PCC Fastener Revenue Rises
PCC Fastener Revenue Rises
Jason Sandefur
Fastener sales at Precision Castparts Corp. during the first quarter of fiscal 2006 increased 23.5% to $202.6 million, boosted by full-quarter results from recently acquired Air Industries Corp. Operating income for fasteners nearly doubled to $31.1 million during the period. PCC noted “opportunities for both margin improvement and market penetration” in its fastener operations.
“We continue to find opportunities to improve productivity and to reduce our costs quarter after quarter in all of our operations, with Fastener Products providing abundant running room for future improvements,” stated CEO Mark Donegan. “The addition of AIC will help to take Fastener Products to unprecedented levels of operational performance, and the segment continues to be our primary focus for further acquisition opportunities.”
Overall PCC sales jumped 28% to $854.6 million, while net income soared 44% to $77.4 million. Results were driven by “vigorous” after-market sales of aerospace and industrial turbines, as well as steady aerospace OEM growth and further market-share gains. Web: precast.com �2005 FastenerNews.com
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