Precision Castparts (PCP) Q1 2011 Earnings Call July 22, 2010 10:00 am ET Executives Shawn Hagel - Chief Financial Officer, Principal Accounting Officer, Senior Vice President and Assistant Secretary Mark Donegan - Chairman, Chief Executive Officer and President Analysts Cai Von Rumohr - Cowen and Company, LLC J. B. Groh - D.A. Davidson & Co. Eric Hugel - Stephens Inc. Howard Rubel - Jefferies & Company, Inc. Joseph Nadol - JP Morgan Chase & Co Richard Safran - Goldman Sachs Robert Spingarn - Crédit Suisse AG Noah Poponak - Goldman Sachs Group Inc. Samuel Pearlstein - Wells Fargo Securities, LLC David Strauss - UBS Investment Bank Peter Arment - Gleacher & Company, Inc. PresentationOperator
Good morning and welcome to Precision Castparts Webcast and Conference Call to discuss its first quarter earnings for fiscal 2011. This event is being recorded and will be available on PCC's company website at www.precast.com shortly after the conclusion of the presentation and discussion. Following remarks by members of PCC management, the dial-in access line will be open for questions [Operator Instructions]. Now I will turn the floor over to Mr. Mark Donegan, Chairman and Chief Executive Officer of Precision Castparts. Mark Donegan Thank you, operator. I'm sure you're all very familiar with the forward-looking statement and PCP's [ph] consideration when you're analyzing the following information. If I look at Q1, Q1 is certainly kind of tailed to two cities. We saw some very strong traction in some of our core markets, but we also had to face one last significant hurdle with our seamless extruded pipe and we're going to get into all that as we move on. I'm going to try today to provide probably more clarity than we've done some moments in the past. I also have Shawn Hagel, who will go over to some of the questions that kind of came up continuously throughout the course of the quarter. So we'll go through all that.