This Day On The Street
Continue to site
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

Precision Castparts Corp. Reports First Quarter Fiscal 2014 Earnings

"We continue to extract and deliver value from all of our operations," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "We are achieving strong earnings growth on stable commercial aircraft schedules, gaining share on new airframe and engine development programs, maintaining a steady drumbeat to meet or exceed our cost-reduction targets, and continuing to set an aggressive pace in integrating our new acquisitions. The course we set for ourselves over the past decade is now playing out as we expected and delivering strong benefits to our shareholders. 

"As we expand our reach in key markets, we are leveraging both our legacy businesses and our acquisitions to achieve further profitable growth for the Company," Donegan said. "Our base operations continue to deliver strong incremental margins. In addition, the targeted acquisitions we have made in recent years are capturing improvements at an accelerated rate and are yielding solid results. Most notably, TIMET has already proven to be a major contributor to earnings by rapidly adopting the PCC tool kit throughout its operations, but we have a long runway of both top- and bottom-line opportunities out ahead of us. 

"Looking ahead, we have secured solid positions on all major production and development commercial aircraft programs, and our casting and forging operations will ramp up or level out as the OEM schedules dictate," Donegan said. "Our fastener production schedules still do not align with current commercial production rates, but the orders are accelerating, and we have great potential for further growth. In addition, our aerostructures business has only just begun to uncover the upside opportunities in its base and acquired companies. Beginning in the back half of calendar 2014, many of our operations will be ramping up to handle increased volumes, as the new aircraft and engine development programs roll out. At the same time, we are aggressively pursuing further upside in power markets with our industrial gas turbine, interconnect pipe, downhole casing, and other oil and gas products. On every front, the Company remains focused on executing at the highest levels and fully capturing the potential that lies ahead."

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs