7/28/2014 12:08:00 PM
HEADLINES
Fastener Sales Gain From Volume More Than Pricing
Public fastener companies reported sales growth in the second quarter and first half of 2014, revealing a trend of volume gains and cost controls in an atmosphere of soft pricing.
Fasteners Produce Organic Growth at Stanley Black & Decker
Stanley Black & Decker reported Industrial segment sales, including results from Emhart Technologies and Infastech, rose 3% to $889.2 million in the second quarter of 2014 as a result of volume (+2%) and acquisitions (+1%). Segment profit increased 28% to $150.3 million.
Engineered Fastening posted 2% organic growth, driven by strong global automotive revenues partially offset by weaker electronic volume. Organic sales for the Industrial and Automotive Repair business were up 2% primarily from new product introductions and strength within Mac Tools industrial distribution.
Nucor Fastener Segment Sales Increase
Nucor Corp. reported Cold Finished Steel sales, including results from Nucor Fastener, increased 7% to 133,000 tons in the second quarter of 2014.
Nucor’s consolidated net sales increased 4% to $5.29 billion in Q2 compared with $5.11 billion in the first quarter of 2014, and increased 13% compared with $4.67 billion in the second quarter of 2013.
Alcoa Fastener Segment Results “Best-Ever”
Alcoa reported “best-ever” results for its Engineered Products and Solutions segment, including results from Alcoa Fastening Systems. Segment sales grew 2.3% to $1.5 billion during the second quarter of 2014.
Segment ATOI rose 8% to a quarterly record of $204 million sequentially and up $11 million, or 6%, year-over-year. Sequentially, higher volumes across all businesses and favorable productivity drove the improvement. Segment third-part aluminum shipments gained 6.9% to 62 kmt.
ITW Automotive Fastener Revenue Sees Strong Gains
Illinois Tool Works Inc. reported total revenues grew 4% to $3.7 billion in the second quarter of 2014, with operating income increasing 21% to $677 million. Organic revenue gained 1.4%, with international revenue up 2% and North American sales improving 1%.
Operating margins of 20.5% increased 300 basis points, with enterprise initiatives contributing 120 basis points.
Automotive OEM organic revenue, including fasteners, grew 8% in Q1, outpacing worldwide auto builds of 2%. Segment organic revenues grew 8% in North America, 9% in Europe and 22% in China. Operating margins of 23.7% increased 310 basis points.
Construction Products’ revenues, including fasteners, declined 0.4% to $444 million. Segment operating income reached $81 million, with operating margin of 18.2%.
Anixter Fastener Sales Achieve Organic Growth
Anixter International reported OEM Supply – Fasteners sales increased 3.4% to $243.1 million in the second quarter of 2014. “Excluding the $6.1 million favorable impact from foreign exchange, organic sales increased by 0.8% year-over-year.”
The company said that excluding the $11.6 million impact resulting from the previously disclosed transition of an existing customer to dual source supply, organic fastener sales growth would have been 6.1%.
On a sequential basis, sales decreased by 2.6% primarily due to two fewer billing days in the current quarter.
Second-quarter Fasteners sales in North America declined 3.8% to $98.7 million, while fastener sales in Europe edged up 0.3% to $114.2 million and Emerging Markets sales increased 29.4% to $24.1 million.
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