SPS Earnings Increase

Jason Sandefur

SPS Technologies Inc. reported net earnings for the third quarter of 2003 were $4.6 million compared with the loss of $6.3 million for the third quarter of 2002. Q3 earnings included a $2 million charge associated with the company�s pending acquisition by Portland, OR-based Precision Castparts Corp.
Q3 net sales declined 0.6% to $203.9 million compared to $205.1 million last year. Increased sales by the U.K. operations of the Aerospace Fasteners and Components segment were offset by lower revenues of the Magnetic Products segment and the North American operations of the Aerospace Fasteners and Components segment.

Overall Q3 incoming orders slipped 2% to $196.2 million, but orders for Aerospace Fasteners and Components rose 4% to $72.5 million.

For the first nine months of 2003, incoming orders edged up 0.4% to $623.5 million. Net sales increased 0.3% to $630.7 million, while net earnings soared more than five-fold to $15.7 million.
As of September 30, 2003, Jenkintown, PA-based SPS had cash balances of $74.8 million and total debt of $224.4 million. Web: spstech.com �2003 FastenerNews.com