Precision Castparts earnings rise
Precision Castparts improved year-over-year sales by 17.6 percent in the first quarter of fiscal 2013, with sales of $1.97 billion compared to $1.68 billion last year.
Net income totaled $344 million in the first quarter, or $2.35 per share, compared to $285.6 million, or $1.97 per share, in the first quarter of fiscal 2012.
Sales for Fastener Products increased by approximately 42 percent in the first quarter of fiscal 2012, rising to $492.8 million from $348.0 million last year.
Base critical aerospace fastener sales showed more than 15 percent growth year over year due to base aircraft production increases.
"Our aerospace and power end markets look very solid right now, and, based on what has been announced by our customers and new opportunities we see over the next few years, our growth will continue upward at a steady pace," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
