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Precision Castparts Corp. Reports Fourth Quarter Fiscal 2013 Earnings

Fourth Quarter Fiscal 2013 Highlights
  • Record sales of $2.44 billion and EPS of $2.82 from continuing operations
  • Consolidated segment operating margin of 25.7%
  • Rapid Timet integration and achievement of synergies
  • Cash generation of $437 million, excluding cash paid for acquisitions, stock repurchases, and debt repayments

PORTLAND, Ore., May 9, 2013 (GLOBE NEWSWIRE) -- Precision Castparts Corp. (NYSE:PCP) continued to effectively leverage sales in its major markets in the fourth quarter of 2013, driven by year-over-year growth in commercial OEM aerospace demand, steady improvement in industrial gas turbine (IGT) spares, and accelerating oil and gas downhole casing production, along with a full quarter of strong Timet performance.

Fourth Quarter Fiscal 2013 Financial Highlights

Sales totaled $2.44 billion in the fourth quarter of fiscal 2013, growing 25 percent over sales of $1.95 billion in the same period last year. Consolidated segment operating income improved by approximately 26 percent year over year, rising to $627.3 million, or 25.7 percent of sales in the quarter, versus consolidated segment operating income of $497.5 million, or 25.6 percent of sales a year ago. Net income from continuing operations (attributable to PCC) in the fourth quarter was $415.1 million, an increase of 23 percent over net income of $338.2 million in the fourth quarter of fiscal 2012. In the quarter, the Company delivered earnings per share (EPS) from continuing operations (attributable to PCC) of $2.82 (diluted, based on 147.1 million shares outstanding), compared to $2.31 (diluted, based on 146.2 million shares outstanding) last year.

Including discontinued operations, PCC's net income (attributable to PCC) for the fourth quarter of fiscal 2013 totaled $414.2 million, or $2.82 per share (diluted).

Business Highlights

Investment Cast Products:

Investment Cast Products grew year-over-year sales by approximately 5 percent in the fourth quarter of fiscal 2013, increasing to $635.7 million from $602.7 million a year ago. Fourth quarter operating income of $214.3 million, or 33.7 percent of sales, increased by approximately 9 percent over last year's $196.4 million, or 32.6 percent of sales. Contractual material pass-through pricing for Investment Cast Products was relatively flat year over year. The segment's aerospace sales improved approximately 5 percent over the same period last year. OEM shipments remain aligned with current production rates, with further growth opportunities from future build rate increases and accelerated shipments of development parts for narrow-body re-engining programs beginning in the second half of fiscal 2014. In addition, strong demand for industrial gas turbine (IGT) spares drove a year-over-year increase in power sales of approximately 8 percent.  The segment delivered solid operating performance and generated strong incremental margins, continuing to capture opportunities for cost reduction and improved productivity across its manufacturing facilities. 

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