$PCP (Precision Castparts Corp.)

$PCP {{ '2015-07-02T21:38:04+0000' | timeago}} • SEC

$PCP FY15 10-K: On Dec. 15, 2014, PCP entered into a 364-day, $1Bil revolving credit facility maturing Dec. 2015. As of March 29, 2015, projected U.S. pension benefit obligation was $1,715MM and non-U.S. pension benefit obligation was $1,128MM. As of March 29, 2015, PCP had repurchased a total of 9,812,094 shares for an aggregate price of $2,186MM.

$BRK.A {{ '2016-01-26T05:35:29+0000' | timeago}} • Announcement

Diversified company $BRK.A said its acquisition of $PCP, a complex metal components and products maker, will close on Jan. 29, 2016. The waiting periods have expired or been terminated and the clearances or approvals have been granted in the necessary jurisdictions.

$BRK.B {{ '2015-12-24T16:11:03+0000' | timeago}} • SEC

On Aug. 8, $BRK.B agreed with $PCP to buy for $235 per common share in cash, all outstanding $PCP shares, other than those it already own, about 2.7MM shares or 1.96%, for aggregate consideration of about $31.7Bil. It is expected that balance competition clearances will be obtained and that acquisition to close no later than end of 1Q16.

$PCP {{ '2015-12-04T17:23:26+0000' | timeago}} • SEC

$PCP expects capital expenditures for FY16 to increase to about $500MM based on its current forecasts. These expenditures are targeted for facility expansions to increase capacity and reduce costs, equipment upgrades and press refurbishments, primarily in the Forged Products and Airframe Products segments.

$PCP {{ '2015-12-04T17:19:52+0000' | timeago}} • SEC

Due to manufacturing lead times and scheduled build rates, $PCP's production volumes are about 3-6 months ahead of aircraft deliveries for mature programs. The Airline Monitor is projecting further growth in aircraft deliveries in CY16 and therefore $PCP expects that its commercial aerospace sales will continue to rise in FY16 compared to FY15.

$PCP {{ '2015-12-04T17:15:55+0000' | timeago}} • SEC

$PCP's sales for 2Q16 grew by 9% from last year. The latest quarter includes contributions from 3 businesses acquired in 1H16. Excluding the impact of acquisitions, organic sales declined compared to last year, reflecting a sharp decline in oil & gas and other non-industrial gas turbine power generation demand.

$PCP {{ '2015-12-04T16:57:54+0000' | timeago}} • SEC

$PCP's effective tax rate for 2Q16 rose to 32.8% from 31.9% last year. The rise is due to decreased benefits from earnings taxed at rates lower than statutory rate, rise in non-deductible acquisition costs on pending deal with Berkshire and rise in reserves for uncertain tax positions, partially offset by various federal and state refund claims.

$PCP {{ '2015-12-04T16:42:15+0000' | timeago}} • SEC

$PCP expects to contribute about $6MM of additional required contributions in FY16, for total contributions to defined benefit pension plans of about $51MM in FY16. Including contributions in 1H16, $PCP expects to contribute total of about $7MM to the other postretirement benefit plans during FY16.

$PCP {{ '2015-07-28T17:21:30+0000' | timeago}} • Webcast

$PCP 1Q16 Q&A: Walton of Deutsche Bank asked about FY16 expectations for airframe. Jay replied that the 1Q16 performance clearly had cost load in it that was required to support new development activity. PCP has gone through a learning process in 1Q16 about what went well and what didn't. It’s reasonable to expect that reported margin will move up.

$PCP {{ '2015-07-28T17:13:08+0000' | timeago}} • Webcast

$PCP 1Q16 Q&A: Stallard of Royal Bank asked about acquisition front. Mark replied that the first step PCP made in aero structures was premise that coming in with a mid-teens EBIT margin and that is the profile that PCP has seen across the acquisition. PCP hasn’t characterized the sales and typically transacting around 9.5-10x EBITDA multiple.

$PCP {{ '2015-07-28T16:58:01+0000' | timeago}} • Webcast

$PCP 1Q16 Q&A: Spingarn of Credit Suisse asked about Military Space improvement. Mark replied that there was a gap that occurs at some of the production program. There was a kind of a lag between whatever rates that PCP has. It was about a 4-6 months contracts, now been established on top. It’s more of just a gap between the two production rates.

$PCP {{ '2015-07-28T16:57:47+0000' | timeago}} • Webcast

$PCP 1Q16 Q&A: Rubel of Jefferies asked about inventories growth. Shawn replied that Q1 inventory build was impacted by the shutdowns in Q2 and airframe products faster demand timing. Inventory is benefited from deflation especially within Forged products and some impact from currencies and also two new acquisitions.

$PCP {{ '2015-07-28T16:28:31+0000' | timeago}} • Webcast

$PCP 1Q16 Call: Acquisitions: Composites Horizons, an expertise in multiple classes of composites. CHI is a strategic fit for PCP and expected to close in 2Q16. Noranco, manufactures complex machined & fabricated components for landing gear, aero-engine and airframe applications. Purchase price was $560MM and expected to close in 3Q16.

$PCP {{ '2015-07-28T16:28:16+0000' | timeago}} • Webcast

$PCP 1Q16 Call: PCP increased cash position to $1,056MM, reflecting net impact of deployment actions including $2Bil bond issuance and cash generation. Capital deployment actions were balanced with capital expenditures of $94MM, $266MM for two acquisitions and $232MM for share repurchases. FY16 interest expense will be $120MM.

$PCP {{ '2015-07-28T16:16:26+0000' | timeago}} • Webcast

$PCP 1Q16 Call: Investment Cast Products sales were up 1% to $632MM with continued growth in Aerospace and operating income was up 6% to $237MM with 170 BP of margin expansion to 37.5%. Forged products sales were down 8% to $1Bil, primarily due to continued weakness in oil & gas and markets and operating margin down 34% to $204MM.

$PCP {{ '2015-07-28T16:16:11+0000' | timeago}} • Webcast

$PCP 1Q16 Call: IGT sales were higher by 3% overall, reflecting strength of acquisition on latest generation of turbines. Currency was $53MM negative impact of sales, resulting in $11MM headwind for operating income. Organic sales fell 2% YoverY on a constant currency basis, but were higher by 1% exluding decline in oil & gas and markets demand.

$PCP {{ '2015-07-28T16:08:07+0000' | timeago}} • Webcast

$PCP 1Q16 Call: Segment operating income fell 16% to $619MM vs. $737MM in 1Q15, reducing operating margins by 350 BP YoverY to 25.7% vs. 29.2% in 1Q15. Aerospace sales were down 1%, but large commerical sales were higher by 3%. Power sales were down 17%, driven entirely by 38% decline in oil & gas and other.

$PCP {{ '2015-07-28T16:07:56+0000' | timeago}} • Webcast

$PCP 1Q16 Call: Investment Cast and Forged Products delivered a very solid performance. Airframe Products had a slow start due to fastener demand timing and new product development load to support contracted share gains. PCP deployed $498MM to acquisitions, which include CHI & Noranco and to share repurchases in 1Q16.

$PCP {{ '2015-07-28T15:11:32+0000' | timeago}} • Announcement

$PCP 1Q16 PR: Precision Castparts provided the FY16 guidance: Sales to be $10-10.4Bil; Operating Income margin to be 26.6-27.3%; Diluted EPS from continuing operations to be $12.25-13.15. Free cash flow of approx. $1.4-1.5Bil.

$PCP {{ '2015-07-28T15:08:21+0000' | timeago}} • Announcement

$PCP 1Q16 PR: Segment Results: Investment Cast Products sales were $632MM, up 1% vs. $625MM in 1Q15 and operating income grew 6% to $237MM. Forged Products sales declined by 8% to $1,001MM and operating income declined by 34% to $204MM. Airframe Products sales declined by 3% to $779MM and operating income declined by 10% to $218MM.

$PCP {{ '2015-07-28T14:57:46+0000' | timeago}} • Announcement

$PCP 1Q16 PR: Precision reported net sales of $2,412MM, down 4% from 1Q15. Net income from continuing operations was $399MM, down 18% from 1Q15. Diluted EPS was $2.87, down 14% from 1Q15. Operating income margin was 25.7% compared with 29.2% in 1Q15. PCP deployed $498MM to acquisition and share repurchases.

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