Precision Castparts Sales Jump 20% in First Quarter - Modern Distribution Management

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Precision Castparts Sales Jump 20% in First Quarter

Profit increased 23 percent for the quarter ended June 30, 2013.

Precision Castparts Corp. (NYSE: PCP), Portland, OR, reported sales for the first quarter ended June 30, 2013, of $2.4 billion, an increase of 20 percent over the same period a year ago. Profit increased 23 percent to $424 million.

Sales for investment cast products were $616 million, down 0.6 percent from the last fiscal year's first quarter, with operating income improving 3.4 percent to $213 million.

Forged Products' year-over-year sales improved 25 percent to $1.1 billion in the first quarter. First quarter results included a full quarter of revenues from TIMET, Texas Honing and Dickson/Aerocraft, compared to only a partial quarter of Dickson/Aerocraft in fiscal 2013. The segment's operating income grew by 37 percent to $267 million.

First quarter sales in the Airframe Products segment increased by 39 percent year-over-year, moving to $686 million. Sales included a full quarter of Centra, Klune, Progressive, Synchronous and several small acquisitions, compared to only a partial quarter of Centra in fiscal 2013. Operating income grew 40 percent to $205 million.

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