7/25/2013 10:23:00 AM
NEWS BRIEF
Precision Castparts Corp. reported sales in its Airframe Products segment — primarily fasteners — increased 39% to $686 million in the opening quarter of fiscal 2014.
“Critical aerospace fasteners sales improved by approximately 12% year over year, although shipments of these fasteners have still not fully caught up to aircraft production rates,” the company stated. “This situation applies most notably to the Boeing 787 program, where the segment’s fastener plants are supplying at an average pace of approximately five shipsets per month.”
Segment operating income grew 40% to $205 million, or 29.9 percent of sales.
“Our fastener production schedules still do not align with current commercial production rates, but the orders are accelerating, and we have great potential for further growth,” stated CEO Mark Donegan.
Overall PCC sales improved 20% to $2.37 billion, operating income up 25% to $644 million and net income gaining 23% to $424 million. ©2013 GlobalFastenerNews.com
Related Stories:
• Alcoa Fastener Segment Sees Record Results
• Anixter Reports Sequential Gain in Fastener Segment Sales
Related Links:
Share: