PCC Reports Fastener Sales

Precision Castparts Corp. reported fastener sales of 38.6 million during the third fiscal quarter of 2004. The revenue represents results from fastener manufacturer SPS Technologies Inc., which PCC acquired on Dec. 9, 2003. Fastener operating income for PCC reached 2.4 million. PCC�s fastener products segment includes most of SPS’ former aerospace and engineered fastener groups. Fastener results for the quarter include only 19 days of operations, which were also impacted by holiday shutdowns. Demand for automotive and military aerospace fasteners remained strong in the quarter, and these trends are expected to continue.
“SPS provides an additional engine for both operating margin enhancement and sales growth over the long term,” CEO Mark Donegan commented.

Overall, Portland, OR-based PCC saw a 6.1% increase in quarterly sales to $517.6 million. Operating income dipped 7.8% to $68.2 million, while quarterly net income fell 22% to $29.6 million. Web: precast.com �2004 FastenerNews.com