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Precision Castparts Corp. Reports Results for Fiscal Q3 2009

Total sales for the casting and forging producer were $1,614.7 million in the third quarter of fiscal 2009, compared to total sales of $1,668.2 million a year ago.

Among the Third Quarter Fiscal 2009 Highlights for PCP (issued Jan 20, 2009) is the following statement about its Forged Products Group. “Forged Products’ sales totaled $702.8 million in the third quarter of fiscal 2009, versus sales of $771.6 million last year.These third quarter sales results include a reduction of approximately $48 million related to the Boeing strike; contractual material pass-through pricing of $75.1 million, compared to $90.2 million a year ago; and a year-over-year decrease in selling prices of external alloy sales combined with increased internal sales from Forged Products’ three primary mills of approximately $75 million. Segment operating income margins improved to 22.0 percent of sales, or $154.8 million this quarter, compared to 21.9 percent of sales, or $169.1 million, in the third quarter of fiscal 2008. The segment focused on steady improvements in productivity, yields, material utilization, scrap, and other key production metrics to overcome the significant downturn in sales. In the fourth quarter, the headwinds from the Boeing strike are expected to continue, as well as the lost leverage and inefficiencies related to the 29,000-ton press in Houston, which should be back on line at the beginning of the first quarter of fiscal 2010.” I

In the third quarter of fiscal 2009, PCC closed on the acquisition of Hackney Ladish, a company with forging operations in Oklahoma. It was incorporated into the Forged Products Segment, which also includes Wyman Gordon (acquired in F3Q00), Drop Dies and Forgings (F3Q01), McWilliams Forge (F4Q07), and Special Metals Corp. F1Q07).

The company also has two other business groups: Investment cast products and fastener products.

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