Precision Castparts Corp. (NYSE:PCP) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Precision Castparts Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 22.55% to $2.88 in the quarter versus EPS of $2.35 in the year-earlier quarter.
Revenue: Rose 20.17% to $2.37 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Precision Castparts Corp. reported adjusted EPS income of $2.88 per share. By that measure, the company missed the mean analyst estimate of $2.90. It missed the average revenue estimate of $2.52 billion.
Quoting Management: “We continue to extract and deliver value from all of our operations,” said Mark Donegan, chairman and chief executive officer of Precision Castparts Corp. “We are achieving strong earnings growth on stable commercial aircraft schedules, gaining share on new airframe and engine development programs, maintaining a steady drumbeat to meet or exceed our cost-reduction targets, and continuing to set an aggressive pace in integrating our new acquisitions. The course we set for ourselves over the past decade is now playing out as we expected and delivering strong benefits to our shareholders.”
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