Precision Castparts Corp. (PCP: Quote) posted fourth-quarter profit of $336.1 million or $2.30 per share versus $271.0 million or $1.87 per share a year ago.
During the quarter, a non-core business from the Fastener Products segment was moved to discontinued operations, the company noted.
Earnings per share from continuing operations were $2.31, up from $1.87 in the same quarter a year ago.
On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $2.27 per share. Analysts' estimates typically exclude special items.
Net sales grew 16 percent to $1.95 billion from $1.67 billion in the prior-year quarter. Analysts expected revenues of $1.93 billion.
"With these solid fourth quarter results, we are taking one more positive step along a clear road to continued top- and bottom-line growth," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "The commercial aerospace market is robust and shows no signs of slowing down for several years. Boeing and Airbus continue to take up the base production build rates, and the ramp-up of the 787 program is just beginning to get exciting. IGT spores sales are having a good run, and OEM customers have begun to increase the order rate on new turbines as well. Our interconnect pipe sales are also showing signs of life, and we are excited to be at the forefront of new nickel alloy technology that will enable our customers to build power plants operating at higher pressures and temperatures..."
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by RTT Staff Writer
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