PennEngineering Fastener Sales Increase

Jason Sandefur

The Fastening Technologies segment of PennEngineering & Manufacturing Corp. reported sales for the fourth quarter of 2003 jumped 19% to $25.6 million, while operating income more than doubled to $4 million. Yearly sales for the fastener segment gained 15% to $96 million, and operating income soared to $10.8 million compared with $4.8 million during 2002.

Overall Q4 sales for the Danboro, PA-based company increased 32.5% to $52.2 million, while net income slid 5% to $1.55 million. For the year, PennEngineering claimed sales rose 26% to $190.7 million, increasing net income 22% to $4.88 million. Web: penn-eng.com �2004 FastenerNews.com