2/2/2010
HEADLINES
Fastener Stocks Show Mixed Results in 2009

Public companies with fastener holdings showed mixed results in 2009 as auto builds ramped up and aerospace suppliers await Boeing’s 787 Dreamliner schedule.

Here are excerpts from the full round-up of fastener stocks to be published in the next issue of FIN.

Alcoa reported sales at its Engineered Products segment, including fasteners, declined 24% to $4.7 billion, while operating profit dipped 40% to $315 million.

Fastenal reported sales decreased 17.5% to $1.93 billion, while net earnings declined 34% to $184.3 million. Fastenal cut 11.7% of its workforce.

Precision Castparts reported Fastener Products sales declined 10.6% to $331.1 million during the third quarter of fiscal 2010, while fastener operating income slipped 3.5% to $105.6 million, or 31.9% of sales.

Nucor reported cold finished steel sales, including revenue from Nucor Fastener, decreased 32% to 330,000 tons in 2009, though fourth-quarter declines moderated to a 4% sales decline.

ITW reported sales at its Transportation segment, including fasteners, jumped 9.6% to $593.1 million in the final quarter of 2009, with operating profit nearly quadrupled to $88.8 million “as Q4 auto builds significantly ramped up.” ©2010 GlobalFastenerNews.com