1/23/2014 2:48:00 PM
NEWS BRIEFS
Precision Castparts Reports Strong Fastener Segment Gains
Precision Castparts reported Airframe Products’ sales, including fasteners, improved 23% to $722 million in the third quarter of fiscal 2014. Operating income rose 21% to $216 million – or 29.9% of sales.
Segment aerospace sales were up by 27% percent, with strong, single-digit base sales growth, along with the addition of several acquisitions.
“Critical aerospace fastener and aerostructure shipments are now closely tracking the current base commercial build rates,” the company stated. “In addition, fastener 787 shipments, now at an average of six shipsets per month, are continuing to close the gap with aircraft production schedules.”
PCC said segment growth in aerospace sales will be tied to further ramps in aircraft production.
“While lower-margin acquisitions exerted a moderate drag on Airframe Products’ year-over-year operating margins, the segment maintained its daily attack on improving performance and delivered solid base operational results, with incremental margins of more than 50%.”
Nine-month Airframe Products sales rose 28.5% to $2.1 billion, while segment operating income increased 29% to $631 million.
Overall PCC sales climbed 16% to $2.36 billion during fiscal Q3, with operating income up 27% to $659 million – or 28% of sales. Net income from continuing operations improved 27% to $432 million. ©2014 GlobalFastenerNews.com
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