Ivaco Fastener Sales Drop

Jason Sandefur

Lower fastener shipments and a strong Canadian dollar drove Fabricated Steel Product sales at Ivaco Inc. down 20.2% to CAD 108.7 million (US$77.8 million). Q2 operating results for the segment were a loss of CAD 2.59 million compared with earnings of CAD 15.1 million.
For the first six months of 2003, Fabricated Steel Product sales declined 11% to CAD 233.7 million, while operating earnings dipped 84.6% to CAD 4.5 million.
Overall, Ivaco reported a 15.7% drop in Q2 sales to CAD 206.9 million. The company reported a Q2 operating loss of CAD 2.3 million compared with operating earnings of CAD 24.4 million during the second quarter of 2002. �The impact of the higher Canadian dollar accounted for approximately [CAD] 10.8 million of the [operating revenue] reduction,� CEO Paul Ivanier stated. Increased raw material and energy costs also affected earnings, he noted.
First half sales for Ivaco slipped 7.2% to CAD 441.3 million, while operating earnings slid 76.2% to CAD 11.8 million. Web: ivaco.com �2003 FastenerNews.com