Posted July 22, 2010
Precision Castparts sales up 5.6 percent
Precision Castparts Corp. reported Q1 sales of $1.45 billion, an increase of 5.6 percent over $1.37 billion last year.
The increase was driven by commercial aerospace OEM growth of approximately 15 percent and general industrial growth of approximately 50 percent.
Consolidated segment operating income was $351.9 million, or 24.3 percent of sales in the first quarter of fiscal 2011, compared to $370.7 million, or 27.1 percent of sales last year. In the first quarter, net income from continuing operations totaled $236.1 million, versus $240.8 million in the first quarter of fiscal 2010.
Fastener Products sales totaled $328.9 million, with segment operating income of $104.2 million, or 31.7 percent of sales, in the first quarter, versus sales of $345.3 million, with segment operating income of $115.6 million, or 33.5 percent of sales, in the same quarter a year ago. Sequentially, the segment held sales relatively flat by expanding its non-core product lines to offset significant declines in its core products, as aerospace OEM and distributors reduced inventory levels to meet their requirements.
