NEW YORK – Shares of Precision Castparts plunged Friday, a day after the maker of metal components and products warned that it faced weaker demand from its oil and gas industry customers during the third quarter.
Continue Reading Below
Precision Castparts, based in Portland, Oregon, also provided financial estimates for the third quarter late Thursday that missed Wall Street expectations. It expects third-quarter earnings between $3.05 per share and $3.10 per share. Analysts expected $3.34 per share, according to FactSet. The company expects revenue between $2.42 billion and $2.47 billion, below the $2.54 billion analysts expected.
Despite weaker demand from its oil and gas customers, CEO Mark Donegan said in a statement that "momentum" in its aerospace business continues. The company's products are used in airplane engines, doors, gas turbines and other uses.
Shares of Precision Castparts Corp. fell $28.94, or 13.2 percent, to $190.78 in midday trading Friday. Shares fell to a 52-week low of $186.17 earlier.