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Precision Castparts Sales Up 16.5% in 3Q

CEO: Destocking 'finally behind us.'

Portland, OR-based Precision Castparts Corp. (NYSE: PCP) reported sales for the third quarter ended Jan. 2, 2011, were $1.59 billion, an increase of 16.5 percent over the same quarter a year ago. Profit attributable to PCC increased 10.1 percent to $256.5 million.

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Fiscal year-to-date, sales were $4.55 billion, up 12.9 percent over the first nine months of fiscal 2010. Profit increased 9.1 percent to $742.5 million.

By segment, Investment Cast Products sales grew 18.3 percent year-over-year, increasing to $537.7 million in the third quarter. Aerospace sales within the segment were about 30 percent higher than last year. Contractual material pass-through pricing rose by $3 million to $13 million in the third quarter of fiscal 2011.

Forged Products sales for the third quarter totaled $708.5 million, a 20.7 percent increase over sales in the same period a year ago. Aerospace sales improved by 25 percent. General industrial sales increased by almost 50 percent.

Sales for Fastener Products increased by 6.6 percent to $344.1 million. Aerospace sales grew by 5 percent. General industrial sales increased 15 percent.

\”We seem to have finally put destocking behind us and closed the gap between our casting and forging orders and aircraft build rates,\” CEO Mark Donegan said. \”From this point, the commercial aerospace operations of those two businesses should track fairly closely to aircraft delivery schedules. General industrial sales have also made a strong contribution to our year-over-year sales growth, and, with additional opportunities for further market penetration, should continue to provide modest sequential upside.\”

Precision Castparts Corp. is a diversified manufacturer of complex metal components and products. It serves the aerospace, power generation, and general industrial markets.

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