Precision Castparts Income Up, Names New CEO
Precision Castparts Income Up, Names New CEO
Jason Sandefur
Precision Castparts Corp. reported a 2% net income increase to $41.3 million for the first quarter of fiscal 2003, which ended June 30. The gain came despite a 7.7% quarterly sales decline to $589.6 million.
Operating income for the industrial products segment dropped 8% to $39.3 million.
Anticipating a weak economy, outgoing CEO William McCormick said PCC spent the last year cutting operational costs and restructuring to meet decreasing market demand. The aerospace industry is expected to continue its slip, with deliveries of Airbus and Boeing aircraft in sharp decline.
“Despite lower sales in fiscal 2003, PCC should be able to deliver strong operating margins,” McCormick stated.
PCC named Mark Donegan to replace McCormick as CEO on Aug. 14. Donegan joined PCC in 1985 and has been the Portland, OR-based company�s COO since July 2001. �2002 FastenerNews.com
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