May 3, 2009

Barnes Group 1Q Sales Down 31.7%

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

Barnes Group Inc., Bristol, CT, a diversified global manufacturer and logistical services company, reported sales of $262.2 million for the first quarter, a decline of 31.7% from first quarter 2008. Profit declined 64.6% to $11.5 million.

Sales in Logistics and Manufacturing Services were $142.7 million, down 25% from the prior year period. Operating profit decreased 43.4% to $14.5 million. The decline in sales was driven primarily by slowing demand in the transportation and industrial end markets, though foreign exchange contributed a negative $8.4 million in the quarter.

Precision Components sales fell 39% to $197.1 million. Operating profit for the first quarter was $6 million, down …

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Construction Spending Up 0.3% in March

Building Materials/Construction, Economic Trends, Free, News, Research & Analytics, Subscriber Only, Top Distributor Sectors / MDM Staff

Construction spending in March 2009 was up 0.3% to $969.7 billion from the revised February estimate. The March figure is 11.1% below March 2008, according to the U.S. Census Bureau of the Department of Commerce.

During the first 3 months of this year, construction spending was 10.9 percent below the same period in 2008.

Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $661.0 billion, 0.1% below the revised February estimate. Residential construction was 4.2% below the revised February estimate of $269.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $402.6 billion in March, 2.7 percent (±1.4%) above the revised February estimate of $392.0 …

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Sysco Sales Decline 4.5% In 3Q

Companies, Free, Grocery & Foodservice Distribution, News, Subscriber Only, Top Distributor Sectors / MDM Staff

Sysco Corp., Houston, TX, reported sales for the third quarter ended March 28, 2009, were $8.7 billion, down 4.5% from the prior year period. Profit decreased 6.1% to $226 million.

Fiscal year-to-date sales were flat compared to the first nine months of fiscal year 2008. Profit for the first three quarters fell 4.1%.

"Our third quarter results reflect the increasingly difficult market environment that has developed as our fiscal year has progressed. Nevertheless, we are encouraged by our operating companies’ ongoing ability to provide excellent customer service while managing costs effectively," CEO Bill DeLaney …

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Watsco Records $1.2 Million Loss In 1Q

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

Watsco, Inc., Miami, FL, reported first quarter sales of $291 million, a decline of 23% over 2008. The independent distributor of air conditioning, heating and refrigeration products recorded a loss of $1.2 million for the period, compared to profit of $7.6 million the prior year.

The economic environment continued to take its toll on the seasonally slower first quarter. We are pleased with the continued improvement in sales mix of more energy-efficient and environmentally friendly products in this current market environment, said Albert H. Nahmad, president and CEO. “We anticipate this trend will continue as we move into the replacement season during the summer months."

Sales results were impacted by the economic environment, especially …

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A Positive Outlook Due to Anticipated Stimulus Spending

Economic Trends, Free, Research & Analytics, Subscriber Only / Jenel Stelton-Holtmeier

Though cement consumption is expected to continue to decline through 2009, the latest economic forecast from Portland Cement Association is looking for recovery in 2010 based in part on new spending from the American Recovery and Reinvest Act of 2009.

By the second half of 2010, stimulus spending should enter a phase that includes more traditional infrastructure projects that carry higher cement intensities, said Edward Sullivan, chief economist for PCA.

With the double digit declines seen in 2007 and 2008 expected to continue in 2009, the group predicted 7% growth rate for 2010 – a long way from full recovery but a sign of stabilization for an industry that has been beaten badly by the construction slowdown.

In his recent …

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