October 16, 2008

Watsco Same-Store Sales Down 9% YTD

Companies, Free, HVACR, News, Plumbing Products & PVF Distribution, Subscriber Only, Top Distributor Sectors / MDM Staff

HVAC distributor Watsco Inc., Coconut Grove, FL, sales in the third quarter were $475 million, down 12% on a same-store basis. Sales results include higher pricing and an improved sales mix of higher-efficiency air conditioning equipment and lower unit volume from cooler summer temperatures in certain markets. Sales were also hit by low housing starts. Profit was $23.3 million.

Sales in the first nine months were $1.37 billion, down 9% on a same-store basis. The results reflect a 9% decline in sales of HVAC equipment, an 11% decline in sales in other HVAC products and a 3% decline in sales of commercial refrigeration products. Profit was $57 million.

Watsco’s performance and ability to respond to overall market conditions matched with the strength of our …

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Reliance Steel Sees Sales Gain in 3Q

Free, Metals Service Centers, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Reliance Steel &Aluminum Co., Los Angeles, CA, reported sales of $2.57 billion in the third quarter 2008, an increase of 42% from the year-ago period. Profit was $152.5 million, up 63%.

Reliance’s recent PNA Group acquisition is included in the results.

For the nine months ended Sept. 30, 2008, profit was $416.5 million, up 27%, and sales were $6.58 billion, up 18%.

The 2008 third quarter was reasonably strong from both a demand and pricing perspective, especially in July and August,” said David Hannah, CEO. “During September we began to see some softening in prices and volume. However, this slowdown was more than offset by our PNA Group acquisition on Aug. 1, which was accretive to our third quarter results.

“Overall, through the first …

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Parker Hannifin Sales Up 10% in 1Q 2009

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

Parker Hannifin, Cleveland, OH, reported fiscal 2009 first-quarter sales of $3.1 billion, an increase of 10% from the same period a year ago. Profit was up 9% to $250.2 million. Organic sales growth was 4%.

The Win Strategy initiatives we have been implementing over the past seven years have better prepared us to weather this uncertainty in our markets,” said CEO and President Don Washkewicz. “For example, today, we have exposure to a greater number of end markets, many of them less cyclical than before. We also have much better geographic balance with greater than 50% of our industrial segment revenues and profits generated from international markets.

“Additionally, our cost structure is much more flexible than in the past and our ongoing focus on lean …

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Inflationary Pressures Ease; Labor Market Conditions Weaken

Economic Trends, Free, Research & Analytics, Subscriber Only / Lindsay Young

The latest Federal Reserve Beige Book report is out and on the Web this week. The report is a compilation of conditions across all 12 Federal Reserve Districts in the U.S.

Here’s the overview:

Consumer spending decreased in most Districts, with declines reported in retailing, auto sales and tourism. Nearly all Districts commenting on nonfinancial service industries noted reduced activity. Manufacturing slowed in most Districts. Residential real estate markets remained weak, and commercial real estate activity slowed in many Districts. Credit conditions were characterized as being tight across the 12 Districts, with several reporting reduced credit availability for both financial and nonfinancial institutions. District reports on agriculture and natural resources …

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Builders FirstSource to Exit New Jersey

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

Builders FirstSource, Inc., Dallas, TX, supplier and manufacturer of structural and related building products, has decided to leave the New Jersey market. The company operated a distribution center, a manufacturing facility and three showrooms there. The plan is expected to save $5 million to $7 million over the next two years.

These difficult and unprecedented economic times forced us to make very hard decisions to maintain the company’s financial health,” said Floyd Sherman, Builders FirstSource CEO. “… With the continued difficult economic conditions, we decided to exit this market now, rather than continue our efforts with the probability of exiting the market at a later date. We see challenging times ahead of us, but we will continue our focus on maintaining the …

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Canadian Manufacturing Sales Pull Back in August

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

Source: Statistics Canada

Canadian manufacturers had a notable pull-back in sales in August following four consecutive monthly increases. Sales decreased 3.7% to $52.0 billion, erasing most of the gains from the previous two months. The largest contributor to the decrease was the petroleum and coal products industry, where sales have fallen by nearly one billion dollars in two months.

Manufacturing sales measured in constant dollars, which provide an indicator of volume, decreased for the first time in five months. Constant dollar sales fell 3.7% in August to $46.3 billion. August’s decrease erased all of the gains since December 2007, moving constant dollar sales to the lowest level in eight months.

Overall, …

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Illinois Tool Works Sales Up 11% for 3Q

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

llinois Tool Works Inc., Glenview, IL, reported operating revenues of $4.15 billion for the third quarter ended Sept. 30, 2008, an increase of 11% over the same period the prior year. The double-digit growth was due to contributions from acquisitions and currency translation. Profit for the quarter was $435.5 million, a decrease of 7.7%. This includes losses incurred from discontinued operations including the Decorative Services segment and the Click Commerce business.

Operating revenues for the first nine months of 2008 were $12.19 billion, an increase of 11.2% over the prior year. Profit declined 8.1% to $1.29 billion.

On a segment basis, the company’s three-month moving average percentage change for operating revenues, comprised of base revenues, …

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Majority Stake of FCX Acquired by Private Equity Firm

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

Sterling Investment Partners, Westport, CT, a middle-market private equity firm, has acquired a majority stake in FCX Performance, Inc., Columbus, OH, a specialty flow control distributor serving the industrial valve and automation, and process instrumentation markets. Charles Simon, the founder of FCX, and other senior management will continue to lead the business.

William Macey, Jr., a Sterling managing partner, said: We consider FCX a very attractive investment. The vast majority of the company’s revenues are recurring in nature. The company has a unique position as a leader in specialty flow control distribution, with an unusually large geographic footprint, excellent technical support capabilities, and sticky customer relationships. FCX has a committed, highly …

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October 16, 2008

Watsco Same-Store Sales Down 9% YTD

Reliance Steel Sees Sales Gain in 3Q

Parker Hannifin Sales Up 10% in 1Q 2009

Inflationary Pressures Ease; Labor Market Conditions Weaken

Builders FirstSource to Exit New Jersey

Canadian Manufacturing Sales Pull Back in August

Illinois Tool Works Sales Up 11% for 3Q

Majority Stake of FCX Acquired by Private Equity Firm

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