The 2020 Mid-Year Economic Update_long

Day: May 27, 2009

RBC Bearings Sales Up 7.,6% For FY2009

RBC Bearings Inc., Oxford, CT, a manufacturer of highly-engineered precision plain, roller and ball bearings for the industrial, defense and aerospace industries, reported sales for fiscal year 2009, ended March 28, 2009, were $355.8 million, up 7.6% over fiscal year 2008 results. Profit declined 14.3% to $34.5 million.
 
For the fourth quarter of fiscal year 2009, sales were $83.8 million, down 9% from fourth quarter of fiscal year 2008. Profit decreased 46.2% to $6.5 million. ...

Wolseley Profit Off 80% In First 9 Months

UK-based building materials distributor Wolseley plc reported sales for the nine months ended April 30, 2009, were £12 billion (US$19.2 billion), up 0.2% year-over-year. Excluding the impact of foreign currency, sales were down 15%. Pre-tax profit fell 80% - 88% in constant dollars - to £72 million (US$115 million).
 
Continued weakness across most markets, led by the commercial and industrial sectors in the U.S., and significant declines in the UK and Ireland and Nordic region, have led to continued cost reduction measures being implemented. These measures include further headcount reductions. In the nine month reporting period, Wolseley has reduced headcount by 13,746 worldwide - including the elimination of 5,317 positions through the exit from ...

Money Flow Begins Under Stimulus Package

Wayne, PA-based Moro Corp. sent out a press release today announcing its first sales order it says is being financed by the economic stimulus plan. Its Construction Products Division received a contract to provide reinforcing steel to parts of the I-295 Pavement Rehabilitation and Bridge Deck Replacement in two New Jersey counties.
 
Adam Fein, in his Distribution Trends blog, looks at the scheduled outlays under the stimulus plan. Click here to read his latest update on the economic stimulus package. ...

Chicago Fed Midwest Manufacturing Index Falls 1.1% In April

The Chicago Fed Midwest Manufacturing Index (CFMMI) declined 1.1% in April to a seasonally adjusted level of 81.0 (2002 = 100). Revised data show the index decreased 2.9% in March to 81.8.
 
The Federal Reserve Board's industrial production index for manufacturing (IPMFG) edged down 0.2% in April. Regional output in April was down 22.7% from a year earlier - lower than the 14.3% decrease in national output.
 
The region's steel sector output declined 3.4% in April after dropping 6.1% in March. The nation's steel output was down 1.8%. Regional steel output dropped 36.0% from its April 2008 level, and national steel output fell 25.3%.
 
Regional auto sector production moved down 2.0% in April after decreasing 0.8% in March. The ...