Chicago Rivet & Machine Co. reported fastener segment revenues in the first quarter of 2017 rose 3.4% to $8.74 million, despite a decline in U.S. auto and light-truck sales during the quarter.

Production costs in the first quarter were comparable to last year with the notable exception of tooling expense, which was $52,000 greater, primarily due to new parts being produced. That increase limited improvement in the fastener segment gross margin to $15,290.

Fastener segment operating profit dipped 2.4% to $1.2 million, while capital expenditures fell 57% to $174,789.

Overall Q1 revenues declined 1.2% to $9.5 million, primarily due to lower machine sales “which more than offset an improvement in fastener segment sales during the quarter.”

“Sales in the first quarter were mixed as the increase in fastener segment revenues was offset by the reduction in the smaller assembly equipment segment,” the company stated. Web: chicagorivet.com