8/15/2016 12:49:00 PM
HEADLINES
Fastener Sales & Margins Rise at Chicago Rivet
Chicago Rivet & Machine Co. reported fastener segment revenues totaled $8.9 million in the second quarter of 2016, an increase of 7% compared to the second quarter of 2015 and a 4.9% increase over the first quarter of 2016.
Fastener segment operating profit rose 31.7% to $1.49 million in Q2, while capital expenditures more than doubled to $298,237.
Six-month fastener segment revenue gained 3.8% to $17.3, with segment operating profit up 26.4% to $2.7 million.
“The increase in sales exceeded the percentage increase in U.S. vehicle sales in the first half of 2016,” the company stated.
Fastener segment gross margin improved by $402,550 Q2 compared to the second quarter of 2015 and by $647,056 in the first half of 2016.
“Other than the increase in sales during the current year, favorable raw material prices was the most significant factor resulting in improved margins.”
Overall Q2 revenue rose 6.7% to $9.8 million, with net income up 39% to $795,059.
First-half sales grew 5% to $19.4 million, with net income rising 39.5% to $1.44 million.
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