WASHINGTON (dpa-AFX) - Metal components and products maker Precision Castparts Corp. (PCP) reported steady sales growth year-over-year in its key end markets for the first quarter of fiscal 2015 and continued to strongly leverage increasing production volumes.
First-quarter net income attributable to the company advanced to $483 million from the year-ago period's $436 million, with earnings per share improving year-on-year to $3.31 from $2.96. Analysts polled by Thomson Reuters expected the company to report earnings of $3.35 per share for the quarter. Analysts' estimates typically exclude special items.
For the quarter, sales totaled $2.53 billion, a 7 percent improvement over sales of $2.37 billion a year ago. Wall Street expected three-month sales of $2.58 billion. Year-over-year, organic sales growth was around 4 percent, excluding the impact of metal/revert pricing. Quarterly sales were also positively impacted by a full quarter of Permaswage and two months of Aerospace Dynamics International.
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