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Precision Castparts (PCP) 3Q Earnings Preview

 January 23, 2013 12:04 PM

(By Balachander) Precision Castparts Corp. (NYSE: PCP) is expected to post double-digit gains in earnings and revenue for the third quarter when it reports its results on Thursday, Jan. 24.

Wall Street analysts, on average, expect PCP's earnings per share to increase 17 percent to $2.48 on revenue growth of 16.20 percent to $2.11 billion for the quarter ended December.

Precision Castparts is engaged in the manufacture of complex metal components and products, serving the aerospace, power, and general industrial markets. The company makes investment castings, airfoil castings, forged components and aerostructures, among others.

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The company's operations are classified into three reportable business segments: Investment Cast products, Forged products and Airframe products.

PCP's sales to the aerospace industry constituted 62 percent of its total sales in fiscal 2012. The company's power sales constituted 21 percent of total sales for the same period.

A substantial portion of PCP's business is conducted with a relatively small number of large direct and indirect customers, including General Electric Co. (GE), United Technologies Corp. (UTX), Rolls Royce Plc, and Boeing Co. (BA), a regulatory filing showed.

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During the current month, eight analysts have recommended PCP as a "Strong Buy" and nine analysts gave a "Buy" rating,  while five analysts gave a "Hold" rating on the stock. There is no analyst who recommends "Sell" on the stock.

In the preceding second quarter, EPS from continuing operations were $2.28, up from $2.04 in the year-ago period. Sales increased 8.4 percent to $1.93 billion from sales gains at Investment Cast and Airframe products.

PCP shares have been trading in the 52-week range of $150.53 to $193.95.

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