Precision Castparts Corp. Reports First Quarter Fiscal 2012 Earnings

First Quarter Highlights (from Continuing Operations)

-- Record EPS from continuing operations of $1.97 (diluted)
-- Consolidated segment operating income margin of 25.0%
-- Cash generation of approximately $227 million before voluntary pension
contributions and acquisitions

PORTLAND, Ore., July 28, 2011 (GLOBE NEWSWIRE) -- Driven by solid top-line
performance in all three of the Company's major end markets and a continued
focus on operational excellence, Precision Castparts Corp. (NYSE:PCP) improved
both sequential and year-over-year sales and earnings in the first quarter of
fiscal 2012.

First Quarter Fiscal 2012 Financial Highlights

In the first quarter of fiscal 2012, Precision Castparts Corp. (PCC) increased
year-over-year sales by 16 percent, reporting $1.68 billion of sales compared to
$1.45 billion a year ago. Consolidated segment operating income in the first
quarter showed a 19 percent year-over-year improvement, rising to $419.5
million, or 25.0 percent of sales, versus $351.9 million, or 24.3 percent of
sales in the first quarter of fiscal 2011. Net income from continuing operations
(attributable to PCC) totaled $285.6 million in the first quarter, compared to
$236.1 million last year. Earnings per share from continuing operations
(attributable to PCC) in the quarter were $1.97 (diluted, based on 145.1 million
shares outstanding), versus earnings per share from continuing operations
(attributable to PCC) of $1.65 (diluted, based on 143.4 million shares
outstanding) a year ago.

Including discontinued operations, Precision Castparts' net income (attributable
to PCC) for the first quarter of fiscal 2012 was $286.0 million, or $1.97 per
share (diluted).

Business Highlights

Investment Cast Products: Investment Cast Products continued to show solid sales
growth and operating leverage in the first quarter of fiscal 2012.
Year-over-year sales increased by 17 percent to $568.8 million in the first
quarter of fiscal 2012, compared to $486.7 million in the same quarter a year
ago, with segment operating income of $187.1 million for the current quarter, or
32.9 percent of sales, versus last year's segment operating income of $155.1
million, or 31.9 percent of sales. Contractual material pass-through pricing in
the quarter was approximately $18 million, or $8 million higher than a year ago.
Aerospace sales grew 19 percent year over year and were also up slightly on a
sequential basis. Commercial aerospace OEM orders continued to ramp up in line
with the acceleration in the base production rates, and commercial aftermarket
sales gains were fueled by increased aircraft utilization. Orders to support
Boeing 787 production have also been put in place for shipment later in the
fiscal year. In addition, the industrial gas turbine (IGT) business is getting
some traction, as that end market begins to recover strength, with sales
increasing 15 percent year over year and 6 percent sequentially. The segment
continues to generate solid drop-through, leveraging significantly improved
productivity levels and other cost-reduction benefits achieved during the last
downturn.

Forged Products: Sales and operating income in the Forged Products segment also
grew by double digits year over year. The segment's sales of $758.5 million in
the first quarter of fiscal 2012 showed a 20 percent increase over first quarter
sales of $631.2 million a year ago, while segment operating income rose to
$156.5 million, or 20.6 percent of sales, compared to segment operating income
of $120.1 million, or 19.0 percent of sales, in the same quarter a year ago.
First quarter sales included approximately $50 million related to contractual
material pass-through pricing, an increase of approximately $10 million over a
year ago, and the selling price of external alloy products from the segment's
three primary mills was approximately $60 million higher. During the quarter,
Forged Products sales were also ignited by increased shipments of long-lead
components to support the accelerating production rate of base commercial
aircraft. Demand for 787 components also started to layer in for shipment in the
second half of fiscal 2012. Aerospace OEM sales improved 40 percent over the
same period last year and were up slightly on a sequential basis. On the
seamless pipe front, the segment is seeing improvement in sales and earnings
that has been anticipated for several quarters. Seamless pipe sales grew 28
percent year over year and 21 percent sequentially and should continue to trend
upward over the course of the fiscal year. The segment was able to improve its
operating margins in the face of higher metal prices through solid leverage of
increased volumes and returning strength in some of its core products.

Fastener Products: In the first quarter, total sales for Fastener Products were
$348.0 million, with segment operating income of $106.8 million, or 30.7 percent
of sales, compared to sales of $328.9 million, with segment operating income of
$104.2 million, or 31.7 percent of sales, in the same quarter a year ago. Like
the first quarter, the second quarter's aerospace sales should be sequentially
flat. Orders for the segment's core aerospace product lines are now being driven
by the announced increases in commercial aircraft build rates, distributor
restocking, and the ramp-up of 787 production, with delivery beginning in Q3 and
ramping steadily into Q4 and beyond. Fastener Products is contractually well
positioned for growth and has lowered its cost structure significantly during
the downturn, which will enable the segment to drop through solid incremental
margins as the sales picture begins to improve.

"The momentum continues to build in our casting and forging operations, and,
before the year is out, we are convinced that will be the case in our aerospace
fastener businesses as well," said Mark Donegan, chairman and chief executive
officer of Precision Castparts Corp. "Aerospace orders in Investment Cast
Products and Forged Products are being spurred by the increased commercial build
rates in the base programs, as well as market share gains we've achieved over
the past year or so. In addition, these segments are now very definitely seeing
the demand for 787 airframe and engine components, and those shipments should
grow steadily into the second half of the fiscal year. Fastener orders are
lagging, as inventories get exhausted in the supply chain; however, many of our
major customers have begun to schedule increased orders for our core products,
with delivery beginning in the second half of this fiscal year.

"Our power end markets are also starting to improve," Donegan said. "IGT sales
have shown some growth, driven by both new orders and aftermarket demand. OEMs
are anticipating strong market conditions going forward, and, while we have yet
to see an acceleration in our schedules, we are well positioned to benefit from
this trend. Seamless pipe is also continuing its climb from the bottom, and
shipments during the quarter included much more of our core interconnect
product. In addition, as we have previously stated, we are leveraging our
extrusion capabilities to enter new power end markets. For example, Rollmet is
being acquired to provide some of the cold-work capabilities we require to
produce 9 5/8" downhole casing for oil and gas fields. Forged Products' Energy
Products Group has now qualified its 9 5/8" nickel downhole casing with three
potential customers and is making good progress with a fourth, with several bids
currently pending for gas-field applications. In addition, we acquired KLAD
during the quarter to enable us to extend our reach into oil & gas subsea
applications.

"We have been pursuing several businesses that fit our strategic acquisition
model for a long time, and our disciplined approach has paid off very well in
the last three months," Donegan said. "We will be able to deploy the cash on our
balance sheet for these very exciting opportunities. PB Fasteners and Tru-Form
are both great assets that further expand our content on current and development
aerospace programs. On a larger scale, our most recently announced acquisition,
Primus International, provides a solid aerostructures platform that we can
continue to build on, just as we have with forgings and fasteners. There is
plenty of opportunity to broaden this platform both through organic growth and
further acquisitions, and we are moving forward aggressively on both fronts."

Precision Castparts Corp. is hosting a conference call to discuss the financial
results above today at 7:00 a.m. Pacific Daylight Time. The dial-in information
for audio access is 877-856-1961, Access Code: 2947071.Dial *0 for technical
assistance with dial-in access. In order to assure the conference begins in a
timely manner, please dial in 10 to 15 minutes prior to the scheduled start
time.

Individuals interested in monitoring the webcast should paste the following
address into their browser for access to the live conference link:
http://w.on24.com/r.htm?e=270466&s=1&k=54F6D273DEECEDD3FBD3CA697EF8A644.

This link will provide both audio and video through the Internet connection. You
may use the following link to check your computer system's compatibility any
time prior to the call:
http://webcast.premiereglobal.com/clients/premiere/help/help.html

For Webcast assistance, please dial (888) 569-3848 or (719) 785-6626.

Access can also be gained through Precision Castparts Corp.'s corporate website:
http://www.precast.com/PCC/CorpPres.html.

Following the conference call, you may replay the conference by calling
888-203-1112 or 719-457-0820; the replay pass code is 2947071.

Precision Castparts Corp. is a worldwide, diversified manufacturer of complex
metal components and products. It serves the aerospace, power generation, and
general industrial markets. PCC is the market leader in manufacturing large,
complex structural investment castings, airfoil castings, and forged components
used in jet aircraft engines and industrial gas turbines. The Company is also a
leading producer of highly engineered, critical fasteners for aerospace, and
other general industrial markets and supplies metal alloys and other materials
to the casting and forging industries.

The Precision Castparts Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8204

Information included within this presentation describing projected growth and
future results and events constitutes forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995. Actual results
in future periods may differ materially from the forward-looking statements
because of a number of risks and uncertainties, including but not limited to
fluctuations in the aerospace, power generation, and general industrial cycles;
the relative success of the Company's entry into new markets; competitive
pricing; the financial viability of the Company's significant customers; the
impact on the Company of customer labor disputes; demand, timing, and market
acceptance of new commercial and military programs, including the Boeing 787;
the availability and cost of energy, materials, supplies, and insurance; the
cost of pension benefits and post-retirement medical benefits; equipment
failures; relations with the Company's employees; the Company's ability to
manage its operating costs and to integrate acquired businesses in an effective
manner; governmental regulations and environmental matters; risks associated
with international operations and world economies; the relative stability of
certain foreign currencies; the impact of adverse weather or natural disasters;
the availability and cost of financing; and implementation of new technologies
and process improvement. Any forward-looking statements should be considered in
light of these factors. The Company undertakes no obligation to publicly
release any forward-looking information to reflect anticipated or unanticipated
events or circumstances after the date of this document.

Precision Castparts Corp.'s press releases are available on the Internet at
Globe Newswire's website -- http://www.globenewswire.com or PCC's home page at
http://www.precast.com. If you wish to be removed from this list, please reply
to Unsubscribe@precastcorp.com.

PRECISION CASTPARTS CORP.
SUMMARY OF RESULTS
(Unaudited; in millions, except per share data)

Three Months Ended
------------------------

July 3, June 27,
2011 2010
----------- -----------
Net sales $ 1,675.3 $ 1,446.8
Costs and expenses:
Cost of goods sold 1,150.3 996.7
Selling and administrative
expenses 105.5 98.2
Interest expense 2.9 3.4

Interest income (1.9) (0.6)
----------- -----------

Total costs and expenses 1,256.8 1,097.7
----------- -----------
Income before income tax
expense and equity in
earnings of unconsolidated
affiliates 418.5 349.1
Income tax expense (135.6) (118.4)
Equity in earnings of
unconsolidated affiliates 3.2 5.8
----------- -----------
Net income from continuing
operations 286.1 236.5
Net income (loss) from
discontinued operations 0.4 (1.1)

Net income 286.5 235.4
----------- -----------
Net income attributable to
noncontrolling interests (0.5) (0.4)
----------- -----------
Net income attributable to
Precision Castparts Corp.
("PCC") $ 286.0 $ 235.0
=========== ===========
Net income (loss) per common
share attributable to PCC
shareholders -- basic:
Net income per share from
continuing operations $ 1.99 $ 1.66
Net loss per share from
discontinued operations -- (0.01)
----------- -----------

Net income per share $ 1.99 $ 1.65
=========== ===========
Net income (loss) per common
share attributable to PCC
shareholders -- diluted:
Net income per share from
continuing operations $ 1.97 $ 1.65
Net loss per share from
discontinued operations -- (0.01)
----------- -----------

Net income per share $ 1.97 $ 1.64
=========== ===========
Weighted average common
shares outstanding:
Basic 143.8 142.1
Diluted 145.1 143.4

Three Months Ended
------------------------

July 3, June 27,
2011 2010
----------- -----------
Sales by Segment
Investment Cast Products $ 568.8 $ 486.7
Forged Products 758.5 631.2

Fastener Products 348.0 328.9
----------- -----------

Total $ 1,675.3 $ 1,446.8
=========== ===========
Segment Operating Income
(Loss)1
Investment Cast Products $ 187.1 $ 155.1
Forged Products 156.5 120.1
Fastener Products 106.8 104.2

Corporate expense (30.9) (27.5)
----------- -----------
Consolidated segment
operating income 419.5 351.9
Interest expense 2.9 3.4

Interest income (1.9) (0.6)
----------- -----------
Income before income tax
expense and equity in
earnings of unconsolidated
affiliates $ 418.5 $ 349.1
=========== ===========

1 Operating income represents earnings before
interest, income tax expense, and equity in earnings
of unconsolidated affiliates.

PRECISION CASTPARTS CORP.
SELECTED BALANCE SHEET AND CASH FLOW STATISTICS
(Unaudited; in millions)

July 3, April 3,
2011 2011
----------- -----------
Cash and Debt Balances
Cash $ 1,315.8 $ 1,159.0
Total Debt $ 229.2 $ 236.6
Total Equity $ 7,500.0 $ 7,164.5
Total Debt, as % of Total
Capitalization 3.0 % 3.2 %
Working Capital Items1
Receivables, Net $ 1,034.1 $ 978.7
Inventories 1,613.5 1,459.4

Accounts Payable 675.8 607.8
----------- -----------

Total $ 1,971.8 $ 1,830.3
=========== ===========

Three Months Ended
------------------------

July 3, June 27,
2011 2010
----------- -----------
Selected Cash Flow Items1
Depreciation and
Amortization $ 41.3 $ 40.4
Capital Expenditures $ 28.9 $ 23.5

1 Reported results exclude
discontinued operations.

CONTACT: Dwight Weber, Director of Communications
(503) 946-4855
Website: http://www.precast.com