Shares of Precision Castparts falls after the metal components maker warns of weaker demand

Energy Associated Press

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.

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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.