PCC Fastener Sales & Income Jump
PCC Fastener Sales & Income Jump
Jason Sandefur
Continued growth of its commercial aerospace fastener business and an “intense focus on production efficiencies” fueled Precision Castparts’ Fastener Products sales in the first quarter of fiscal 2009. Fastener sales rose 14.5% to $420.7 million, while operating income increased 32.7% to a record $114.9 million. Aerospace fastener sales increased 18.5%.
“Our aerospace business continues to see strong and steady demand across the base OEM and aftermarket programs,” stated CEO Mark Donegan.
Donegan said PCC’s “significant content” on the Boeing 787 and Airbus A380 commercial jet platforms will drive future growth. “In addition, we have further opportunities to grow our market position, especially in our fastener business.”
Overall fiscal Q1 sales rose 11% to $1.83 billion, while net income from continuing operations jumped 21% to $274.9 million. Web: precast.com �2008 FastenerNews.com
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