The 2020 Mid-Year Economic Update_long

MDM News Digest 3914

Atlanta, GA-based Genuine Parts Company reported sales for the second quarter ended June 30, 2009, were $2.5 billion, down 12% from the second quarter 2008. Profit for the quarter was $103.6 million, a decrease of 22%.For the six months ended June 30, 2009, sales were $5 billion, down 11% from the same period in 2008. Profit was $192.8 million, a decrease of 25%. More

W.W. Grainger
, Chicago, IL, reported second quarter sales of $1.5 billion, down 13% from the second quarter 2008. Profit for the quarter fell 18% to $92 million.Daily sales decreased 15% in April, 10% in May and 13% in June.

Atlanta, GA-based Genuine Parts Company reported sales for the second quarter ended June 30, 2009, were $2.5 billion, down 12% from the second quarter 2008. Profit for the quarter was $103.6 million, a decrease of 22%.For the six months ended June 30, 2009, sales were $5 billion, down 11% from the same period in 2008. Profit was $192.8 million, a decrease of 25%. More

W.W. Grainger, Chicago, IL, reported second quarter sales of $1.5 billion, down 13% from the second quarter 2008. Profit for the quarter fell 18% to $92 million.Daily sales decreased 15% in April, 10% in May and 13% in June. More

Hagemeyer North America, Charleston, SC, has launched a new e-commerce Web site at www.hagemeyerna.com. The redesigned site offers enhanced features and intuitive navigation to make the customers’ shopping experience fast and easy. More

A jury in Indiana has found Breakers Unlimited, Noblesville, Ind., guilty of purchasing and selling counterfeit Square D circuit breakers. Schneider Electric – the parent company of Square D – filed the lawsuit in June 2007. The amount of damages to be awarded and the scope of an injunction restricting Breakers Unlimited’s continued involvement in the market where counterfeit circuit breakers are bought and sold have yet to be decided by the court. More

HD Supply Facilities Maintenance, San Diego, CA, released its new Commercial Product Line Catalog, featuring more than 3,000 products for use in mid and high-rise buildings. The product expansion and new catalog was created to better serve the unique needs of customers with mid and high-rise buildings as well as customers with a need for commercial grade products. More

Wynnchurch Capital, a Chicago-based private equity firm, has purchased fastening tool and fastener manufacturer SENCORP‘s assets. Wynnchurch has formed a new portfolio company, Senco Brands Inc. The acquisition includes the brands SENCO and TyRex, as well as the SenSource global sourcing operation, and SENCORP’s domestic and foreign businesses. More

Tool and equipment manufacturer Snap-On Inc., Kenosha, WI, has terminated its joint venture Snap-On Credit LLC, which provides financial services to Snap-On’s U.S. franchisees and customers. Snap-on will acquire CIT’s interest in the joint venture for $8.2 million, Snap-on Credit will become a wholly owned subsidiary of Snap-on Inc., and Snap-on Credit will continue to service the existing portfolio of contracts owned by CIT. More

May U.S. manufacturing technology consumption totaled $109.90 million, according to AMTDA, the American Machine Tool Distributors’ Association, and AMT – The Association For Manufacturing Technology. This total, as reported by companies participating in the USMTC program, was up 5.8% from April but down 72.3% from the total of $397.16 million reported for May 2008. With a year-to-date total of $618.30 million, 2009 is down 70.5% compared with 2008. More

Canadian manufacturers of power transmission/motion control products experienced another drop in sales while U.S. manufacturers experienced a slight increase in May 2009 according to sales data released by the Power Transmission Distributors Association (PTDA). U.S. manufacturers’ sales rose slightly by 0.3% in May 2009 when compared to April 2009. Sales in May 2009 fell 26.5% compared to the same period last year. Orders in May 2009 decreased by 2.8% over April 2009 orders. Canadian manufacturers’ sales were down 6.9% compared to April 2009. Sales were down 29.4% when compared to the same period last year. More

The June 2009 composite index rose to 24 from an historic low of 21 reported in the March 2009 report, according to the quarterly Manufacturers Alliance/MAPI Survey on the Business Outlook– June 2009, At 24%, the index indicates that overall manufacturing activity is expected to contract over the next three to six months. While the index is at its second lowest level since the survey originated in March 1972, it marks the first time it has shown improvement since June 2007. More

Canadian manufacturing sales fell6.0% to$38.4billion in May, the lowest level since November1998. Manufacturing sales leveled off between February and April, after falling by18.7% between October2008and January2009. Constant dollar manufacturing sales fell5.8% in May, indicating that lower volumes rather than price changes were behind the decrease in sales. Sales in 17of 21manufacturing industries decreased in May, accounting for about three-quarters of total sales. More

Panjiva, a firm that tracks overseas suppliers to the U.S., saw a 1% decline in the number of global manufacturers shipping to the U.S. in June, similar to May’s trade data. According to the firm, the slight decline from May to June is slightly less than last year’s May-to-June decrease. To Panjiva, it looks like global trade is tracking its typical seasonal path." Panjiva Watch List numbers were unchanged. More

Weak growth, at best, is in store for the advanced economies during 2010, according to the MAPI Quarterly Forecast of U.S. Exports, Global Growth, and the Dollar: Third Quarter 2009 Through Fourth Quarter 2010.The short-term prospects are mixed for key emerging market economies, depending upon the degree of openness, export diversification, and ties to the United States. The report says that U.S. export demand will contract at an historic pace before experiencing very sluggish growth in 2010, and the U.S. dollar will resume its downward slide in 2010. More

The European manufacturing sector saw an accelerated downward trend in the first part of 2009 and will face challenges throughout the year, before seeing the potential for marginal improvement in 2010, according to the semiannual Manufacturers Alliance/MAPI European Industrial Outlook: 2009-2010 (ER-682e), a report that analyzes 14 major industries. In the Eurozone, 13 of the 14 industries will likely decline in 2009, including seven by double-digits, with motor vehicle production falling the most, by 17.9%.In Central Europe, a more modest 10 of 14 industries will decline in 2009 and, like the Eurozone, just one industry is forecast to decline in 2010. More

Diversified industrial manufacturer Eaton Corp., Cleveland, OH, reported sales in the second quarter were $2.90 billion, 32% below the second quarter of 2008. Core sales were down 26%. Profit was $29 million compared to $333 million in 2008.For the first six months, sales were $5.7 billion, down 26.5% from the first half of 2008. The company recorded a loss of $21 million for the period, compared to profit of $580 million the prior year period. More

Atlas Copco AB reported sales decreased 14% in its latest interim report, with an organic sales decline of 27%. Organic order intake was down 37%; the company reported low demand for equipment, but said that order cancellations have stopped. More

Swedish manufacturer SKF reported second quarter 2009 sales of SEK 14.2 billion (US$1.8 billion), a decrease of 11.9% from second quarter 2008. Profit declined 76.4% to SEK 323 million (US$41.6 million). Year-to-date sales were SEK 29.0 billion (US$3.7 billion), down 8.4% from the first half of 2008. Profit declined 73.1% to SEK 717 million (US$92.3 million). More

The Fastenal Company, Winona, MN, reported second quarter sales of $474.9 million, down 21.4% from sales in second quarter 2008. Profit decreased 42.8% to $43.5 million from second quarter 2008. For the six months ended June 30, 2009, sales were $964.2 million, down 17.6% from the same period a year ago. Profit declined 36.1% to $92.2 million. More

Swedish manufacturer Seco Tools reported revenue for the six months ended June 30, 2009, was down 34% at fixed exchange rates. In the latest quarter, sales fell 40%. More

Sweden-based Alfa Laval, a manufacturer in heat transfer, centrifugal separation and fluid handling, reported second quarter sales were SEK 6.7 billion (US$857.6 million), a decrease of 15.1% from the prior year. Profit was SEK 637 million (US$81.5 million).For the first six months, sales declined 10.3% to SEK 13.7 billion (US$1.75 billion). Profit was SEK 1.4 billion (US$179.2 million). More

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