Distributor
3M, St. Paul, Minnesota, reported sales information for the month of April 2020. The company withdrew its full-year 2020 outlook on April 28, due to the uncertain impact of the COVID-19 pandemic and committed to provide monthly updates until it is better able to forecast future performance. More.
Industrial distributor MSC Industrial Direct Co. Inc., Melville, New York, reported sales for the fiscal month of April (the second month of the Company’s fiscal third quarter) were $235.5 million, a decrease of 10.5% compared to the same period in the prior fiscal year. More.
Foundation Building Materials Inc, Tustin, California, reported sales for first quarter of 2020 of $524.3 million, an increase of 1.8% compared to the prior year period; average daily net sales increased 0.2%. Profit was $14.4 million, up from $3.5 million the previous year’s quarter. More.
RBC Bearings Inc., Oxford, Connecticut, reported sales for the 2020 fiscal fourth quarter of $185.8 million, up 2% for the quarter. Profit was $33.8 million compared to $31.4 million in the fourth quarter of 2019. More.
Turtle & Hughes has named Caldwell Hart as senior vice president supply chain, chief procurement officer, and a member of the executive team. More.
The May 11-15 Pandemic Index from Indian River Consulting Group shows a sales decline over the same week in 2019 of 14.9%. The sample size for the week of May 11-15 is 10 firms, which is the same as the previous week. The index shows eight weeks of double-digit average declines and five consecutive weeks with declines in the mid-teens. More.
Kaman Distribution Group, Bloomfield, Connecticut, has named industry veteran Mark Stoneburner as executive vice president and general manager of its Kaman Industrial Technologies (KIT) business unit. More.
Economic
Total nonfarm payroll employment fell by 20.5 million in April, and the unemployment rate rose to 14.7%, according to the U.S. Bureau of Labor Statistics. This is the highest rate and the largest over-the-month increase in the history of the series. More.
Manufacturer
Bearings manufacturer NN Inc., Johnson City, Tennessee, reported first quarter sales $199.7 million, down 6.3% compared to $213.3 million for the first quarter of 2019. More.
Columbus McKinnon Corp., Amherst, New York, has named David J. Wilson as president and chief executive officer effective June 1. More.
