Precision Castparts Q4 Profit Declines; Announces $2 Bln Stock Buyback

(RTTNews) - Precision Castparts Corp. (PCP) said fourth-quarter net income attributable to PCC declined to $135 million, or $0.96 per share from $484 million, or $3.31 per share, last year.

Adjusted earnings per share from continuing operations were $2.94, down from $3.27 in the prior year period. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $2.97 per share for the quarter. Analysts' estimates typically exclude special items.

The company clocked net sales of $2.50 billion in the quarter, compared with $2.52 billion in the prior-year quarter. Wall Street expected revenues of $2.47 billion for the quarter.

Separately, the Board of Directors approved a $2 billion expansion to the Company's existing share repurchase program, effective immediately and continuing through June 30, 2017.

The company said it plans to repurchase up to $2 billion of its common stock over the next 12 to 18 months as part of its comprehensive cash deployment strategy.

The company intends to repurchase outstanding shares from time to time in the open market. As of May 13, 2015, the Company had used $2.3 billion of the $2.5 billion previously authorized.