PCC Specialty Products Sales, Profits Down

John Wolz

Precision Castparts Corp announced it finished its fiscal year with a strong final quarter. Net income for the quarter increased 24.1% to $48.9 million and sales rose 0.2% to $631.3 million.
PCC set a news sales record for its fiscal 2002 which ended March 31, with sales rising 9.9%
The industrial products group sales � which includes the fastener machinery tool group of PCC Specialty Products � declined 16.5% to $166.4 million and operating income fell from $1.1 million for fiscal 2001 to a loss of $4.5 million for the just completed fiscal year.
CEO William McCormick said PCC Specialty Products “is achieving steady improvement by right sizing its business to the market. Fourth quarter profitability was driven primarily by the restructuring of resources, continued cost reductions and new product introductions.” Web: precast.com �2002 FastenerNews.com