The 2020 Mid-Year Economic Update_long

MDM News Digest 3615

Net income fell to $3.3 million from the $3.5 million reported in the second quarter of last year. For the first half of the year, sales were $577.4 million, up from $530.8 million in the first half of 2005. Net income for the period was $5.7 million, down from the $8.8 million recorded in the same period last year. More …


Builders FirstSource, Inc., Dallas, TX, supplier and manufacturer of structural and related building products for residential new construction, reported sales grew 3.8 percent in the second quarter to $642.4 million. Net income was $28.4 million compared with $20.2 million the same period last year. Adjusting for items related to the company’s IPO, net income was $23 million, a 23.6 percent increase year-over-year. More …


Airgas, Inc., Radnor, PA, U.S. distributor of industrial, medical and specialty gases, welding, safety, and related products, reported sales of $773 million in the first quarter, up 14 percent over the same period a year ago. Total same-store sales were up 9 percent, with hardgoods up 10 percent and gas and rent up 9 percent. Industrial production, energy, and non-residential construction continued to exhibit strong demand. More …


Praxair, Inc., Danbury, CT, announced second-quarter sales of $2,076 million, up 8 percent from the same period last year. Net income was $247 million, up 22 percent. In North America, second-quarter sales of $1,158 million rose 6 percent from $1,097 million in the year-ago quarter from higher sales to manufacturing, metals and electronics markets, and higher prices. More …


Kennametal Inc., Latrobe, PA, reported sales of $2.3 billion in the fiscal year 2006, up 6 percent versus 2005. Sales for the year include 11 months of J& L Industrial Supply before it was sold to MSC Industrial. Net income was $256 million, up from $119 million in the prior year. Kennametal reported fourth quarter sales of $612 million, up 3 percent versus the same quarter last year. Net income for the fourth quarter was $164 million, up from $37 million in the prior year fourth quarter. More …


The SKF Group reported a sales increase of 5 percent for the second quarter of 2006. For the first half of the year, sales were up 8.3 percent. Sales for the second quarter for the industrial division were $589.75 million, an increase of 10.8 percent. Sales for the first half-year were $1.179 billion, an increase of 15.6 percent. Segments that showed significantly higher sales were Food and Beverage, Medical, Energy, Material Handling and Aerospace. More …

sales were 4.072 billion euros, or $5.163 billion, up 15.2 percent compared to the same period last year. On a comparable structure, exchange rate and trading day basis, sales were up 11.7 percent. Sales in North America were up 19 percent for the quarter and 16.9 percent for the first half of the year. More …


WESCO International Inc., Pittsburgh, PA, whose primary operating entity is WESCO Distribution, provider of electrical MRO products, construction materials, and advanced integrated supply procurement outsourcing, reported sales for the second quarter ended June 30, 2006, were $1.3 billion compared with $1.06 billion in the same period last year. The increase is partly due to two acquisitions completed in the third quarter of 2005, worth $107 million in the second quarter this year. Profit in the second quarter was $55.2 million, an increase of 50 percent. More …


Industrial Distribution Group Inc. reported a 2.8 percent increase in sales for the second quarter ended June 30, 2006, compared with the same period last year. That figure excludes the company’s Cardinal Machinery business unit, which was sold in the third quarter 2005. IDG’s net earnings for the second quarter were $1.5 million, down from the $1.6 million in the comparable period of 2005. For the six months ended June 30, 2006, from its ongoing core operations, the company’s revenue grew 3.1 percent over the 2005 period. Year-to-date net earnings were $3.1 million, compared to net earnings of $2.1 million for the same period last year. More …


Kaman Corp. reported sales of $293 million, compared with $271.3 million in the prior-year quarter, a jump of 8 percent. Net income for the quarter was $7.5 million, compared with $2.8 million the previous year. For the first six months of 2006, the company reported sales of $589.6 million, an increase of 10 percent. The Industrial Distribution segment had sales of $170.5 million in the second quarter, an increase of 8 percent. For the first half of the year, sales were $341.1 million, compared with $313.5 million the first half of 2005, with all the increase representing organic growth. More …


DXP Enterprises, Inc., Houston, TX, announced a 99.7 percent increase in net income to $2.95 million for the second quarter ending June 30, 2006, compared with the same period last year. Sales increased 53.5 percent to $69.8 million for the second quarter of 2005. Sales by the businesses acquired in 2005 and 2006 accounted for $9.1 million of the sales increase. Year-to-date net income as of June 30, 2006, increased 134 percent to $5.5 million. Sales increased 51.6 percent to $132.3 million for the first six months of 2005. Sales by the businesses acquired in 2005 and 2006 accounted for $17.6 million of the sales increase. More …


Building Materials Holding Corporation, San Francisco, CA, a provider of construction services and building materials to professional residential builders and contractors, reported sales for the second quarter of 2006 increased 31 percent to $922 million from $702 million in the same quarter a year ago. For the six months ended June 30, 2006, sales increased 42 percent to $1.8 billion from $1.3 billion in the same period of 2005. More …


Huttig Building Products Inc., St. Louis, MO, a distributor of millwork, building materials and wood products, reported sales of $296.3 million in the second quarter ended June 30, 2006, up 5 percent from the same period last year.

Barnes Group Inc., Bristol, CT, has acquired the KENT Division from Premier Farnell, for approximately $41 million. KENT distributes adhesives, sealants, specialty cleaning chemicals, abrasives, tools and other consumables to the European transportation aftermarket and industrial maintenance market. The KENT business will be integrated into the Barnes Distribution business. KENT complements Barnes Distribution’s established businesses in the United Kingdom and France, and provides entry into the rest of Europe. More …


B.W. Rogers Co. has acquired Fluid Power Products, Inc. B.W. Rogers Co. is a supplier of fluid connectors, motion control and process equipment to industry. Fluid Power Products, Inc. provides pneumatic, hydraulic, connector and systems solutions to customers in industrial applications. The company will retain the same name and will operate from its five current locations in Lexington, Louisville, and Paducah, KY; Evansville, IN; and Charleston, WV. More …


White Cap Construction Supply, a business of Home Depot Supply, has signed an agreement to acquire Texas Contractors Supply. Texas Contractors Supply is a distributor of forming, concrete accessories, tilt-wall and power tools. The company operates five distribution centers in Texas. The acquisition comes on the heels of White Cap’s purchase of Western Fasteners last month. More …


Growing steel service center group Esmark Incorporated, Chicago, IL, has acquired Cleveland, OH-based Independent Steel Company, a privately held processor and distributor of value-added steel products, for $21 million in cash. The acquisition is Esmark’s 10th since it was founded in 2003. More …


Lone Star Fasteners, Houston, TX, has acquired UK-based Grange Gaskets and Grange Precision Engineering. Grange will become a new division of Lone Star Fasteners, known as Lone Star-Grange. Grange, West Yorkshire, UK, and manufactures industrial gaskets and precision engineered parts that are sold to the oil, gas, chemical, petrochemical, power generation and general engineering industries. More …


IBM has agreed to acquire MRO Software Inc., Bedford, MA, for $740 million in cash. MRO Software has produced double-digit growth since the company reported revenues of $199.2 million for the fiscal year ending Sept. 30, 2005. MRO Software is a provider of asset and service management software and consulting in many industries, including utilities, manufacturing, energy, pharmaceutical and telecommunications. More …


Lawson Products, Des Plaines, IL, international distributor to MRO and OEM markets, reported net sales for the second quarter increased by 17 percent to $131 million. Net income decreased 42.8 percent to $3.2 million compared with the same period last year. Some of that decrease was attributed to legal costs associated with a federal investigation into Lawson sales practices. More …


Electrical distributor Rexel consolidated sales for the second quarter of 2006 were 2.105 billion euros, or $2.669 billion, up 13.6 percent. On a comparable structure, exchange rate and trading day basis, sales were up 13.9 percent from the same period last year. For the six months of 2006,

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