11/8/2010 7:43:00 AM
NEWS BRIEFS
Chicago Rivet ‘Encouraged’ By Strong Growth
Chicago Rivet & Machine Co. achieved strong growth during the third quarter of 2010, driven by increased domestic automotive production.
Fastener segment revenue increased 28% to $6.07 million during the third quarter of 2010, with profit rising to $347,197 compared with a $69,866 loss during the third quarter of 2009. Segment capital expenditures dipped to $38,197 from $129,492.
“With the majority of such revenues derived from the automotive industry, the segment has benefited from a rebound in domestic auto and truck production during the current year, as well as new customers and certain high-volume parts added in the last year,” the company stated.
Nine-month fastener sales soared 53% to $19.08 million, while profit jumped to $1.61 million compared with a loss of $883,517 during the first three quarters of 2009. Nine-month capital expenditures in the fastener segment reached $189,197.
Overall Q3 sales grew 26.6% to $6.95 million, with profit improving to $569,842.
Nine-month sales climbed 45% to $21.65 million, with profit increasing to $2.25 million compared with a loss of $584,179 during the first three quarters of 2009.
Greater machine sales drove third quarter assembly equipment revenue up 17.2% to $876,675, with profit gaining 44% to $222,024.
Nine-month assembly equipment sales grew 4.8% to $2.57 million, with profit doubling to $638,220. Web: chicagorivet.com ©2010 GlobalFastenerNews.com
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