Precision Castparts Corp. (PCP) reported that its fourth-quarter net income attributable to the company increased to $414.2 million or $2.82 per share from $336.1 million or $2.30 per share in the prior year quarter.
The company said it continued to effectively leverage sales in its major markets in the fourth quarter of 2013, driven by year-over-year growth in commercial OEM aerospace demand, steady improvement in industrial gas turbine or IGT spares, and accelerating oil and gas downhole casing production, along with a full quarter of strong Timet performance.
Net income from continuing operations attributable to the company in the fourth quarter was $415.1 million, an increase of 23 percent over net income of $338.2 million in the prior year quarter. Earnings per share from continuing operations were $2.82, compared to $2.31 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.76 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter totaled $2.44 billion, growing 25 percent over sales of $1.95 billion in the same period last year. Eighteen analysts had consensus revenue estimate of $2.51 billion for the quarter.
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