1/21/2010
NEWS BRIEFS
Nine-Month PCC Fastener Sales Top $1b

Precision Castparts Corp. reported Fastener Products sales declined10.6% to $331.1 million during the third quarter of fiscal 2010, while fastener operating income slipped 3.5% to $105.6 million, or 31.9% of sales.

“Year over year, Fastener Products’ sales decline was largely due to significant order decreases in its large distributor base, tempered by share gains,” the company stated.

Aerospace OEM schedules improved slightly during fiscal Q3, while distributor demand for aerospace fasteners remained “depressed but sequentially flat.” Orders are expected to pick up in the second half of 2010.

“Aftermarket orders are getting absolutely no traction, limiting upside opportunity at a number of our casting and forging operations, and the fastener distributor base continues to work through the inventory it has on hand,” stated CEO Mark Donegan.

Donegan was optimistic about the Boeing 787 Dreamliner’s impact on orders as production ramps up. “Production of the 787 at any level gives us sales upside.”

Nine-month fastener sales decreased 12.8% to $1.02 billion, while fastener operating income dipped 3% to $329.4 million.

Consolidated fiscal Q3 sales slipped 14% to $1.37 billion, with net income from continuing operations slid 3% to $228.7 million. ©2010 GlobalFastenerNews.com

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Related Links:

• Precision Castparts Corp.