UPDATE: Precision Castparts Posts Downbeat FQ3 Earnings

Precision Castparts PCP reported a 28% rise in its fiscal third-quarter earnings. Precision Castparts posted its quarterly profit of $433 million, or $2.96 per share, versus a year-ago profit of $338 million, or $2.30 per share. Its earnings from continuing operations came in at $2.95 per share. Its sales surged 16% to $2.36 billion. However, analysts were expecting earnings of $3.04 per share on sales of $2.46 billion. Precision Castparts shares closed at $270.69 yesterday.