June 2009 -- Precision Castparts Corp.'s sales for fourth-quarter 2009 were $1.6 billion compared with $1.8 billion in 2008. The company points to the weakening of foreign currencies relative to the U.S. dollar as having had a negative impact on sales.
Net income totaled $263 million, or $1.87 per share, compared with $264.1 million, or $1.88 per share, in the same period last year. For the year, net income was $1.03 billion, or $7.38 per share, versus $959.1 million, or $6.84 per share, in 2009.
"During our fourth quarter, we faced some strong headwinds –- slower-than-expected recovery from the Boeing strike, lower metal selling prices, and weakening foreign currencies, and our operations were equal to the challenge," said Mark Donegan, CEO. "The second quarter will also have its seasonal challenges of scheduled forge shutdowns for maintenance and extended holidays in our European operations. All of our efforts will be directed at minimizing the impact to our results. Looking beyond these headwinds, however, we regain traction, and we see sales and margin growth resuming in our third and fourth quarters as the base build schedules start to stabilize, and 787 production work begins."
