Posted May 12, 2011
Precision Castparts sales up 16.8%
Precision Castparts Corp. achieved solid year-over-year increases in fourth quarter sales and earnings.
Total sales were $1.7 billion, an increase of 16.8 percent over sales of $1.4 billion in last year's fourth quarter. Consolidated segment operating income was $401.4 million in the fourth quarter, or 24.0 percent of sales, an 11.2 percent improvement over consolidated segment operating income of $360.9 million, or 25.2 percent of sales, in the fourth quarter of fiscal 2010.
Fastener Products' sales were $344.7 million, versus $326.5 million in the same period a year ago. Strong markets helped to increase year-over-year general industrial sales by $11 million, and share gains in non-core aerospace fastener products grew sales by $12 million over the same period.
"What we have been anticipating for several quarters is now beginning to materialize, and the fourth quarter gave us a much clearer line of sight into the future," said Mark Donegan, chairman and chief executive officer. "In our fastener business, we expect to transition gradually toward a similar robust recovery in OEM and distributor orders toward the back half of fiscal 2012, once production rate increases deplete our customers' inventories.
