Ivaco Earnings Slip Despite Improved Sales

Jason Sandefur

Ivaco Inc. reported sales for the first quarter of 2003 rose 1.8% to Canadian $234.4 million (US$170.9 million), while operating earnings slipped 44% to $14.1 million. CEO Paul Ivanier said earnings were impacted by higher material costs and a weakened U.S. dollar but were �substantially higher than operating earnings for the third and fourth quarters of 2002.�
Ivaco�s Fabricated Steel Products segment, including fasteners, reported sales fell 1.5% to $125.1 million. Despite similar shipping volumes, operating earnings for the segment dropped 50.7% to $7.1 million. Web: ivaco.com �2003 FastenerNews.com