11/8/2012 11:00:00 AM
NEWS BRIEFS
Chicago Rivet & Machine Marks Milestone
Chicago Rivet & Machine Co. achieved a milestone in its fastener segment during the third quarter of 2012.
Fastener segment revenues during Q3 improved 13.4% to $7.84 million, marking three years of consecutive quarterly increases in fastener sales. Segment profit jumped 43.2% to $1.02 million, while capital expenditures dropped 75% to $66,626.
Lower raw material prices in the third quarter helped produce a 26% improvement in fastener segment gross margin to $1.71 million.
Overall sales during the third quarter of 2012 increased 9.1% to $8.54 million, with income before taxes rising 42.7% to $673,342 and net income growing 46% to $463,342 during Q3. Earnings per share gained 45% to $0.48.
For the first nine months of 2012, fastener segment revenue climbed 11.5% to $23.8 million.
“While the majority of this segment’s revenues are derived from the automotive industry, current year sales for this segment have exceeded the growth seen in domestic automotive production,” the company stated.
Nine-month fastener segment profit rose 32% to $2.96 million, while capital expenditures fell 48% to $472,672.
For the first three quarters of 2012, the fastener segment gross margin improved 18% to $5.1 million, “primarily due to higher sales in the current year, as the higher material prices incurred in the first half of the year have been offset by reductions we have seen in recent months.”
Overall nine-month sales improved 10% to $26.2 million for the Naperville, IL-based fastener manufacturer, with income before taxes increasing 35.3% to $2.1 million and net income rising 36.7% to $1.39 million.
So far in 2012 earnings per share have gained 36.7% to $1.45. ©2012 GlobalFastenerNews.com
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