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Precision Castparts 2Q Profit RisesPosted by Randy on: 2005-10-18 14:01:24 in category:
Investments [ Print | Permalink / 0 Comment(s) ] Precision Castparts 2Q Profit Rises Precision Castparts Reports Higher Second-Quarter Profit on 25 Percent Sales Growth PORTLAND, Ore. (AP) -- Engine components maker Precision Castparts Corp. said Tuesday it swung to a profit in its fiscal second quarter, thanks to solid sales in its major markets and the absence of a hefty charge posted a year earlier. ADVERTISEMENT The company earned $81.3 million, or 60 cents per share, compared with a loss of $183 million, or $1.38 per share, in the year-ago period, which included a charge of $245 million from the sale of the company's pump and valve businesses. Sales in the quarter ended Oct. 2, totaled $874.9 million, up 25.4 percent from last year's $697.5 million. Earnings from continuing operations were $81.8 million, or 60 cents per share, up 43 percent from last year's $57.2 million, or 43 cents per share. Analysts polled by Thomson Financial had expected earnings of 59 cents per share on sales of $866.8 million. Precision said aerospace and aircraft helped fuel sales in the quarter. The company's forged products segment increased sales and operating income despite nearly three days of lost production at its Houston plant as a result of Hurricane Rita. The company said it will bring new acquisitions on board more quickly to help grow business and expects to complete the purchase of Special Metals Corp. by year-end. Shares of Precision fell $1.24, or 2.4 percent, to $50.92 in early trading on the New York Stock Exchange. Business open community website http://www.business-business.biz Submit articles http://www.business-business.biz/submitstory.php Retirement forum http://www.business-business.biz/forums.php Retirement open community website http://www.retirement-retirement.com Submit articles http://www.retirement-retirement.com/submitstory.php Retirement forum http://www.retirement-retirement.com/forums.php Investment open community website http://www.investment-investment.us Submit articles http://www.investment-investment.us/submitstory.php Investment forum http://www.investment-investment.us/forums.php |
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