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Precision Castparts 3Q profit jumps 28%

Oct. 25, 2013 @ 12:00 AM

PORTLAND, Ore. -- Precision Castparts Corp. said Thursday that fiscal second-quarter profit rose 28 percent on strong demand for its metal components used in making airplanes.

The company said it also benefited from a recovery in power markets, another use for its forged and cast products.

Net income in the quarter ended Sept. 29 was $424 million, or $2.89 per share, compared with $332 million, or $2.27 per share, a year earlier. Earnings from continuing operations rose to $2.90 per share. Revenue rose 23 percent to a record $2.36 billion from $1.93 billion.

The company said it was positioned to benefit as airplane manufacturers increase production and as it increases the number and value of components going into new, more efficient engines.

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