SPS Earnings Drop 24%

John Wolz

SPS Technologies Inc. reported lower third quarter earnings and said weak demand will lead to depressed a fourth quarter.
SPS reported third quarter earnings of $8.8 million, compared with
$11.6 million for the third quarter of 2000, prior to recording costs and losses in connection with a previously announced restructuring plan.
Operating losses of plants to be closed cut net earnings to $8.4 million for the quarter.
Net sales for the third quarter of 2001 were $231.8 million, compared to $212.5 million last year.
SPS said it expects demand from the automotive, industrial and electronics end-markets to remain depressed in the fourth quarter.
Web: spstech.com �2001 FastenerNews.com