Posted May 6, 2010
Sales down at Precision Castparts
Precision Castparts Corp. reported quarterly sales of $1.4 billion, versus sales of $1.6 billion in the same quarter a year ago.
Operating income of $361.2 million yielded operating margins of 25.1 percent, compared to $399.4 million, or 25.0 percent of sales, last year.
Net income totaled $237.4 million, or $1.66 per share, versus $263.1 million, or $1.87 per share in last year's fiscal fourth quarter. For the quarter, total sales for Fastener Products were $333.6 million, versus sales of $385.6 million a year ago.
In fiscal 2010, sales were $5.5 billion, a 19.3 percent decrease from total sales of $6.8 billion in fiscal 2009, due to aerospace and industrial gas turbine (IGT) customer destocking and weakness in general industrial and other markets.
