The 2020 Mid-Year Economic Update_long

News Digest 4922

MDM's top news briefs from News briefs from November 11 - November 26, 2019.

Distributor

Total Safety, Houston, a provider of integrated safety technologies and services, announced today that it has acquired Pacific Coast Tool to expand its distribution offerings to power utility customers.  More.

The Home Depot, Atlanta, reported sales of $27.2 billion for the third quarter of fiscal 2019, a 3.5% increase from the same period a year ago. Net earnings for the fiscal second quarter were $2.8 billion, down 3.4% from the year-ago period. Sales for the first nine months increased 3.3% to $84.4 billion. Net earnings decreased 0.2% to $8.8 billion. More.

Owens & Minor Inc., Richmond, Virginia, reported sales for the third quarter of $2.4 billion, down 2.7% year-over-year. The company reported a profit for the quarter of $1.2 million, compared to a loss of $0.6 million the previous year’s quarter. For the first nine months, the company reported sales of $7.3 billion, up 0.7% from the same period in 2018. The company reported a loss for the period of $23.3 million, compared to a loss of $175 million in 2018. More.

DXP Enterprises Inc., Houston, reported third quarter sales of $327.2 million, up 6.2% compared to the third quarter of 2018. Net income was $13.1 million, compared to $8.4 million in the year-ago period. Sales for the nine months were $971.7 million, compared with $905.2 million in the year-ago period. Net incomes rose 38.1% to $ 33.7 million.  More.

Genuine Parts Co., Atlanta, has named William P. Stengel to the position of executive vice president and chief transformation officer. More.

Kaman Distribution Group, Bloomfield, Connecticut, has named Benjamin Mondics as chief executive officer.  Littlejohn & Co. acquired Kaman Distribution Group earlier this year.   More.

Stellar Industrial Supply has announced that CEO John Wiborg will be the first man named to the Women Industrial Supply Executives Advisory Council. More.

The Power Transmission Distributors Association has elected its 2020 Board of Directors and Manufacturer Council to lead the association during its 60th anniversary year. Brian Davis, executive vice president & COO, B & D Industrial, Norcross, Georgia, will become PTDA’s president in 2020. More.

Economic

Nonfarm business sector labor productivity decreased 0.3% in the third quarter of 2019, according to the U.S. Bureau of Labor Statistics. Output increased 2.1% and hours worked increased 2.4%. From the third quarter of 2018 to the third quarter of 2019, productivity increased 1.4%, reflecting a 2.3% increase in output and a 0.9% increase in hours worked. Manufacturing sector labor productivity declined 0.1% in the third quarter of 2019, as output increased 1.1% and hours worked increased 1.3%. Total manufacturing sector productivity also declined 0.1% over the last four quarters, as output decreased 0.5% and hours worked decreased 0.4%. More.

Manufacturer

Material handling products manufacturer Columbus McKinnon Corp., Amherst, New York, has announced plans to close its Lisbon, Ohio, factory and consolidate the operation into its facilities in Virginia and North Carolina. More.

Hillenbrand, Inc., a global diversified industrial company that makes and sells premium business-to-business products and services for a wide variety of industries, reported fourth quarter sales of $486 million, up 2% compared to the prior year. Net income fell $30.1 million to $25 million. For fiscal 2019, sales grew 2% to $1.8 billion. Net income was $121 million, up 59% over 2018. More.

Rockwell Automation, Inc., Milwaukee, reported sales for the fourth quarter of fiscal 2019 of $1.7 billion, flat compared to the same quarter a year ago. Organic sales increased 1.4%. Net income was $8.1illion, compared to a profit of $345.9 million the previous year's quarter. Sales for fiscal 2019 were $6.7 billion, up 0.4% over 2018. Net income was $695.8 million, compared to $535.5 million the previous year. More.

Office Depot Inc., Boca Raton, Florida, reported third quarter sales of $2.8 billion, down 4% over the previous year’s quarter. The company reported an operating income of $108 million and a net income from continuing operations of $60 million. Year to date sales were reported at $8.1 billion, down 2.5% over the same period in 2018.  More.

Jason Industries Inc., Milwaukee, parent company to a global family of manufacturers in the seating, finishing, automotive acoustics and components markets, reported sales for the third quarter of $85.6 million, down 20% year-over-year. The company reported a loss for the quarter of $30 million, compared with a loss of $4.2 million in the prior-year quarter. Organic sales declined 17.3% primarily due to overall weaker end-market demand in both Engineered Components and Industrial. More.

Bearings manufacturer NN Inc., Johnson City, Tennessee, reported third quarter sales of $213.9 million, a 4% increase over the same period a year ago. The company reported a loss of $5.6 million, compared to a loss of $13.8 million the prior year. Sales for the first nine months of the year were $648.8 million, up 13.6% over the same period in 2018. The company reported a loss of $30.9 million, compared to a loss of $44.8 million in 2018. More.

Swedish bearing manufacturer SKF, Goteborg, Sweden, has completed the acquisition of Form Automation Solutions, a US-based software development start-up company. More.

Johnson Controls has named Brian Stief, vice chairman and chief financial officer effective immediately. As vice chairman, Stief will serve as an adviser to George Oliver, chairman and CEO, and continue his duties as chief financial officer.  Stief plans to retire effective Dec. 31, 2020 following the expiration of his previously announced retention arrangement. More.

 

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