Precision Castparts Corp. (NYSE: PCP), Portland, OR, reported sales for the second quarter ended Sept. 29 were $2.36 billion, up 23 percent over the same period a year ago. Organic sales grew 6 percent, excluding the impact of contractual pass-through pricing and other changes in metal/revert pricing.
Profit grew 28 percent to $424 million.
Sales for the Investment Cast Products segment were $608 million, down slightly from $612 million last year, with a 5 percent year-over-year gain in operating income. Large commercial OEM and spares sales grew by 10 percent and 4 percent, respectively, tempered by a decline in regional/business jet and military spares activity.
Forged Products’ sales increased by 39 percent year-over-year, growing to $1.06 billion. Operating income improved 65 percent. Forged Products’ aerospace sales grew by approximately 47 percent compared to the same quarter last year. In the power market, sales improved by more than 15 percent, driven by increased demand for downhole casing and interconnect pipe.
Airframe Products’ sales were $693 million, up 25 percent from a year ago. The segment reported a 27 percent year-over-year gain in operating income. Sales of critical aerospace fasteners improved slightly. On the aerostructures side of the business, aerospace sales increased by 66 percent.
