This Day On The Street
Continue to site
ADVERTISEMENT
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 Second Quarter Fiscal 2014 Earnings

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; the timing of new acquisitions; 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 Globe Newswire'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
(Unaudited; in millions, except per share data)
 
  Three Months Ended Six Months Ended
  September 29, 2013 September 30, 2012 September 29, 2013 September 30, 2012
Net sales  $ 2,362  $ 1,927  $ 4,729  $ 3,893
Costs and expenses:        
Cost of goods sold  1,557  1,308  3,127  2,639
Selling and administrative expenses  156  121  309  241
Interest expense  19  3  39  6
Interest income  (1)  (1)  (2)  (3)
Total costs and expenses  1,731  1,431  3,473  2,883
Income before income tax expense and equity in earnings of unconsolidated affiliates  631  496  1,256  1,010
Income tax expense  (205)  (164)  (405)  (336)
Equity in earnings of unconsolidated affiliates  —  1  1  3
Net income from continuing operations  426  333  852  677
Net (loss) income from discontinued operations  (1)  —  11  (2)
Net income  425  333  863  675
Net income attributable to noncontrolling interests  (1)  (1)  (3)  (1)
Net income attributable to Precision Castparts Corp. ("PCC")  $ 424  $ 332  $ 860  $ 674
Net income per common share attributable to PCC shareholders – basic:        
Net income per share from continuing operations  $ 2.92  $ 2.29  $ 5.82  $ 4.65
Net (loss) income per share from discontinued operations  (0.01)  —  0.08  (0.01)
Net income per share  $ 2.91  $ 2.29  $ 5.90  $ 4.64
Net income per common share attributable to PCC shareholders – diluted:        
Net income per share from continuing operations  $ 2.90  $ 2.27  $ 5.78  $ 4.62
Net (loss) income per share from discontinued operations  (0.01)  —  0.08  (0.01)
Net income per share  $ 2.89  $ 2.27  $ 5.86  $ 4.61
Weighted average common shares outstanding:        
Basic  145.5  145.4  145.8  145.3
Diluted  146.5  146.4  146.8  146.4
         
  Three Months Ended Six Months Ended
  September 29, 2013 September 30, 2012 September 29, 2013 September 30, 2012
Sales by Segment        
Investment Cast Products  $ 608  $ 612  $ 1,224  $ 1,232
Forged Products  1,061  762  2,126  1,615
Airframe Products  693  553  1,379  1,046
Total  $ 2,362  $ 1,927  $ 4,729  $ 3,893
Segment Operating Income (Loss) 1        
Investment Cast Products  $ 219  $ 209  $ 432  $ 415
Forged Products  258  156  525  351
Airframe Products  210  166  415  312
Corporate expense  (38)  (33)  (79)  (65)
Consolidated segment operating income  649  498  1,293  1,013
Interest expense  19  3  39  6
Interest income  (1)  (1)  (2)  (3)
Income before income tax expense and equity in earnings of unconsolidated affiliates  $ 631  $ 496  $ 1,256  $ 1,010
         
1 Reported results for the three and six months ended September 30, 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, CASH FLOW AND SALES INFORMATION
(Unaudited; in millions)
 
  September 29, 2013 March 31, 2013
Cash and Debt Balances    
Cash  $ 269  $ 280
Total Debt  $ 3,558  $ 3,807
Total PCC Shareholders' Equity  $ 10,513  $ 9,783
Total Debt, as % of Total Capitalization 25.3 % 28.0 %
     
Working Capital Items 1    
Receivables, Net  $ 1,531  $ 1,507
Inventories  3,189  2,980
Accounts Payable  815  940
Total  $ 3,905  $ 3,547
     
  Three Months Ended
  September 29, 2013 September 30, 2012
Selected Cash Flow Items 1    
Depreciation and Amortization  $ 70  $ 48
Capital Expenditures  $ 94  $ 64
Acquisitions of Businesses, Net of Cash Acquired  $ 169  $ 582
     
  Three Months Ended
  September 29, 2013 September 30, 2012
Sales by Market    
Aerospace 67 % 65 %
Power 17 % 19 %
General Industrial & Other 16 % 16 %
     
1 Reported results exclude discontinued operations.
CONTACT: Jay Khetani, Vice President of Investor Relations
         (503) 946-4700
         Website: http://www.precast.com

company logo

5 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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,011.94 -28.43 -0.16%
S&P 500 2,109.60 -2.13 -0.10%
NASDAQ 5,076.5240 -6.4050 -0.13%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs