Improving U.S. economy and manufacturing sector to aid Metal Fabrication industry


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NYSE:PCP / NYSE:RS
02/22/2013 [ACCESSWIRE]

The ShinesRooms.com Provides Stock Research onPrecision Castparts Corp. and Reliance Steel & Aluminum Co.

New York City, New York -- With the economy of U.S. showing significant signs of improvement, increased private sector hiring, gains in housing and automobile markets, and expansion of domestic energy production and manufacturing are among the macro-trends likely to instill more confidence in the economy. Revival of auto market, strong growth in machinery and equipment industries will benefit metal fabricating giants of the likes of Precision Castparts Corp. (NYSE: PCP) and Reliance Steel & Aluminum Co. (NYSE: RS). Precision Castparts is a worldwide, diversified manufacturer of complex metal components and products, serving the aerospace, power, and general industrial markets. Reliance Steel & Aluminum is the largest metals service centre company in North America, providing value-added metals processing services and distributes a full line of more than 100,000 metal products.

Access our free reports onPrecision Castparts and Reliance Steel & Aluminum Co.Traders can also connect to our Wall Street Trading Floor where our research desk and market pros are standing between 8:50 am to 4:15 pm ET at

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Precision Castparts delivered solid top-line and bottom-line performance for the third quarter of 2013 driven by strong Airframe Products commercial aerospace sales, steady Forged Products recovery from its press outages, continued growth in industrial gas turbine (IGT) sales, accelerating shipments of downhole casing for the oil & gas market, and further upside from five recently closed acquisitions, including Timet and Synchronous. Our free research report onPrecision Castparts Corp.can be downloaded upon registration at

http://www.ShinesRooms.com/PCP022213.pdf

PCP reported Net Income of $338 million, or $2.30 per diluted share, on revenues of $2.0 billion. The company has declared a quarterly cash dividend of $0.03 per share.

Mark Donegan, chairman and chief executive officer of PCP said, “Each of the segments had its own unique operational profile during the third quarter. Our recent acquisitions bring us not only new capabilities but also production assets from which we will use the same operating models to extract even more capacity, enabling us to deliver greater value to customers and shareholders as volumes increase.” He also added, “In addition to all the upside potential in our current operations, the acquisition of Timet will be a significant needle mover, a true accelerator for Precision Castparts on many different fronts.”

On the other hand, for its fourth quarter 2012, Reliance Steel reported exceptional Net Income growth 18.4% to $80.4 million, or $1.06 per diluted share, on Sales of $1.89 billion. For the full year, Net Income grew by 17.4% to $403.5 million, or $5.33 per diluted share, on Sales of $8.44 billion. A quarterly cash dividend of $0.30 per share was declared.Reliance Steel & Aluminumfree research is available today at 

http://www.ShinesRooms.com/RS022213.pdf

Earlier, RS announced its decision to acquire Metals USA Holdings Corp for an Enterprise Value of $1.2 billion to be paid in cash and funded from its existing $1.5 billion credit facility. The transaction complements Reliance’s existing customer-base, product mix and geographical footprint.

On the acquisition, David H.Hannah, Chairman and CEO of Reliance Steel stated, “Metals USA, which is our largest acquisition to date, has demonstrated consistent performance with solid returns and we believe that the combined company will be well-positioned to continue to outperform the broader metals service center industry. The acquisition is expected to be immediately accretive.”

 

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