By Doug Cameron And Josh Beckerman 

Precision Castparts Corp. on Thursday joined the ranks of manufacturers hit by falling sales to the oil and gas industry, though it said its aerospace unit remains poised for growth as Airbus Group NV and Boeing Co. boost production.

The Portland, Ore., company said demand from oil and gas customers started to deteriorated late in the final quarter of 2014, and gave preliminary sales and profit figures that fell short of analysts' expectations.

The statement after the market close followed the announcement earlier Thursday by Schlumberger Ltd., the world's largest oil-field services company, of a drop in profit alongside plans to lay off 9,000 workers.

Precision Castparts generated a quarter of its $9.6 billion in sales in fiscal 2014 from the energy and power markets. Alongside some other aerospace and defense companies--including B/E Aerospace Inc. and Huntington Ingalls Industries Inc.--it has targeted the oil and gas sector as a growth market where it could apply its advanced engineering technology.

The stumble in Precision Castparts' energy business follows a prolonged period of market underperformance that analysts have attributed to destocking by aerospace customers and confusion among investors over its financial targets.

The company doesn't provide quarterly financial guidance, while analysts have said its long-term financial targets are becoming tougher to reach.

Its share price has fallen 19% over the past year, versus a 4% drop in the broader aerospace market, reducing its market value to $31.7 billion. The shares were down 3.1% at $213 in aftermarket trade.

Howard Rubel, an analyst at Jefferies, said in a client note that its challenges in the oil and gas market are likely to persist, lowering sales growth in fiscal 2015 and 2016.

Precision Castparts said earnings from continuing operations in its fiscal third quarter ended December were expected to be between $3.05 and $3.10 a share. Analysts polled by Thomson Reuters had projected $3.41.

The company expects sales of $2.42 billion to $2.47 billion in the quarter, compared with analysts' estimates of $2.57 billion.

It also cited a number of smaller inventory-related issues in the past quarter, mainly in its aerospace business, though it was upbeat about the segment. Its products are on most large commercial jets--including more than $10 million in parts on each Boeing 787--and it has been expanding its market share in airframe and engine components.

"Despite these challenges, the momentum in our aerospace business continues, and we have already begun to deliver the inventory deferred in the third quarter and expect to realize those sales in the fourth quarter," Mark Donegan, chairman and chief executive, said in a statement.

The company is due to discuss the quarter when it releases full earnings on Jan. 22.

Write to Doug Cameron at doug.cameron@wsj.com and Josh Beckerman at josh.beckerman@wsj.com

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