April 22, 2009

Applied Industrial Sales Down 14.8% in 3Q

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

Industrial distributor Applied Industrial Technologies, Cleveland, OH, reported sales for the fiscal 2009 third quarter ended March 31, 2009, were down 14.8% to $451.6 million from the same period last year.

Profit fell 51%.

For the nine months ended March 31, 2009, sales were $1.49 billion, a decrease of 4% from the prior-year period. Profit was down 29.2%.

"Our results contained no surprises given the overall economic climate," said CEO David L. Pugh. "Sales generation and margin management will continue to be our greatest challenges for the near term as our customers respond to significant consumer withdrawal and we face increases in the competitive environment as a result. In light of this, we have made prudent moves to reduce …

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Black & Decker Sales Down 28% in 1Q

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

Manufacturer Black & Decker Corp., Towson, MD, reported sales for the first quarter 2009 were down 28% to $1.1 billion. Profit was $4.9 million, down from $67.4 million in the first quarter 2008.

"End-market conditions, particularly in Europe and the automotive industry, continued to deteriorate sharply in the first quarter," Nolan Archibald, CEO, said. "As the global economy has contracted over the past year, we have intensified our efforts to reduce costs."

Sales in the Power Tools and Accessories segment decreased 23% for the quarter. In the U.S. Industrial Products Group, sales decreased 30% due to lower construction activity and retailer inventory reductions. Sales decreased at a mid single-digit rate in the …

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Reliance Steel Sales Fall 18% in 1Q

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

Reliance Steel & Aluminum Co., Los Angeles, CA, reported sales in the first quarter 2009 were $1.56 billion, down from $1.91 billion in the first quarter 2008. Profit was $20.1 million, down from $107.4 million in the prior-year period.

According to CEO David Hannah: "Our tons sold for the 2009 first quarter were down 1% and our average price per ton sold was down 16% compared to the 2008 first quarter. However, on a same-store basis, excluding our 2008 acquisitions, our tons sold were down 34% and our average price per ton sold was flat for the 2009 first quarter compared to the 2008 first quarter.

"Comparing our 2009 first quarter to the 2008 fourth quarter, our tons sold were down 14% and our average price per ton sold was down 15%. For the 2009 …

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April 22, 2009

Applied Industrial Sales Down 14.8% in 3Q

Black & Decker Sales Down 28% in 1Q

Reliance Steel Sales Fall 18% in 1Q

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