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Parent of Special Metals Reports $2.36 Billion in Sales
Sales for the second quarter of fiscal 2014 set a record at $2.36 billion, an increase of 23 percent over sales of $1.93 billion during the same period last year, reflecting approximately 6 percent organic growth excluding the impact of contractual pass-through pricing and other changes in metal/revert pricing. Consolidated segment operating income showed a 30 percent year-over-year gain, growing to $649 million in the second quarter of fiscal 2014 from $498 million a year ago. In addition, net income from continuing operations (attributable to PCC) improved by 28 percent, moving to $425 million in the quarter versus net income of $332 million in the second quarter of fiscal 2013. Earnings per share (EPS) from continuing operations (attributable to PCC) were $2.90 (diluted, based on 146.5 million shares outstanding), a 28 percent increase over last year’s $2.27 (diluted, based on 146.4 million shares outstanding).
Including discontinued operations, total net income (attributable to PCC) for the second quarter of fiscal 2014 was $424 million, or $2.89 per share (diluted).