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Precision Castparts Corp. Reports Third Quarter Fiscal 2013 Earnings

Stocks in this article: PCP

Third Quarter Fiscal 2013 Highlights

  • Closed five acquisitions, including Timet and Synchronous  
  • EPS from continuing operations of $2.32 (diluted), including $0.08 of acquisition-related expenses   
  • Consolidated segment operating income margin of 25.5%

PORTLAND, Ore., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Precision Castparts Corp. (NYSE:PCP) delivered solid top- and bottom-line performance in the third quarter of fiscal 2013, driven by strong Airframe Products commercial aerospace sales, steady Forged Products recovery from its press outages, continued growth in industrial gas turbine (IGT) sales, accelerating shipments of downhole casing for the oil & gas market, and further upside from recently closed acquisitions.  

Third Quarter Fiscal 2013 Financial Highlights

Sales totaled $2.0 billion in the third quarter of fiscal 2013, growing 13 percent over sales of $1.8 billion in the same period last year. Consolidated segment operating income improved by 13 percent year over year, rising to $520.6 million, or 25.5 percent of sales, in the quarter (including the incorporation of several lower-margin businesses), versus consolidated segment operating income of $460.1 million, or 25.5 percent of sales, a year ago.  The Titanium Metals Corporation (Timet) acquisition, as well as other acquisition activity during the quarter, resulted in approximately $18 million, or $(0.08) per share (diluted), of higher corporate and financing expense in the third quarter. The corporate charges reduced net operating income by 0.4 percentage points. Net income from continuing operations (attributable to PCC) in the third quarter was $339.9 million, an increase of 10 percent over net income of $309.7 million in the third quarter of fiscal 2012.  In the quarter, the Company delivered earnings per share (EPS) from continuing operations (attributable to PCC) of $2.32 (diluted, based on 146.8 million shares outstanding), compared to $2.13 (diluted, based on 145.6 million shares outstanding) last year. 

Third quarter fiscal 2013 results include the addition of a full quarter of RathGibson, Centra Industries, Klune, Progressive (Heroux-Devtek assets), Aerocraft Heat Treating, and Dickson Testing, as well as partial results from Texas Honing and Synchronous. Timet had an immaterial impact on the quarter's results. In addition, on a sequential basis, all three operating segments averaged three fewer manufacturing days due to holidays during the third quarter.

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