August 28, 2008

Precision Castparts Q4 profit up by 36% YoY

Metal products maker Precision Castparts Corp announced that it quarterly profit rose 36% YoY to USD 265.6 million as compared to USD 198.8 million helped by higher sales of its aerospace and industrial components and a one time gain from selling two businesses.

Precision Castparts’s fourth quarter sales were USD 1.79 billion as compared to USD 1.54 billion last year, yielding consolidated segment operating income of USD 417.3 million or 23.3% YoY of sales in the quarter, compared to consolidated segment operating income of USD 304.4 million or 19.8% YoY of sales, in the same period last year.

Mr Mark Donegan CEO of Precision Castparts said that the company is well positioned to continue its growth, even in a volatile economy. He said the company was able to pay its debt down to USD 355 million and has USD 221.3 million in cash on hand.

He added that "Our base aerospace business rests on a firm foundation, and we look forward to the growth that will be driven by such programs as the Airbus A380, the Boeing 787, the F 35 fighter and the KC-X tanker.”