May 18, 2009

The Home Depot 1Q Sales Decline 9.7%

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

The Home Depot, Atlanta, GA, reported sales for the first quarter of fiscal 2009 were $16.2 billion, a decrease of 9.7% from the prior year period. Profit increased 44.4% to $514 million.

Comparable store sales declined 10.2% overall, with comparable sales for U.S. stores down 8.6%.

The increase in profit can be attributed in part to the closure of the EXPO businesses, which contributed $117 million to first quarter operating profits.

At the end of the first quarter, The Home Depot operated 2,238 retail stores, including 1,973 stores in the United States, 178 stores in Canada, 75 stores in Mexico and 12 stores in China. …

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Housing Starts Down 12.8% in April

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

Housing starts in April were down 12.8% from March and 54.2% below April 2008, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

Starts fell to a seasonally adjusted annual rate of 458,000. Single-family starts were at 368,000, up 2.8% from March. The April rate for units in buildings with five units or more was 78,000.

Privately-owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 494,000, 3.3% below March, and 50.2% below April 2008.

Single-family authorizations in April were at a rate of 373,000; this is 3.6% above March. Authorizations of units in buildings with five units or more were at a rate of 103,000 in April.

Privately-owned housing …

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Kennametal Agrees To Sell Drill Unit To Chinese Co.

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

Kennametal Inc., Latrobe, PA, has signed a definitive agreement to sell its high speed steel drills, related product lines and assets to Chinese manufacturer Top Eastern Drill Co., Ltd. Top-Eastern Drills is a global manufacturer of high speed steel drills and taps.

The transaction includes four facilities and operations specifically related to the product lines located at Evans, Georgia; Clemson, South Carolina; Mexico City, Mexico; and Mississauga, Ontario. Kennametal presently has approximately 400 employees who are located at these facilities or otherwise involved with these product lines.

Kennametal expects to receive $29 million in proceeds from the divestiture and recognize a pre-tax loss on the sale and related pre-tax charges estimated to amount to a …

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May 18, 2009

The Home Depot 1Q Sales Decline 9.7%

Housing Starts Down 12.8% in April

Kennametal Agrees To Sell Drill Unit To Chinese Co.

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