Posted January 21, 2010
Sales/earnings drop at Precision Castparts
Precision Castparts Corp. reported Q3 sales of $1.37 billion, versus total sales of $1.63 billion in the third quarter of fiscal 2009.
Net income was $228.7 million, or $1.61 per share, compared to $236.5 million, or $1.68 per share for the same period last year.
Sales in the Fastener Products segment totaled $331.1 million, compared to $370.4 million a year ago. Year over year, Fastener Products’ sales decline was largely due to significant order decreases in its large distributor base, tempered by share gains. The company said distributor demand for aerospace fasteners remained depressed but sequentially flat, a situation not expected to change until late in the first half of fiscal 2011.
