Precision Castparts Posts Higher Profit In Q3 - Update

(RTTNews) - Metal components and products maker Precision Castparts Corp. (PCP) Thursday reported a higher third-quarter profit, reflecting 16 percent growth in revenues. Net sales, however, missed Street expectations.

For the quarter, net income attributable to the company advanced to $433 million or $2.96 per share from $338 million or $2.30 per share in the previous year.

Earnings from continuing operations were $2.95 per share for the recent quarter, while the company posted $2.31 per share last year.

On average, 21 analysts polled by Thomson Reuters expected earnings per share of $3.04 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter climbed 16 percent to $2.36 billion from $2.03 billion in the preceding year, but came below analysts' estimate of $2.46 billion.

The company said its quarterly sales reflected some 1 percent organic growth, excluding the impact of contractual pass-through pricing and other changes in metal/revert pricing.

Investment Cast Products segment sales declined to $609 million from $613 million last year. Forged Products sales grew 23 percent year-over-year to $1.03 billion, and Airframe Products generated quarterly sales of $722 million, up 23 percent from the prior year.

Mark Donegan, chairman and chief executive officer of the company said, "...During the quarter, we were hit harder than we have ever been before by last-minute customer schedule shifts, and we do not expect to see them again to this degree in the foreseeable future."

PCP closed Wednesday's regular trading at $270.69 on the NYSE.