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Precision Castparts Corp. Reports Third Quarter Fiscal 2013 Earnings

Those interested in asking questions following the earnings presentation must dial in for audio access to (877) 857-6163, Access Code: 4248390. Dial *0 for technical assistance with dial-in access. In order to assure the conference begins in a timely manner, please dial in 10 to 15 minutes prior to the scheduled start time.

You may also gain access to the webcast through Precision Castparts Corp.'s corporate website:  http://www.precast.com/investors/presentations/

Following the conference call, you may replay the conference by calling (888) 203-1112 or (719) 457-0820; the replay pass code is 4248390.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, forged components and highly engineered, critical fasteners for aerospace applications.  The Company is also the leading producer of airfoil castings for the industrial gas turbine market.  In addition, PCC manufactures extruded seamless pipe, fittings, forgings, and clad products for power generation and oil & gas applications; commercial and military airframe aerostructures; and metal alloys and other materials to the casting, forging, and other industries.

The Precision Castparts Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8204 Information included within this press release describing the projected growth and future results and events constitutes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results in future periods may differ materially from the forward-looking statements because of a number of risks and uncertainties, including but not limited to fluctuations in the aerospace, power generation, and general industrial cycles; the relative success of our entry into new markets; competitive pricing; the financial viability of our significant customers; the concentration of a substantial portion of our business with a relatively small number of key customers; the impact on the Company of customer or supplier labor disputes; demand, timing and market acceptance of new commercial and military programs, including the Boeing 787; the availability and cost of energy, raw materials, supplies, and insurance; the cost of pension and postretirement medical benefits; equipment failures; product liability claims; relations with our employees; our ability to manage our operating costs and to integrate acquired businesses in an effective manner, including the ability to realize expected synergies; misappropriation of our intellectual property rights; governmental regulations and environmental matters; risks associated with international operations and world economies; the relative stability of certain foreign currencies; the impact of adverse weather conditions or natural disasters; the availability and cost of financing; and implementation of new technologies and process improvements. Any forward-looking statements should be considered in light of these factors. We undertake no obligation to update any forward-looking information to reflect anticipated or unanticipated events or circumstances after the date of this document.

Precision Castparts Corp.'s press releases are available on the Internet at GlobeNewswire's website – http://www.globenewswire.com or PCC's home page at http://www.precast.com . If you wish to be removed from this list, please reply to Unsubscribe@precastcorp.com.

         
PRECISION CASTPARTS CORP.
SUMMARY OF RESULTS 1
(Unaudited; in millions, except per share data)
         
  Three Months Ended Nine Months Ended
  December 30, 2012 January 1, 2012 December 30, 2012 January 1, 2012
Net sales  $ 2,043.2  $ 1,802.4  $ 5,939.7  $ 5,256.2
Costs and expenses:        
Cost of goods sold  1,387.0  1,231.0  4,028.8  3,610.3
Selling and administrative expenses  135.6  111.3  376.8  327.5
Interest expense  11.9  3.9  18.2  10.0
Interest income  (1.6)  (1.6)  (4.8)  (5.3)
Total costs and expenses  1,532.9  1,344.6  4,419.0  3,942.5
Income before income tax expense and equity in earnings of unconsolidated affiliates  510.3  457.8  1,520.7  1,313.7
Income tax expense  (168.1)  (151.8)  (503.8)  (432.5)
Equity in earnings of unconsolidated affiliates  (1.8)  4.1  1.3  11.4
Net income from continuing operations  340.4  310.1  1,018.2  892.6
Net loss from discontinued operations  (1.9)  (2.4)  (4.5)  (3.4)
Net income  338.5  307.7  1,013.7  889.2
Net income attributable to noncontrolling interests  (0.5)  (0.4)  (1.3)  (1.2)
Net income attributable to Precision Castparts Corp. ("PCC")  $ 338.0  $ 307.3  $ 1,012.4  $ 888.0
Net income per common share attributable to PCC shareholders – basic:        
Net income per share from continuing operations  $ 2.33  $ 2.14  $ 6.99  $ 6.19
Net loss per share from discontinued operations  (0.01)  (0.01)  (0.03)  (0.03)
Net income per share  $ 2.32  $ 2.13  $ 6.96  $ 6.16
Net income per common share attributable to PCC shareholders – diluted:        
Net income per share from continuing operations  $ 2.32  $ 2.13  $ 6.94  $ 6.13
Net loss per share from discontinued operations  (0.02)  (0.02)  (0.03)  (0.02)
Net income per share  $ 2.30  $ 2.11  $ 6.91  $ 6.11
Weighted average common shares outstanding:        
Basic  145.8  144.4  145.5  144.1
Diluted  146.8  145.6  146.5  145.4
         
  Three Months Ended Nine Months Ended
  December 30, 2012 January 1, 2012 December 30, 2012 January 1, 2012
Sales by Segment        
Investment Cast Products  $ 612.6  $ 582.1  $ 1,844.7  $ 1,724.2
Forged Products  833.2  768.0  2,447.9  2,321.7
Airframe Products  597.4  452.3  1,647.1  1,210.3
Total  $ 2,043.2  $ 1,802.4  $ 5,939.7  $ 5,256.2
Segment Operating Income (Loss) 2        
Investment Cast Products  $ 209.2  $ 193.0  $ 624.1  $ 570.0
Forged Products  173.8  172.1  524.2  492.2
Airframe Products  180.1  125.7  492.9  348.6
Corporate expense  (42.5)  (30.7)  (107.1)  (92.4)
Consolidated segment operating income  520.6  460.1  1,534.1  1,318.4
Interest expense  11.9  3.9  18.2  10.0
Interest income  (1.6)  (1.6)  (4.8)  (5.3)
Income before income tax expense and equity in earnings of unconsolidated affiliates  $ 510.3  $ 457.8  $ 1,520.7  $ 1,313.7
         
1 Reported results for the three and nine months ended January 1, 2012 have been restated for discontinued operations.
2 Operating income represents earnings before interest, income tax expense, and equity in earnings of unconsolidated affiliates.
     
PRECISION CASTPARTS CORP.
SELECTED BALANCE SHEET AND CASH FLOW STATISTICS
(Unaudited; in millions)
     
  December 30, 2012 April 1, 2012
Cash and Debt Balances    
Cash  $ 483.3  $ 698.7
Total Debt  $ 3,825.7  $ 208.2
Total Equity  $ 9,890.5  $ 8,364.8
Total Debt, as % of Total Capitalization 27.9 % 2.4 %
Working Capital Items 1    
Receivables, Net  $ 1,408.7  $ 1,186.4
Inventories  3,049.8  1,815.3
Accounts Payable  802.4  713.7
Total  $ 3,656.1  $ 2,288.0
     
  Three Months Ended
  December 30, 2012 January 1, 2012
Selected Cash Flow Items 1    
Depreciation and Amortization  $ 52.6  $ 43.0
Capital Expenditures  $ 78.3  $ 37.2
Acquisitions of Businesses, Net of Cash Acquired  $ 3,107.5  $ 140.4
     
1 Reported results exclude discontinued operations.
CONTACT: Dwight Weber, Director of Communications (503) 946-4855
         Website: http://www.precast.com

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