Precision Castparts 3Q profit jumps 28%
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.
The Herald-Dispatch welcomes your comments on this article, but please be civil. Avoid profanity, obscenity, personal attacks, accusations of criminal activity, name-calling or insults to the other posters. Herald-dispatch.com does not control or monitor comments as they are posted, but if you find a comment offensive or uncivil, hover your mouse over the comment and click the X that appears in the upper right of the comment. If you do not want your comment to post to your personal Facebook page, uncheck the box below the comment.