This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Precision Castparts Corp. Reports Fourth Quarter Fiscal 2013 Earnings

Stocks in this article: PCP

Forged Products:

Sales for Forged Products in the fourth quarter increased by 31 percent to $1,118.1 million, compared to sales of $855.1 million in the same period last year, and operating income improved to $252.8 million, or 22.6 percent of sales in the fourth quarter, compared to operating income of $192.7 million, or 22.5 percent of sales, last year. Contractual material pass-through pricing was relatively flat year over year, and selling prices of metal at the segment's three primary mills were approximately $17 million lower than a year ago. The inclusion of a full quarter of Timet was the largest driver of the sales growth in the fourth quarter. In addition, throughput improved on the 29,000-ton press, which helped boost aerospace sales at the Houston plant by more than 25 percent sequentially.  Downhole casing for the oil and gas market also continued to show a robust shipping profile for the second quarter in row. In terms of segment performance, Timet made a substantial contribution during its first full quarter; the integration is making rapid progress, with significant top- and bottom-line improvements identified for continued, long-term growth. In addition, segment operating results benefitted from continued strong leverage on base production, the restoration of the 29,000-ton press to more normal efficiency levels, and the production of downhole casing moving steadily down the learning curve.

Airframe Products:

Airframe Products' fourth quarter sales grew by 40 percent to $685.1 million, compared to sales of $487.9 million in the same period last year, and the segment's operating income increased by 42 percent in the fourth quarter to $198.0 million, or 28.9 percent of sales, versus $139.5 million, or 28.6 percent of sales last year. In addition to the impact from acquisitions, Airframe Products' commercial aerospace sales showed organic growth of more than 10 percent over last year, reflecting solid market share positions and core fasteners further narrowing the gap with current 787 production rates. The segment demonstrated strong operating leverage, extracting solid drop-through from its base businesses and overcoming significant dilution from six lower-margin acquisitions. This strength is expected to continue as aerospace demand increases, and the recent Airframe Products acquisitions further accelerate and drive even greater improvements throughout their operations. 

2 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs