PCC Posts Yearly Profit
PCC Posts Yearly Profit
Jason Sandefur
Precision Castparts Corp. reported a 16.9% drop in sales to $514.2 million for the fourth quarter of fiscal 2003, while net income from continuing operations fell 31% to $38.1 million. Operating income slipped 24% to $76.3 million.
Results included a $17.7 million charge for the sale of Fastener Engineers & Lewis Machine and Barber Industries.
For the year, Portland, OR-based PCC announced net income from continuing operations jumped 47% to $159.4 million despite a 15% sales decline to $2.12 billion. Fiscal 2003 net income after discontinued operations nearly tripled to $124.3 million.
Increased productivity and new products helped PCC�s Industrial Products segment post a 7% sales increase to $127.5 million for fiscal 2003. Full production at its facilities in Hungary and India enhanced segment performance, CEO Mark Donegan stated.
Web: precast.com �2003 FastenerNews.com
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