Precision Castparts (PCP) Misses Q2 EPS by 8c; Sales In-Line

Precision Castparts (NYSE: PCP) reported Q2 EPS of $3.24, $0.08 worse than the analyst estimate of $3.32. Revenue for the quarter came in at $2.52 billion versus the consensus estimate of $2.52 billion.

"As usual, Forged Products tackled the annual second-quarter scheduled maintenance projects, a necessary activity to ensure that we are prepared to deliver on the growth demanded by our customers," said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. "Going forward, our markets remain strong, and customer demand has given us a clear line of sight to sustained growth. On the large commercial aircraft front, Airframe Products will be working over the next several quarters to take the production rates higher to meet both current demand and market share gains. In our two other segments, large commercial orders remain solid across our businesses, and we are gaining share on the leading development engine programs, which will be transitioning into full production over the next few years. IGT orders have also steadily grown as a result of solid positions on new and upgrade OEM programs and higher spares requirements.

"We have won solid share positions on all production and development programs in our key end markets," Donegan said. "We have a strategic plan for growth, and we are steadily executing that plan. We continue to drive for improved performance in our factories, with a long pipeline of projects extending well into the future.

"Going forward, we are confident in our ability to generate strong cash flow, and we remain committed to our acquisition strategy," Donegan said. "We have a full range of growth opportunities in our sights."

For earnings history and earnings-related data on Precision Castparts (PCP) click here.

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