Global Fastener News

PCC Aerospace Fastener Sales & Profit Soar

Jason Sandefur

Strong fastener sales helped Precision Castparts Corp. report solid results during the third quarter of fiscal 2007, with fastener revenue rising 27% to $254.5 million and operating income growing 53% to $55.7 million. Q3 results include a full quarter of sales and earnings from Shur-Lok, which PCC acquired in 2005.
Aerospace fasteners continue to deliver “improved performance, drive operating margins, and score additional share gains.” PCC said aerospace fastener revenue saw 30% organic growth in Q3. The company recently announced an agreement to acquire Cherry Aerospace for $300 million.
“Cherry fills a significant gap in our critical aerospace fastener product line,” PCC stated.
Q3 sales of engineered fasteners to North American automobile manufacturers were relatively flat.
Fastener sales during the first nine months of fiscal 2007 grew 23% to $740.9 million, while operating income from fasteners jumped 56% to $155.8 million.
Total Q3 revenue gained 61.5% to $1.38 billion, with operating income increasing 79% to $246.9 million. Net income improved 73.6% to $158.3 million.
Nine-month revenue grew 48% to $3.8 billion, while net income soared 71% to $428.6 million. Web: precast.com �2007 FastenerNews.com