The 2020 Mid-Year Economic Update_long

Day: April 29, 2009

Flowserve Sales Up 3% In 1Q

Flowserve Corp., Dallas, TX, supplier of fluid motion and control products and services, reported first quarter sales of $1.02 billion, up 3% from first quarter 2008. Profit improved 5% to $92.3 million.
 
Excluding negative currency effects, sales increased by 13%. The increase is largely attributable to higher sales by the Flowserve Pump Division arising from its strong backlog. On a company-wide basis, original equipment sales increased approximately 5%, while aftermarket sales were comparable to the same period in 2008. ...

Sealed Air 1Q Sales Fall 16%

Sealed Air Corp., Elmwood Park, NJ, reported first quarter 2009 sales of $988 million, down 16% from first quarter 2008. Profit declined 4.4% to $58.1 million.
 
The Food Packaging segment's first quarter sales decreased 9% to $424 million, primarily reflecting favorable product price/mix in North America and Latin America.
 
Food Solutions' first quarter sales decreased 13% to $205 million.
 
First quarter sales in the Protective Packaging segment decreased 25% to $280 million.
 
 We continue to anticipate ongoing weak global economic conditions through at least the third quarter and have assumed a slow recovery starting at the end of the year and into 2010, said William V. Hickey, president and CEO. ...

NEMA Electroindustry Index Jumps 16 Points In April

NEMA's Electroindustry Business Confidence Index for current North American conditions jumped 16 points in April to 42. Though falling below the key 50-point mark indicative of improvement in industry conditions for a 17th straight month, the index nonetheless reached its highest level in nearly a year, and has rallied some 34 points over the last four months from December's near all-time low.
 
The future EBCI for North America painted an even brighter picture, pointing for a second month in a row to a possible improvement in the level of the business conditions six months ahead. The index climbed from 52 in March to 60 in April, its highest level since July 2007.
 
The Electroindustry Business Confidence Index gauges the business confidence of the ...

Lawson Products 1Q Sales Down 21%

Lawson Products, Inc., Des Plaines, IL, a distributor of services, systems and products to the MRO and OEM marketplaces, reported sales for the first quarter of 2009 were $99.4 million, down 21% year-over-year.  The company recorded a loss of $5.9 million for the quarter, compared to a profit of $4.4 million a year ago.
 
Restructuring charges and additional costs related to the settlement of the investigation by the U.S. Attorney's Office for the Northern District of Illinois, totaled $6.5 million in 2009 and $1.3 million in 2008.
 
"While the global economic recession continues to impact our business, we remain committed to making aggressive cost decisions that will better position Lawson to emerge as a stronger company than it was when we entered ...

United Stationers Sales Fall 10% In 1Q

United Stationers Inc., Deerfield, IL, reported sales of $1.12 billion for the first quarter of 2009, down 10% from first quarter 2008.  Profit fell 36.6% to $13.5 million.
 
Continued weakness in the economy contributed to reduced sales in all product categories with the exception of janitorial/breakroom, which remained at last year's level. The company previously announced it would be eliminating 250 positions.
 
While we are encouraged by some recent trends, we expect markets to remain weak in the near term and are planning accordingly," said Richard W. Gochnauer, president and CEO. "On a more positive note, the economy has generated renewed interest among customers and suppliers around utilizing United's ...