Sequa Corp., New York, NY, reported sales of $572.1 million in the third quarter ended Sept. 30, 2007, up 3.1%. For the first nine months of 2007, Sequa’s sales increased 1% to $1.7 billion. Profit for the nine-month period was $44.3 million, compared with $42.1 million in the same period a year ago.
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Aerospace: Sales at Chromalloy Gas Turbine Corporation -Sequa’s largest business unit and the sole component of its aerospace segment -were on par with the third quarter of 2006, as increased sales to commercial airlines and the military substantially offset lower sales to marine and industrial turbine customers. Increased sales to airlines resulted from new product introductions and sales from long-term contracts with airline customers.
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Automotive: Both Casco Products and ARC Automotive, the two business units in the Automotive segment, posted improved operating income for the third quarter of 2007 compared to 2006. Despite a decrease in third quarter sales, ARC Automotive experienced higher profits in the third quarter primarily due to improved performance in its new China joint venture and a reduction in start up costs associated with new facilities in China and Mexico. Casco Products recorded higher sales and improved profits for the third quarter, as a result of higher overseas sales of electronic products and lighters.
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Metal Coating: Precoat Metals’sales increased 4% in the third quarter of 2007 compared to 2006 driven by higher sales to the building products market and an increase in metal sales, partially offset by lower sales to the manufactured products market. The increase in metal sales is primarily due to business added through the acquisition of certain coating assets from Chicago Finished Metals in January 2007 (which represented 4% of segment sales in the third quarter).
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Specialty Chemicals: Sales at Warwick International increased 18% in the third quarter of 2007 (9% excluding the benefit of translating local currency sales into U.S. dollars) reflecting an increase in TAED volumes and higher sales at the international marketing and distributions units. Operating income decreased 24%, in the third quarter of 2007 due to increased cost of materials.
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Industrial Machinery: MEGTEC Systems, which supplies graphic arts machinery and industrial emission control equipment, experienced an 11% increase in sales and 23%, increase in operating income in the third quarter of 2007 driven by higher sales of emission control equipment in Europe and the U.S.