Precision Castparts Corp. (PCP) posted first quarter net income attributable to Precision Castparts Corp. of $341.7 million or $2.33 per share versus $286.0 million or $1.97 per share a year ago.
Earnings per share from continuing operations in the quarter were $2.35 versus $1.97 last year.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $2.37 per share. Analysts' estimates typically exclude special items.
Net sales grew to $1.97 billion from $1.68 billion in the prior-year quarter. Analysts expected revenues of $2.01 billion.
"Our aerospace and power end markets look very solid right now, and, based on what has been announced by our customers and new opportunities we see over the next few years, our growth will continue upward at a steady pace," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "On the aerospace front, the main drivers will be increased narrow-body and wide-body aircraft deliveries and higher 787 build rates. All of our segments are now building airframe and engine components relatively in sync with current base production, and Fastener Products orders for the 787 program are gradually aligning with build rates..."
"All of our businesses are well-positioned for the future; the long-range growth prospects for the top- and bottom-line are solid," Donegan added.
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