precision castparts corp (PCP) Key Developments
Precision Castparts Corp. Provides Earnings Guidance for the Fiscal Fourth Quarter 2015
Apr 15 15
Precision Castparts Corp. provided earnings guidance for the fiscal fourth quarter 2015. For a the quarter, the company expects fiscal fourth quarter diluted earnings per share from continuing operations to be in the range of $0.65 to $0.80, including the charges discussed above, which range from approximately $343 million to $363 million pre-tax, or $2.15 to $2.25 per share (diluted), subject to finalization of the fiscal year close. Excluding the impairment and restructuring charges in the quarter, diluted adjusted earnings per share are expected to be $2.90 to $2.95. The adjusted earnings per share reflect unfavorable mix, and lower than expected pricing and sales volumes, primarily in the oil & gas and power pipe businesses, in addition to foreign exchange headwinds and the impact of the TIMET Morgantown incident.
Precision Castparts Corp.'s Huntington Plant Lays Off Workers
Apr 1 15
Precision Castparts Corp. announced that its Special Metals alloy plant in Huntington is laying off about 100 workers. The company didn't specify in a statement whether the layoffs would be temporary or permanent. The company said it will evaluate its staffing in the future as business conditions warrant. The 130-acre plant manufactures high-performance nickel alloys for the aerospace, gas well and other industries and employs more than 500 hourly workers.
Kevin Murphy Sues Precision Castparts Corp
Mar 16 15
Kevin Murphy, an individual shareholder, sued Precision Castparts Corp., alleges the company's 2013 and 2014 debt agreements with Bank of America contain inappropriate language that would allow the bank to immediately call in its outstanding debt if a majority of the board is replaced in a proxy fight. The company signed a $1 billion line of credit with the bank in 2013 and renewed it again in 2014. Murphy argues that the terms could have a chilling effect on any efforts to replace the company's existing board members with unapproved outsiders. The terms are commonly referred to as 'Dead Hand Proxy Put' and 'Poison Put'. Murphy, who seeks to represent shareholders of the company's nearly 141.8 million in outstanding shares, is not seeking damages. Noting that the so-called 'Dead Hand Proxy Put' and 'Poison Put' clauses have been rejected by other courts, he is asking the Oregon court to issue a ruling that the clauses are unenforceable. The Delaware Court of Chancery has said such agreements 'can operate as improper entrenchment devices that coerce stockholders into voting only for persons approved by the incumbent board'. Murphy is represented by Keith Dubanevich of Stoll Stoll Berne Lokting & Schlachter P.C.
Precision Castparts Corp. Announces Executive Changes
Mar 12 15
Precision Castparts Corp. announced the planned retirement of Executive Vice President and President of Forged Products Kenneth Buck, during the first quarter of fiscal 2016. The operational responsibilities held by Mr. Buck will be divided between two executives. Andrew Masterman, President of Airframe Products, will assume responsibility for Wyman-Gordon, and Jim Pieron, President of PCC
TIMET, will assume responsibility for Special Metals Corporation. Mr. Masterman joined PCC in 2012 as the President of PCC Fasteners.
Mr. Pieron joined PCC in 2013 with PCC's acquisition of TIMET, and has led the TIMET team through their very successful integration.
Precision Castparts Corp. Declares Quarterly Dividend, Payable on March 30, 2015
Feb 12 15
The board of directors of Precision Castparts Corp. has declared a quarterly cash dividend of $0.03 per share on the company's common stock payable on March 30, 2015, to shareholders of record at the close of business on March 6, 2015.