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Precision Castparts Sales Up 13% in Fiscal 2011

Sales growth for the fourth quarter driven by strength in aerospace and industrial markets.

Precision Castparts Corp. (NYSE: PCP), Portland, OR, reported sales for the fiscal year ended April 3, 2011, were $6.2 billion, an increase of 12.7 percent over sales in fiscal year 2010. Profit attributable to Precision Castparts increased 10 percent to $1 billion.

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For the fourth quarter, sales were $1.7 billion, an increase of 16.8 percent in a year-over-year comparison. Profit attributable to Precision Castparts increased 12.4 percent to $271 million.

Sales growth in the fourth quarter was primarily driven by strong demand from aerospace and general industrial markets.

Sales for the Investment Cast Products segment grew 19.7 percent to sales of $558.9 million in the fourth quarter of this year. Aerospace OEM sales grew 32 percent year over year.

Forged Products’ sales for the fourth quarter of fiscal 2011 improved year over year by 20.5 percent to $771.3 million. Aerospace OEM sales increased 38 percent. General industrial sales posted growth of nearly 40 percent year over year. In addition, while industrial gas turbines represent only about 8 percent of segment sales, orders improved by 80 percent, driven by increased component demand and market share gains in the segment’s material business.

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