The 2020 Mid-Year Economic Update_long

Precision Castparts Fiscal 2015 Sales Up 5%

Fourth-quarter sales down 1 percent year-over-year.

Diversified manufacturer Precision Castparts Corp. (NYSE: PCP), Portland, OR, reported fiscal 2015 sales of $10 billion, up 5 percent year-over-year. Profit decreased 13.9 percent to $1.5 billion.

Sales for the fourth quarter ended March 29 were $2.5 billion, down 1 percent year-over-year. Profit decreased 72.1 percent to $135 million.

Investment cast products sales in the fourth quarter were $648 million, up 2.9 percent year-over-year. Forged product sales were down 3.8 percent to $1.1 billion, while airframe products sales were up 1 percent to $789 million.

"We faced sizable challenges in our oil and gas and pipe markets in the fourth quarter, which clearly had a negative impact on our financial results," said CEO Mark Donegan. "In response, we have taken decisive measures to adjust our operations to the realities of the demand environment as we see it today, by right sizing our operations, evaluating our inventory positions, and exiting underperforming investments."

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