precision castparts corp (PCP) Key Developments
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.
Precision Castparts Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 28, 2014
Jan 22 15
Precision Castparts Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended December 28, 2014. For the quarter, the company reported net sales of $2,459 million against $2,338 million a year ago. Income before income tax expense and equity in earnings of unconsolidated affiliates was $654 million against $636 million a year ago. Net income from continuing operations was $443 million or $3.09 per diluted share against $432 million $2.94 per diluted share a year ago. Net income attributable to the company was $445 million $3.11 per diluted share against $433 million $2.96 per diluted share a year ago. Consolidated segment operating income was $670 million against $655 million a year ago. Capital expenditures were $107 million against $85 million a year ago.
For the nine months, the company reported net sales of $7,501 million against $7,017 million a year ago. Income before income tax expense and equity in earnings of unconsolidated affiliates was $2,064 million against $1,883 million a year ago. Net income from continuing operations was $1,395 million $9.65 per diluted share against $1,277 million $8.67 per diluted share a year ago. Net income attributable to the company was $1,395 million $9.65 per diluted share against $1,293 million $8.81 per diluted share a year ago. Consolidated segment operating income was $2,112 million against $1,939 million a year ago.
Precision Castparts Corp. to Report Q3, 2015 Results on Jan 22, 2015
Jan 17 15
Precision Castparts Corp. announced that they will report Q3, 2015 results on Jan 22, 2015