PRECISION CASTPARTS CORP
SymbolPCP

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

Precision Castparts Corp. Maintains Strong Operating Margins in Challenging Second Quarter

2009-10-20 08:00 ET - News Release



  Second Quarter Fiscal 2010 Highlights (from Continuing Operations)

   * Consolidated segment operating income margin of 25.9%

   * EPS from continuing operations of $1.54 (diluted)

   * Total cash of $743 million and debt of $260 million

PORTLAND, Ore., Oct. 20, 2009 (GLOBE NEWSWIRE) -- With sales declines appearing to bottom out in the second quarter of fiscal 2010, Precision Castparts Corp. (NYSE:PCP) continued to focus on leveraging its operational strengths, improving operating margins from continuing operations by 3.4 percentage points over the second quarter of fiscal 2009 on 28 percent lower year-over-year sales. The lower sales were driven by further aerospace destocking, economic pressures on the general industrial markets, planned downtime of major forging complexes, and seasonal European holidays.

Second Quarter Fiscal 2010 Financial Highlights

Sales in the second quarter of fiscal 2010 totaled $1.3 billion, compared to sales of $1.8 billion last year. Included in the year-over-year sales decline were the negative effects of foreign exchange of approximately $29 million, lower material pass-through of approximately $37 million, and lower selling prices of external alloys at the Company's three primary mills of approximately $62 million. Precision Castparts Corp. (PCC) delivered operating income of $337.0 million, or 25.9 percent of sales in the second quarter of fiscal 2010, versus $404.1 million, or 22.5 percent of sales a year ago. Total net income from continuing operations in the second quarter was $218.3 million, compared to $265.1 million in the same quarter last year. Earnings per share from continuing operations in the quarter were $1.54 (diluted, based on 141.6 million shares outstanding), compared to earnings per share from continuing operations of $1.88 (diluted, based on 140.7 million shares outstanding) in the second quarter of fiscal 2009.

The remainder is available to Stockwatch subscribers.
If you would like to give the Stockwatch system a try, click here for a free 30 day trial subscription.