The 2020 Mid-Year Economic Update_long

News Digest 5004

MDM's top news briefs from News briefs from February 11 - February 25, 2020.

Distributor

Metalworking and industrial supplies distributor BlackHawk Industrial, Broken Arrow, Oklahoma, has acquired J&S Tool. More.

MSC Industrial Supply Co. has entered into a cooperative research and development agreement with the U.S. Department of Energy’s Oak Ridge National Laboratory to advance manufacturing in the United States. More.

The Reynolds Company, a wholly-owned subsidiary of McNaughton-McKay Electric Company, has acquired Flow-Zone. More.

Ingersoll-Rand plc, Swords, Ireland, has announced that it has set a record date of Feb. 24, 2020, for the proposed spin-off of its industrial segment. The spin-off and the previously announced merger are expected to be completed on Feb. 29, 2020, subject to certain remaining conditions including the approval by the stockholders of Gardner Denver Holdings, Inc. More.

Fastenal Co., Winona, Minnesota, reported sales of $1.3 billion for the fourth quarter of 2019, a 3.7% increase over the same period in 2018. The distributor reported net earnings of $178.7 million, a 5.9% increase over the year-ago period. For the full year, Fastenal reported sales of $5.3 billion, up 7.4% compared to 2018. Net earnings for the year rose 5.2% to $790.9 million. More.

NOW Inc., Houston, reported fourth quarter sales of $639 million, down 16.4% compared with the fourth quarter of 2018. The company reported a loss of $139 million for the quarter, compared with a profit of $16 million a year ago. Sales for 2019 were reported at $3 billion, down 5.6% from 2018. The company reported a loss of $97 million, compared to a profit of $52 million in the previous year. More.

The Industrial Group of Genuine Parts Company, which includes Motion Industries, had sales of $1.5 billion for the fourth quarter of 2019, down 5.9% from the same period the previous year. For the full year, sales for the Industrial Group of $6.5 billion declined 3.6% from $6.3 billion the previous year. For Genuine Parts Company as a whole, sales for the fourth quarter were $4.7 billion, a 2.2% increase compared to $4.6 billion for the same period in 2018. Net income was $8.9 million. Sales for the full year were $19.4 billion, a 3.5% increase compared to $18.7 billion for the same period in 2018. Net income for the year was $621.1 million. More.

HVACR distributor Watsco Inc., Coconut Grove, Florida, reported sales for the fourth-quarter of $1.07 million, up 8.2% over the same period in 2018. The heating and cooling company posted profit of $44.4 billion in the period. For the year, the company reported profit of $246 million. Revenue was reported as $4.77 billion, up 4.9% over 2018.More.

Manufacturer

Pump and compressor manufacturer Gardner Denver reported $605.8 million in revenues for the fourth quarter of 2019, down 14% over the prior-year period. Net income was $25.8 million, compared to $94.5 million a year ago. More.

Manufacturer Regal Beloit Corp., Beloit, Wisconsin, reported sales for 2019 of $3.2 billion, compared to $3.6 billion from the previous year. Profit was $238.9 million, compared to $231.2 million a year ago More.

 

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