July 31, 2008

DXP Enterprises Sales in First Half at $356.3M

Companies, Free, News, Power Transmission/Motion Control/Fluid Power, Subscriber Only, Top Distributor Sectors / MDM Staff

DXP Enterprises, Inc., Houston, TX, reported sales for second quarter ended June 30, 2008, increased 120.1% to $187.8 million from the second quarter of 2007. Profit was $6.4 million, an increase of 86.5% from the same period a year ago.

Businesses acquired in 2007 and 2008, including Precision Industries, contributed $76.1 million to second quarter sales.

Sales for the six months ended June 30, 2008, were $356.3 million, an increase of 110.9% from the first of 2007. DXP reported income for the sale period of $11.8 million, an increase of 65.3%. Organic sales for the fist half of 2008 increased 22.3% from 2007.

DXP Enterprises, Inc. is a distributor of products focused on pumping, integrated supply and …

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Eaton Buys Indian Engine Valves Business

Companies, Finance, Free, Mergers & Acquisitions, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Eaton Corp., Cleveland, OH, has acquired the engine valves business of Indian company Kirloskar Oil Engines Ltd.

Through this acquisition, we will be able to use our global resources to meet the needs of the domestic Indian customer base and provide support to our customers around the world,”said Joseph P. Palchak, CEO -Automotive Group. “In addition, Kirloskar’s new facility in Ahmednagar, India, provides Eaton with a first-class valve facility, expansion opportunities and an experienced workforce.”

The engine valves business of Kirloskar Oil Engines Ltd. employs 500 people in India and had 2007 sales of $5 million. The business designs, manufactures and sells intake and exhaust valves for diesel and gasoline engines.

Eaton is a diversified …

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Huttig Building Products Sales Decline 18% in 2Q

Building Materials/Construction, Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Huttig Building Products, Inc., St. Louis, MO, a domestic distributor of millwork, building materials and wood products, reported a net loss of $2.5 million for the second quarter ended June 30, 2008. Huttig reported a profit of $1.1 million for the same quarter 2007. Sales were $195.4 million in the second quarter, a decline of 18% from the same period a year ago.

Sales continued to be impacted by the persistent weakness in the new housing starts.

In this challenging environment, we continue to focus on controlling expenses, improving operating efficiencies, reducing inventories, generating cash, and gaining market share,” said Jon Vrabely, president and CEO. “Our 2008 second quarter sales decline of 18%, year-over-year, is well below the 30% decline in housing …

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United Rentals Sales Fall 13.6% in 2Q

Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Greenwich, CT-based United Rentals, Inc. reported second quarter 2008 sales of $831 million, a decrease of 13.6% from second quarter 2007. Rental revenue accounted for $621 million. Profit was $37 million, a decline of 44.8%.

For the first half 2008, revenue declined 10.9% from 2007 levels to $1.6 billion. Profit was 22.7% lower at $75 million.

The decreases primarily reflect lower gross profit in a softening equipment rental environment as well as the previously disclosed $14 million after-tax provision relating to the SEC inquiry. …

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Parker Hannifin Sales for 2008 Grow 13.3%

Companies, Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Parker Hannifin Corp., Cleveland, OH, manufacturer of motion and control technologies and systems, reported sales for the fourth quarter ended June 30, 2008, were $3.3 billion, an increase of 13.3% over fourth quarter 2007. Profit was $252.6 million, 16.3% more than the same period a year ago.

For the 2008 fiscal year, the company reported sales of $12.1 billion, an increase of 13.3% over 2007. Profit increased 14.4% to $949.5 million, compared to the prior year. Organic sales growth was 4.8% for the year.

Despite challenging economic conditions, our continued focus on the core goals of the Win Strategy has enabled us to consistently produce record results for our shareholders,”said CEO and President Don Washkewicz. “Our sales growth also demonstrates the …

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Advance Estimates: U.S. GDP Rises 1.9% in 2Q

Economic Trends, Free, News, Research & Analytics, Subscriber Only / MDM Staff

Real gross domestic product -the output of goods and services produced by labor and property in the U.S. -increased at an annual rate of 1.9% in the second quarter of 2008 (from the first quarter to the second quarter), according to advance estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.

The Bureau emphasized that the second-quarter advance” estimates are based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The second-quarter “preliminary” estimates, based on more comprehensive data, will be released on Aug. 28, 2008.

More details …

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Rexel Organic Growth at 2.3% in 2Q

Companies, Electrical, Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Paris-based Rexel reported sales of €3.7 billion (US$5.7 billion at current exchange rate) for the second quarter 2008, an increase of 27.3% over the same period 2007. The company reported organic growth of 2.3%. Profit was €196.9 million (US$306.5 million), compared with a reported loss of €30.1 million (US$46.9 million) a year ago.

For the first six months ended June 30, 2008, sales were €6 billion (US$9.4 billion), an increase of 12.9% from the same period a year ago. Profit increased 72.1% to €259 million (US$403.9 million).

Rexel experienced organic growth in all three geographic zones for the first half of 2008. In Europe, sales increased 2.3%, led by strong performance in Scandinavia and Germany. North America posted a 0.5% …

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July 31, 2008

DXP Enterprises Sales in First Half at $356.3M

Eaton Buys Indian Engine Valves Business

Huttig Building Products Sales Decline 18% in 2Q

United Rentals Sales Fall 13.6% in 2Q

Parker Hannifin Sales for 2008 Grow 13.3%

Advance Estimates: U.S. GDP Rises 1.9% in 2Q

Rexel Organic Growth at 2.3% in 2Q

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