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Why Precision Castparts' Shares Jumped

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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Precision Castparts (NYSE: PCP  ) jumped as much as 10% today after the company released earnings.

So what: Revenue jumped 25%, to $2.44 billion, but fell short of the $2.51 billion estimate from Wall Street. Net income was up 23%, to $414.2 million, or $2.82 per share, ahead of the $2.76 per share estimate. 

Now what: The acquisition of Titanium Metals drove revenue growth, with sales up 31%. This looks like a well-timed acquisition that will continue to drive earnings, as aircraft and other products continue to use more titanium. I think the stock's 17 forward P/E ratio is very attractive considering the earnings beat, and shares can move higher from here.

Interested in more info on Precision Castparts? Add it to your watchlist by clicking here.

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Travis Hoium

Travis Hoium has been writing for since July 2010 and covers the solar industry, renewable energy, and gaming stocks among other things.

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