Precision Castparts (PCP) Q3 2011 Earnings Call January 27, 2011 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 Kenneth Herbert - Wedbush Securities Inc. Eric Hugel - Stephens Inc. Stephen Levenson - Stifel, Nicolaus & Co., Inc. Joseph Nadol - JP Morgan Chase & Co Ronald Epstein - BofA Merrill Lynch Chris Denny Robert Spingarn - Crédit Suisse AG Richard Safran - Buckingham Research Group, Inc. Jason Gursky - Citigroup Inc Samuel Pearlstein - Wells Fargo Securities, LLC Noah Poponak - Goldman Sachs Group Inc. Myles Walton - Deutsche Bank AG Rob Stallard - Banc of America Securities 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 third quarter earnings for fiscal 2011. [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 statements, and you need to take these consideration when you're analyzing the following presentation. If I look at Q3 in general, I think it's another quarter we continue to claw our way back if we saw solid growth in a number of fronts but obviously, we'll get in the presentation, we still saw continuing weakness in a couple of our end markets. But in general, for the company, we saw sales growth of roughly 16% versus last year going from $1.36 billion last year to right just under $1.6 billion this year. We saw operating income increased by 9.2% going from roughly $354 million last year to roughly $387 million this year and we saw margins go up from 26% last year to 24.3% this year. And all of this drove EPS from $1.61 last year through $1.80 this year.