Precision Castparts Q3 Profit Up - Quick Facts

(RTTNews) - Precision Castparts Corp.'s (PCP) third-quarter net income from continuing operations attributable to PCC rose to $442 million, or $3.09 per share from $430 million, or $2.94 per share, last year. Quarterly net income per share totaled $3.11, higher than $2.96 a year ago. On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $3.17 per share for the quarter. Analysts' estimates typically exclude special items.

The company clocked net sales of $2.46 billion in the quarter, compared with $2.34 billion in the prior-year quarter. Wall Street expected revenues of $2.48 billion for the quarter.

Mark Donegan, Chairman and Chief Executive of Precision Castparts, said: "Our third quarter performance included some clear achievements, but we also faced some real challenges in several of our end markets." He added, "On the plus side, we made solid progress on our production and development aircraft and engines programs, growing 6 percent year over year. In addition, our 7 percent growth in industrial gas turbines outpaced the market, given our higher content on new and upgrade platforms, as well as providing a steady supply of spares to the installed base."