Precision Castparts Warns Of Q3 Miss

(RTTNews) - Precision Castparts Corp. (PCP) said Thursday that lower demand in oil & gas end markets, further aerospace engine destocking at a single customer, year-end customer inventory management actions, and an extended equipment upgrade negatively impacted the company's third quarter sales and earnings.

Accordingly, the company said it now third quarter sales to be in the range of $2.42 billion to $2.47 billion and earnings from continuing operations in the range of $3.05 to $3.10 pr share.

Analysts polled by Thomson Reuters expect the company to earn $3.41 per share on revenue of $2.56 billion for the third quarter. Analysts' estimates typically exclude special items.