010. Destocking at OEMs and distributors dampened aerospace sales by 10%, while weak economic conditions caused a year-over-year decline in general industrial/automotive sales of approximately 20%. Fastener Products operating margins improved to 32.5% despite a 7% decline in income to $109.8 million.
During the first half of fiscal 2010, Fastener Product revenue fell 14% to $689.8 million, with operating income slipping 3% to $223.8 million.
Overall PCC sales dropped 27% to $1.3 billion, while operating income declined 16% to $337 million and net income fell 17% to $218.3 million.
“Aerospace destocking is slowing, and our schedules show that we are closing the gap between orders and aircraft build rates,” stated CEO Mark Donegan. ©2009 GlobalFastenerNews.com
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