Precision Castparts 3Q profit rises 10 percent
PORTLAND, Ore. -- Precision Castparts Corp.'s fiscal third-quarter net income rose 10 percent on demand for industrial gas turbines and commercial airplane parts.
The company, which owns the Special Metals operations in the Tri-State, also said Thursday that its board has approved a $750 million stock repurchase program that runs through June 2015.
The Portland, Ore., company said it earned $338 million, or $2.30 per share, compared with $307 million, or $2.11 per share, a year earlier. Revenue rose 13 percent to just over $2 billion.
The company said its earnings included 8-cents-per-share in corporate and financing expenses for the acquisition of Titanium Metals Corp. and other acquisitions during the quarter. But it also included gains for the first full-quarter results for some other acquisitions.
Excluding a loss from discontinued operations, Precision Castparts made $2.32 per share.
Analysts polled by FactSet expected a profit of $2.48 per share on revenue of $2.1 billion.
All of the company's business units benefited from growth in commercial aircraft production. Sales in the company's airframe products segment jumped 32 percent to $597.4 million, while Cast Products revenue grew by 5 percent to $612.6 million, including 20 percent growth in Industrial Gas Turbine sales. Forged Products revenue rose 9 percent to $833.2 million.