Precision Castparts Q1 Profit Climbs - Quick Facts

(RTTNews) - Precision Castparts Corp. (PCP) reported that its first-quarter net income attributable to the company advanced to $436 million or $2.96 per share, from $342 million or $2.33 per share in the prior-year quarter. Quarterly net income from continuing operations attributable to PCC totaled $424 million, or $2.88 per share, higher than $344 million, or $2.35 per share in the same period a year ago.

On average, 22 analysts polled by Thomson Reuters expected earnings per share of $2.90 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales reached $2.37 billion in the first quarter of fiscal 2014, up 20 percent from last year's $1.97 billion. Analysts estimated revenues of $2.52 billion for the quarter.

According to the company, stable shipments in line with high aircraft build rates, solid power markets, and heightened acquisition activity in fiscal 2013 fueled 20 percent year-on-year sales growth for Precision Castparts in the first quarter, with increased earnings reflecting strong leverage in the base businesses and further acceleration in the rapid integration of TIMET and other recent acquisitions.