The 2020 Mid-Year Economic Update_long

MDM News Digest 3921

News briefs from Oct. 26 - Nov. 10, 2009

Sonepar USA, Philadelphia, PA, and Hagemeyer North America, Charleston, SC, both subsidiary companies of Sonepar, have begun merging locations in the mid-Atlantic region. The new organization, encompassing operations under the Capital Lighting and Supply, Hagemeyer NA and Tristate names, will have 46 locations in four states. More

US LBM Holdings, LLC, will acquire three regional operations of Stock Building Supply in Wisconsin, Central New York and Connecticut. The operations being acquired by US LBM will be re-established as local autonomous businesses under the former or trade names of the entities that make up the new organization: Wisconsin Building Supply, Bellevue Builders Supply and East Haven Builders Supply. More

Illinois Tool Works Inc., Glenview, IL, acquired Greenville, SC-based Hartness International. The company’s core business includes line integration, conveyor systems, and line automation for the beverage and food industries. More While a majority of survey respondents to the third quarter 2009 PricewaterhouseCoopers LLP Manufacturing Barometer continue to view the U.S. and global economies as unchanged or declining in the third quarter of 2009, their overall outlook on how things will be by the second half of 2010 indicates their overall optimism on recession recovery. More

3M, St. Paul, MN, reported sales for the third quarter were $6.2 billion, down 5.6 percent from third quarter 2008. Profit declined 3.4 percent to $957 million. Year to date, sales were $17.0 billion, down 14 percent. Profit declined 22.8 percent to $2.26 billion. More

3M Track and Trace Solutions announced an alliance with Sewerin GmbH of Germany. 3M will launch a portfolio of water leak detection products under the 3M brand and manufactured by Sewerin. More

Dayton Superior Corp., Dayton, OH, has emerged from Ch. 11 bankruptcy protection. With a plan approved by the U.S. Bankruptcy Court for the District of Delaware, the company closed its $110 million exit financing facility and new $100 million term loan. More

Finland-based Konecranes, a lifting equipment manufacturer, has acquired Machine Tool Solutions Unlimited, Cincinnati, OH. Machine Tool Solutions Unlimited is Konecranes’ first MTS acquisition in the U.S. More

The Chicago Fed National Activity Index was -0.81 in September, down from -0.65 in August. The three-month moving average, CFNAI-MA3, was -0.63, up from -0.96 the previous month. More

The Conference Board Leading Economic Index for the U.S. increased for the sixth straight month in September, improving 1.0 percent. The Coincident Economic Index remained unchanged; the Lagging Economic Index declined 0.3 percent. More

The National Association for Business Economics October 2009 Industry Survey indicated improved demand for the first time in five quarters. Input costs and prices continue to go up; job losses are moderating; and capital spending is positive for the first time this year. Respondents indicated that credit is still tight, but less so than earlier in the year. More

The Chicago Fed Midwest Manufacturing Index (CFMMI) increased 1.0 percent in September, to a seasonally adjusted level of 82.3 (2002 = 100). The Federal Reserve Board’s industrial production index for manufacturing (IPMFG) was also up 1.0 percent in September. Regional output in September declined 15.7 percent from a year earlier, and national output decreased 7.2 percent. More

New orders for manufactured durable goods in September increased $1.6 billion or 1 percent to $165.7 billion, the U.S. Census Bureau announced. This was the second increase in the last three months. Machinery, up five of the last six months, had the largest increase, $1.7 billion or 7.9 percent to $23.4 billion. More

In the MAPI Quarterly Forecast of U.S. Exports, Global Growth, and the Dollar: Fourth Quarter 2009 Through Fourth Quarter 2011, MAPI anticipates the growth rate of total U.S. exports of goods and services will contract by 11.8 percent in 2009, followed by 5.7 percent growth in 2010, with acceleration to 7.9 percent in 2011. More

Real gross domestic product – the output of goods and services produced by labor and property in the U.S. – increased at an annual rate of 3.5 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. More

Canada’s Industrial Product Price Index (-0.5 percent) and the Raw Materials Price Index (-1.1 percent) were both down in September compared with August, mainly as a result of declining petroleum prices, according to Statistics Canada. More Manufacturing expanded in October for the third consecutive month, according to the latest Manufacturing ISM Report on Business. The rate of growth is the highest since April 2006 when the PMI registered 56 percent. More

Construction spending in September 2009 was estimated at a seasonally adjusted annual rate of $940.3 billion, 0.8 percent above August, and 13 percent below September 2008. During the first nine months of this year, construction spending was $715.2 billion, 12.1 percent below the $813.3 billion for the same period in 2008. More

Wholesale revenues in September 2009 were up 0.7 percent to $320.2 billion from August, but down 15.2 percent from September 2008, according to the U.S. Census Bureau. September sales of durable goods were up 0.7 percent from last month, but were down 16.2 percent from a year ago. Sales of nondurable goods were up 0.6 percent from last month, but were down 14.3 percent from last year. More

Wesco International, Inc., Pittsburgh, PA, third quarter sales were $1.15 billion, down 31.5 percent from the prior year. Profit decreased 47.3 percent to $33.6 million. For the first nine months, sales were $3.49 billion, down 25.4 percent from the first nine months of 2008. Profit declined 49.3 percent to $83.3 million. More

Watsco, Inc., Coconut Grove, FL, third quarter sales were $742 million, an increase of 56 percent over third quarter 2008. Profit fell 9.4 percent to $21.1 million. Third quarter results include Carrier Enterprise, a joint venture formed on July 1, 2009, with Carrier Corp. Carrier contributed $337 million to third quarter sales. More

Glenview, IL-based Anixter International Inc., reported sales for the third quarter ended Oct. 2, 2009, were $1.27 billion, down 20 percent from the year-ago period. Profit was $22.1 million, down 63 percent from a year ago. More

Airgas, Inc., Radnor, PA, reported sales for the second quarter were $962 million, down 17 percent from the prior year. Net earnings were $54.5 million. More

Praxair, Inc., Danbury, CT, reported sales for the third quarter were $2.29 billion, 20 percent lower than third quarter 2008. Profit fell 8.5 percent to $325 million. Year to date, sales were $6.55 billion, down 22 percent from the prior year period. Profit declined 9.6 percent to $914 million. More

Lawson Products, Inc., Des Plaines, IL, reported sales for the third quarter were $95.1 million, down 24.1 percent from third quarter 2008. Profit fell 51.2 percent to $1.5 million. For the first nine months, sales were $289.5 million, a decline of 23.5 percent from the prior year term. Lawson Products recorded a loss of $2.6 million during the period, compared to a loss of $22.2 million a year ago. More

United Stationers Inc., Deerfield, IL, third quarter sales fell 6.8 percent to $1.25 billion. Profit was $33.5 million, versus $33.1 million in the prior-year quarter. Sales for the nine months ended Sept. 30, 2009, declined by a workday-adjusted 7.7 percent to $3.5 billion, compared with $3.8 billion. More

Avnet, Inc., Phoenix, AZ, reported sales for the first quarter were $4.36 billion, a decrease of 3.1 percent over the first quarter fiscal 2009. Profit was down 43.6 percent to $50.9 million. More

Arrow Electronics, Inc., Melville, NY, third-quarter 2009 sales were $3.67 billion, a decrease of 14.7 percent from third quarter 2008. Profit was $12.6 million, compared to profit of $76.1 million a year ago. For the first nine months, sales were $10.5 billion, down 17.3 percent from the prior year period. Profit was $60.4 million, compared to $258.2 million a year ago. More

Barnes Group Inc., Bristol, CT, reported sales for the third quarter 2009 were $260.3 million, down 22 percent from the third quarter 2008. Income from continuing operations was $10.9 million compared to $29.2 million in the prior-year period. More

RBC Bearings Inc., Oxford, CT, second quarter sales were $63.7 million, a decrease of 32.5 percent from the prior-year period. The decline was driven by a 43.4 percent decrease in industrial business and a 23.5 percent decrease in aerospace and defense. More

BlueLinx Holdings Inc., Atlanta, GA, sales for the third quarter were $449 million, down 38.2 percent from the same period a year ago. The company incurred a net loss of $13.5 million for the quarter, compared with a net loss of $2.6 million in the year-ago period. More

DXP Enterprises, Houston, TX, reported third quarter sales of $143.4 million, a decrease of 23.3 percent from third quarter 2008. Profit declined 61.8 percent to $2.68 million. For the nine months ended Sept. 30, 2009, sales were $445.4 million, down 18 percent from the prior year period. Profit declined 57.4 percent to $8.02 million. More

Kaman Corp., Bloomfield, CT, reported sales for the third quarter were down 13.5 percent from the prior-year period. Profit was $9.6 million, down from $13.5 million. Sales for the first nine months were $877.2 million, down from $937.2 million in the prior-year period. Profit for the first nine months was $24.3 million. More Weyerhaeuser Co., Federal Way, WA, reported break-even results for third quarter 2009 on sales of $1.4 billion. For the same period a year ago, the forest products company recorded profit of $280 million on sales of $2.1 billion. For the first nine months, sales were $6.3 billion, down 35.6 percent from the prior year. The company recorded a year-to-date loss of $370 million, compared to profit of $36 million for the first nine months of 2008. More

Kennametal Inc., Latrobe, PA, reported sales for its first quarter were $409.4 million, down 36.4 percent from the prior year period but up 6 percent from the preceding quarter. The company recorded a loss of $9.8 million for the quarter, compared to profit of $35.5 million a year ago. More

Reliance Steel & Aluminum Co., Los Angeles, CA, reported third-quarter sales of $1.24 billion, down 51.8 percent from third quarter 2008 but flat with sales reported for second quarter 2009. Profit fell 72.6 percent from the prior year period to $41.8 million. For the first nine months of 2009, sales were $4.04 billion, down 39 percent from a year ago. Profit was $56.1 million, compared to $416.5 million for the prior year period. More

Crane Co., Stamford, CT, reported third quarter sales of $551 million, down 14 percent from third quarter 2008. Profit declined 2.8 percent to $35.1 million. Year to date, sales were $1.65 billion, down 18 percent from the prior year period. Profit declined 39.9 percent to $86.2million. More

Textron Inc., Providence, RI, reported sales in the third quarter were $2.5 billion, down 27 percent from the third quarter 2008. Revenues for Textron’s Industrial segment fell $203 million from last year due to lower volumes. Profit was unchanged from last year. More

Rochester, NY-based Transcat, Inc., second quarter sales were $18.5 million, flat from the year before. Profit was $0.2 million. Sales for the first six months of fiscal 2010 were $35.7 million, down 2.1 percent. Net income was $0.1 million for the first six months of fiscal 2010. More

Stamford, CT-based Hexcel Corp., had sales of $257.1 million during the third quarter, 22.4 percent lower than third quarter of 2008. Profit declined 68.5 percent to $10.4 million. Year to date, sales were $841.7 million, down 18.7 percent from the prior year period. Profit decreased 39 percent to $50.6 million. More

Hubbell Inc., Orange, CT, third-quarter sales decreased 19 percent from the prior year period to $593.9 million. Profit was $57.3 million, down 14 percent. For the first nine months of 2009, sales were $1.76 billion, a decrease of 14 percent. Profit decreased 26 percent to $130.5 million. More

Cooper Industries, Dublin, Ireland, reported sales for the third quarter were $1.29 billion, down 25.5 percent from third quarter 2008. Profit decreased 41.3 percent to $120.9 million. During the first nine months, sales were $3.81 billion, down 23.7 percent. Profit decreased 40.5 percent to $310.3 million. More

Myers Industries, Inc., Akron, OH, recorded a loss of $5.3 million on third-quarter sales of $165.4 million, compared to profit of $1.3 million on sales of $199.9 million the prior year. For the nine months ended Sept. 30, loss was $1.62 million on sales of $513.5 million. More

Swedish manufacturer Atlas Copco AB reported sales in the third quarter fell 18 percent to MSEK 15,088, an organic decline of 25 percent. Profit for the period was MSEK 1,730 (US$254 million), down 28.9 percent from the prior year. More

Thomas & Betts Corp., Memphis, TN, reported sales of $485.1 million for the third quarter, down 27.1 percent from a year ago. Profit declined 48.4 percent to $32.1 million. Year to date, sales were $1.41 billion, down 25.8 percent. Profit fell 67.5 percent to $80.8 million. More

Sealed Air Corp., Elmwood Park, NJ, reported third-quarter sales of $1.08 billion, a decrease of 11 percent from third quarter 2008. Profit was $60.6 million, compared to year-ago period profit of $9.2 million. Year to date, sales were $3.1 billion, down 16 percent in a year-over-year comparison. Profit improved 35 percent to $179.2 million. More

Interline Brands, Inc., Jacksonville, FL, reported sales for the third quarter 2009 were $277.9 million, a decline of 12.5 percent from the prior-year period. Sales for the nine months ended Sept. 25, 2009 were $804.7 million, a 12.4 percent decrease from the comparable 2008 period. Profit was $19.7 million, down from $33.5 million the prior year. More

United Rentals Inc., Greenwich, CT, reported sales for the third quarter 2009 were $592 million, down 32 percent from the prior-year period. The company reported $0 in profit, compared with $74 million in the prior-year period. For the first nine months of 2009, the company reported a loss of $36 million on revenue of $1.8 billion. More

Bearings manufacturer Kaydon Corp., Ann Arbor, MI, sales in the third quarter 2009 were $123.6 million, down slightly from $126.8 million in the prior-year period. Profit for the quarter was $16.1 million, roughly the same as last year. More

The Timken Company, Canton, OH, reported sales of $763.6 million for the third quarter of 2009, a decrease of 43 percent over the same period a year ago. The manufacturer incurred a loss of $50.1 million for the quarter. For the first nine months of 2009, sales were $2.37 billion, a decrease of 40 percent from the same period in 2008. The reported loss of the first nine months was $113.8 million. More

Simpson Manufacturing Co., Inc., Pleasanton, CA, reported sales for the third quarter 2009 were $167.2 million, a decline of 23.9 percent from third quarter 2008. Profit declined 45.3 percent to $12.8 million. In the first nine months of 2009, sales decreased 25.4 percent to $452.4 million. Profit was $15 million, down 71.2 percent. More

Diversified manufacturer ITT Corp., White Plains, NY, third quarter 2009 sales were $2.7 billion, down 6 percent year-over-year. Net income from continuing operations was $66 million. More

Allied Motion Technologies Inc., Denver, CO, reported sales for the third quarter were $15.0 million, down 30 percent from the third quarter 2008. Profit declined 60.4 percent to $279,000. Year to date, the manufacturer incurred a net loss of $12.6 million, compared to profit of $2.6 million for the same nine months last year. Sales fell 35 percent to $44.2 million. More

Emerson, St. Louis, MO, reported sales for fiscal 2009 were $20.9 billion, a decrease of 16 percent from the prior year. Profit declined 28.5 percent to $1.7 billion. Fourth quarter sales were $5.3 billion, a decrease of 21 percent from the same period last year. Profit declined 26.5 percent to $506 million. More

Louisiana-Pacific Corp., Nashville, TN, reported sales for the third quarter were $309 million, down 21 percent versus a year ago. The manufacturer recorded a loss from continuing operations of $12.7 million – an improvement of 87 percent over results from third quarter 2008. For the first nine months, sales were $780 million, down 30.7 percent. The company reported a loss from continuing operations of $70.2 million, as compared to $225.7 million a year ago. More

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