(Source: Associated Press/AP Online)
PORTLAND, Ore. - Precision Castparts Corp., which makes metal components and products, said Tuesday its fiscal first-quarter profit fell 13 percent as sales tumbled on a volatile aerospace market and soft overall demand.
For the quarter ended June 28, net income attributable to common shareholders fell to $240.4 million, or $1.70 per share, from $275.8 million, or $1.96 per share, in the year-ago period.
The year-ago period's results included 2 cents per share in profit from discontinued operations.
Sales fell 24 percent to $1.38 billion from $1.81 billion. The effects of foreign exchange, material pass-through and lower selling prices of external alloys lowered sales by a combined $157 million, the company said.
In addition, lower aerospace sales accounted for about $125 million of additional year-over-year sales decline, according to the company.
Analysts polled by Thomson Reuters expected a profit of $1.75 per share on $1.62 billion in sales.
A service of YellowBrix, Inc.
