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Precision Castparts 1Q results miss Street's view

PORTLAND, Ore. (AP) -- Precision Castparts Corp.'s fiscal first-quarter net income climbed 28 percent, benefiting from acquisitions. But its performance fell short of analysts' estimates.

The maker of components for the Boeing Co. 737 and 787 earned $436 million, or $2.96 per share, for the three months ended June 30. A year earlier it earned $342 million, or $2.33 per share.

Earnings from continuing operations were $2.88 per share.

Analysts, on average, forecast earnings of $2.90 per share, according to a FactSet poll.

Revenue for the Portland, Ore., company rose 19 percent to $2.37 billion from $2 billion, buoyed in part by acquisitions and steady shipments. But the results missed the $2.52 billion that Wall Street expected.

Sales for the forged products segment increased 25 percent, reflecting the first full quarter of revenue from acquisitions such as Timet, Texas Honing and Dickson/Aerocraft. Investment cast products sales dipped 1 percent to $616 million partly because of a disruption caused by union organizing activities at its Portland-area plants. The workers voted not to unionize.

At the airframe products division, sales rose 39 percent to $686 million thanks to a full quarter of results from acquisitions including Centra, Klune, Progressive, Synchronous and some other small buyouts.