Precision Castparts Corp., which makes metal components for the aerospace and automotive markets, said that its fiscal 2008 third-quarter profit jumped 55 percent, boosted by strong sales across all major segments.
The company reported income of $246.5 million, or $1.76 per share, compared with $158.7 million, or $1.15 per share, in the year-ago period.
Total sales rose 23 percent to $1.7 billion from $1.38 billion in the third quarter of fiscal 2007.
Analysts polled by Thomson Financial, on average, estimated earnings of $1.72 per share on sales of $1.74 billion.
Sales from the company's investment cast products segment rose 24 percent to $540.9 million in the third quarter.
Forged products sales increased 21 percent to $771.8 million, while sales from the company's fastener products division grew 24 percent to $383.9 million. Additionally, year-over-year non-aerospace shipments increased to oil and gas, chemical processing, pollution control and other markets, Precision Castparts said.
Risk to the PCP's operations are directly linked to the aerospace industry. As a result, any
slowdown in the industry could lead to a decline in demand for its products. Additionally, fluctuation in the prices of basic materials could affect PCP's business.
I believe that demand for its products will remain high.
Astra portfolio: PCP Marketocracy tracking records as of January 25, 2008.
Portion of fund: 3.24%
Days held: 179
Inception return: - 19.15%
Opinion: Buy
Astra
my funds @ Marketocracy...
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