The 2020 Mid-Year Economic Update_long

Day: May 13, 2008

DXP Enterprises Organic Growth of 13.5% in 1Q

DXP Enterprises, Inc. reported sales increased 101.5% to $168.5 million in the first quarter 2008, due mostly to sales by four businesses acquired in 2007 and 2008, including Precision Industries. Profit was $5.4 million.
 
Excluding sales from acquired businesses, sales for the first quarter were up 13.5%. Organic sales growth was primarily due to an increase in sales of pumps, bearings, safety products and mill ...

Transport/Logistics Deal Volume Falls in 1Q

Both deal volume and value in the transportation and logistics industry declined during the first quarter of 2008, according to the PricewaterhouseCoopers LLP Q1 2008 edition of Intersections: Global Transportation &Logistics Mergers and Acquisitions Analysis. Global Deal activity is not on track to match the levels seen in 2007; however, the 45 deals (worth at least $50 million each) announced in the first quarter are on track to exceed 2006 levels.
 
The credit markets and slowing deal activity in the U.S. significantly affected deal volume in the first quarter of the year. When excluding deals in which a U.S. entity was the acquirer or target, the number of deals (38 deals) is on pace to exceed both 2006 and 2007 levels (119 and 142 deals respectively), indicating that a ...

Park-Ohio Sales Flat in 1Q

Park-Ohio Holdings Corp., Cleveland, OH, reported sales of $267.1 million for the first quarter 2008, unchanged from the first quarter 2007.
 
Park-Ohio reported profit of $3.5 million, down slightly from the year-ago period.
 
We anticipated a slow start in 2008, with softness in our Supply Technologies and Aluminum Products segments," said Edward F. Crawford, CEO. "Our international industrial equipment business continues to be robust."
 
Park-Ohio is a provider of supply management services and a manufacturer of highly engineered products. The company operates 24 manufacturing sites and 55 supply chain logistics ...

Graybar Sales Grow 4.8% in 1Q

Graybar, St. Louis, MO, distributor of electrical and communications products and related supply chain management and logistics services, reported sales grew 4.8% in the first quarter 2008 to $1.28 billion from the same period a year ago. Profit was $18.9 million, a 58.7% increase.
 
The increase was due to modest growth in electrical market sales coupled with a solid growth in the data communications market.
 
During this economic slowdown, we see customers leveraging our distribution services more than ever to lower their total cost of ownership," said Robert A. Reynolds Jr., president and CEO of Graybar.
 
Reynolds added that Graybar continues to invest in technical resources to help its customers manage the implementation of complex projects such as ...

RONA Same-Store Sales Drop 5.2% in 1Q

Quebec-based RONA, distributor and retailer of hardware, renovation and gardening products, reported a 3.8% increase in sales to $911.5 million in the first quarter 2008. Same-store sales declined by 5.2% in the first quarter of 2008.
 
Profit was $1 million, compared with $9 million in the year-ago period.
 
RONA said that economic and weather conditions that were especially unfavorable to construction/renovation activities, particularly in Eastern Canada, largely explain this drop in same-store sales and profits. Results were also affected by a decline in starts of single family homes in Canada and a temporary slowdown in the demand for building materials in Alberta.
 
The results for first quarter 2008 reflect the strong drop in consumer confidence in ...