PCC Fastener Profit Jumps 50%
PCC Fastener Profit Jumps 50%
Jason Sandefur
Amidst a booming aerospace market, Precision Castparts Corp. reported fastener product sales grew 19% to $1.25 billion during fiscal 2007, with segment operating profit gaining 50% to $265.5 million. The fastener products segment includes PCC’s fastener operations and its industrial products business, which it integrated during the fourth quarter of fiscal 2007.
Fastener product revenue jumped 22% to $341.4 million during Q4, while operating profit soared 50% to $78.8 million.
“Including the addition of Cherry Aerospace, which was acquired February 23, 2007, Fastener Products’ aerospace OEM and aftermarket sales jumped nearly 40% year over year, propelled both by the dynamics of the commercial aerospace cycle and market share gains,” PCC stated.
Overall PCC revenue rose 52% to a record $5.36 billion, while net income jumped 80% to $633.1 million. Web: precast.com �2007 FastenerNews.com
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