Precision Castparts Sales Up 7.8%
Precision Castparts Sales Up 7.8%
John Wolz
Precision Castparts Corp. reported sales for its fiscal third quarter ended December 30, 2001, were up 7.8% over the same period of 2000 to $625.8 million.
Net income before impairment of long-lived industrial products segment assets and restructuring charges rose about 23% to $40.2 million. After the non-recurring charges, PCC reported a loss of $59.1 million.
The Industrial Products segment, including the three fastener machinery-related companies in the PCC Specialty Products, fell 21.7% to $53 million. PCC attributed the drop “due to the business� dependence on the automotive and general industrial markets in Europe and North America.
CEO William McCormick said that despite the “sizeable drop in aerospace volume” PCC “is much better positioned to handle this market situation. We will manage through this downturn effectively, and, when the aerospace market recovers, PCC will emerge even stronger than in the past.”
Portland, OR-based PCC�s holdings include thread rolling dies and header tooling manufacturers Reed-Rico and Astro Punch. PCC also owns Fastener Engineers Group Inc. and Lewis Machine and has a joint venture with Kadimi Tool Manufacturing in India. Web: precast.com �2002 FastenerNews.com
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