10/8/2010
NEWS BRIEFS
Dreamliner Boosts Earnings Forecast at Precision Castparts
$2.7m in fasteners on each 787 improves outlook
Precision Castparts Corp. is expected to achieve earnings growth of 9% to $1.68 per share on a forecasted earnings increase of 11% to $1.46 billion during Q3.
In particular, the fasteners it provides to Boeing for the 787 Dreamliner are garnering attention from earnings analysts.
Precision Castparts supplies about $2.7 million worth of fasteners for each 787, prompting a positive reaction from investors. The company’s stock has risen 13% this year, and more growth is expected in the coming months.
CEO Mark Donegan expects sales in the company’s core aircraft fastener sector to growth in the later half of 2010, with 787 fasteners as a major catalyst for accelerated growth.
“In the second half, orders are beginning to more closely align with aircraft delivery schedules, aerospace distributors should be restocking inventories, and the 787, a program that presents the segment with significant upside performance opportunity, will serve as a major growth catalyst,” the company stated in its second quarter results.
Precision Castparts is scheduled to release third quarter results on October 21. ©2010 GlobalFastenerNews.com
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