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Precision Castparts Management Discusses Q1 2013 Results - Earnings Call Transcript

If I look at sequentially, the same headwinds being the pension -- 2 primary headwinds being the pension and the outage, certainly wanted to put pressure in that. But we did see strong operational improvement from our operations to overcome that headwind, and we were able to drive margins up by 0.7 percentage points.

If I look forward, for the company in total, I think we have very solid positions on the base programs. We're on all the key platforms. Certainly, it's something we worked long and hard at for the last 4 or 5 years, to make sure we are properly represented in the right platforms. And with that, we certainly will expect to get a benefit as we move into the next rate increases on the base platforms, and we'd expect to see acceleration from the 787 as it ramps up through next year.

We've had good penetration on oil and gas. We started delivering. But having said that, there is a significant amount of product that needs to come through the system in the next 3 to 4 quarters. And we continue to see upside on share opportunities in both aerospace and IGT. And I think if we go back and look at kind of the Wyman-Gordon transaction years ago and the SPS transaction, I think we see the same type of opportunity in terms of getting that aerostructures platforms together, create the business and then certainly go and grow market share in those particular areas.

I think even though we did have quite a view -- quite a bit of action on the acquisition front in the course of the last quarter, we are still not an end of opportunities, and I think we'll still expect to see movement on this over the course of the -- again, the next 3 or 4 quarters.

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