July 24, 2008

3M Sales Up 9.7% in 2Q

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St. Paul, MN-based 3M reported second-quarter sales of $6.7 billion, an increase of 9.7% over second quarter of 2007. Profit was $945 million, an increase of 3%.

Growth in sales was driven by improvement in international markets, which now account for two-thirds of 3M sales. 3M sales in Latin America increased 32% over last year, and Europe achieved 18% sales growth, while Canada grew by 14%. Sales in Asia Pacific improved by 1%, 17% excluding optical headwinds.

Local-currency sales including acquisitions increased 4.6%, with growth led by Safety, Security and Protection Services, 25.6%; Industrial and Transportation, 8.6%; Health Care, 7.7%; Consumer and Office, 3.5%; and Electro and Communications, 2.2%. Sales declined 18.8% in the Display and Graphics ...

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Ashland Inc. Sales Grow 11% in 3Q

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Ashland Inc., Covington, KY, reported preliminary profit for the quarter ended June 30, 2008, of $72 million, a decrease of 28% from the prior year. Sales and operating revenues increased 11% over third quarter 2007 to $2.2 billion.

For the first nine months, Ashland reported profit of $177 million, down 10.6% from the same period 2007. Sales and operating revenue totaled $6.2 billion, an increase of 8.2% over the same period a year ago.

Segment results
Performance Materials'sales and operating revenues of $425 million increased 6%, but volume per day declined 4%, both as compared with the June 2007 quarter. The unit was impacted by increased raw material costs in all of Performance Materials'business units.

Distribution's volume per day ...

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Columbus-McKinnon Sales Up 6.9% in 1Q

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Material handling equipment manufacturer Columbus McKinnon Corp., Amherst, NY, reported first quarter sales of $151.2 million, an increase of 6.9% over the same period a year ago. Profit was $9.7 million, up 2% from the prior year.

The company also announced an agreement to divest its Univeyor subsidiary, which as a unit reported a loss of $2.1 million for the current quarter.

CEO Timothy T. Tevens said: A key element of our growth strategy has been to drive the top line with investments in new markets around the world. These efforts are paying off with strong product and brand expansion, which is driving double digit growth in international markets. The growth is primarily from emerging economies in Eastern Europe, Asia and Latin America, as well as in the ...

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Cooper Industries Sales Up 18% in 2Q

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Cooper Industries, Ltd., Houston, TX, reported second quarter 2008 revenues increased 18% to $1.72 billion over the same period last year. Profit was $161.9 million, a decrease of 22.6% from second quarter 2007.

Acquisitions contributed 8% to second quarter revenue growth.

For the first six months, sales were $3.27 billion, an increase of 14.3% from the first six months 2007. Profit was $315.3 million, down 7.6% from the prior year.

Electrical Products segment revenues for the second quarter of 2008 increased 19 percent to $1.51 billion, compared with $1.27 billion in the second quarter 2007. Core revenues increased by over 7% with acquisitions contributing close to 9% and currency translation contributing over 2% to the year-over-year growth. ...

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Drug Distributor Earnings: McKesson and AmerisourceBergen

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Two drug distributors announced increased revenues for their quarters ending June 30, 2008.

San Francisco, CA-based McKesson Corp. reported first-quarter revenues of $26.7 billion, an increase of 9% over the same period a year ago. Profit remained stable at $235 million.

In the Distribution Solutions segment, U.S. pharmaceutical revenues increased 16% while warehouse sales declined 8% for the quarter. Canadian revenues were up 27%, primarily due to new and expanded distribution contracts and a favorable currency impact of 10%. Medical-Surgical distribution revenues were up 6% for the quarter.

Technology Solutions had a revenue increase of 2% for the quarter.

AmerisourceBergen, Valley Forge, PA, announced revenue for third quarter 2008 ...

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Kennametal Organic Growth at 4% in Fiscal 2008

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Kennametal Inc., Latrobe, PA, reported sales for its fourth quarter ended June 30, 2008, increased 15% over the same period a year ago to $753 million, including organic sales growth of 4%. Profit was $59.6 million, down 4% from the previous year.

Sales for the fiscal year 2008 were $2.7 billion, a 13% increase over the prior year. Profit declined 3.7% to $167.8 million. Sales for the year grew 4% on an organic basis, 3% from acquisitions and 6% from foreign currency effects.

Metalworking Solutions and Services Group grew by 13% for the quarter, driven by organic sales gains and favorable currency effects. Organic sales in all geographic regions except North America experienced growth.

Advanced Materials Solutions Group (AMSG) sales increased 17% ...

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Snap-On Sales Grow 7.6% in 2Q

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Kenosha, WI-based Snap-on Inc., manufacturer and marketer of tools, diagnostics, equipment, software and service solutions for professional users, reported sales of $766.1 million for its second quarter 2008, an increase of 7.6% over second quarter 2007. Profit increased 52.7% to $66.9 million.

Sales included a benefit of $32.4 million from currency translation.

For the first six months, sales totaled $1.49 billion, an increase of 4.9% over the same period a year ago. Profit increased to $123.5 million, up 49%.

Commercial &Industrial Group segment sales of $387.7 million were up $56.1 million, or 16.9%, from prior year, including $25 million of currency translation. Excluding currency translation, sales growth was 9.4%, with strong contributions from ...

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WESCO Sales Grow 4.6% in 2Q

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WESCO International, Inc., Pittsburgh, PA, provider of electrical MRO products, construction materials and advanced integrated supply services, reported sales of $1.59 billion for the second quarter 2008, an increase of 4.6% over second quarter 2007. Profit was $60.1 million, a slight increase over the same period a year ago.

Sales for the six months ended June 30, 2008 were $3.05 billion, a 2.8% increase over the first six months of 2007. Sales growth was 4.6% after adjusting for a previously announced divestiture. Profit for the 2008 year-to-date period was $105 million, a 2.6% decrease from same period last ...

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Private Equity Firms Buy Milwaukee Gear & Treat All Metals

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Milwaukee Gear Co., Glendale, WI, and Treat All Metals Inc., Milwaukee, WI, were acquired by two private equity firms. Terms of the sale to High Road Capital Partners, New York, NY, and Charter Oak Equity LP, Westport, CT, were not disclosed by management in a letter to customers and vendors.

Treat All Metals will continue to operate as a division of Milwaukee Gear instead of as a standalone company. Former CEO Harold Trusky will retire from operations but no other management team changes are expected.

Milwaukee Gear manufactures precision gears and drives for a variety of industries. Treat All Metals provides heat treatment and metal processing, from case hardening to ...

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