Precision Castparts net income slips 23% in fiscal 2d qtr. [UPDATE]

Oct 21, 2009 | 06:59 AM | Frank Haflich

Continued destocking in the aerospace sector, economic pressures in industrial markets and scheduled downtime at Precision Castparts Corp.'s major forging operations contributed to a 23-percent earnings decline in the company's fiscal second quarter.

But the Portland, Ore.-based producer of forgings, investment castings and fasteners, which saw its aerospace orders fall 25 to 30 percent from a year earlier, expects commercial aerospace rates to firm up in the first calendar quarter of 2010.....

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