7/29/2015 12:59:00 AM
NEWS BRIEFS
Precision Castparts Reports “Flat” Fastener Sales
Precision Castparts Corp. reported sales in its Airframe Products segment, including fasteners, declined 3% to $779 million in the first quarter of fiscal 2016, driven by lower military and general industrial sales. Commercial aerospace sales were relatively flat year-over-year, reflecting fastener demand timing and impact of new development work on aerostructures sales.
Segment operating income fell 10% to $218 million, and operating margins decreased 200 basis points from 30% to 28%, reflecting lower volumes, product mix, and initial inefficiencies on new product introductions.
Overall PCC sales declined 4% to $2.4 billion, with operating income down 16% to $619 million and net income falling 18% to $399 million.
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