July 15, 2009

Grainger Second Quarter Sales Down 13%

Companies, Facilities Maintenance (MRO), Free, News, Subscriber Only, Top Distributor Sectors / MDM Staff

W.W. Grainger, Chicago, IL, reported second quarter sales of $1.5 billion, down 13% from the second quarter 2008. Profit for the quarter fell 18% to $92 million.

"Although the economy remains a challenge, we are pleased with our results for the second quarter of 2009. We continue to focus on the things we can control, and we’re selectively investing for growth. Businesses and institutions still need to repair and maintain their facilities in this difficult economy. Our multi-channel business model and our exceptionally high service levels allow us to serve our customers well even in these tough times," said Jim Ryan, Grainger’s CEO.

Ryan added Grainger has not seen "an indication of an economic turnaround at this point."

Daily sales decreased 15% in April, 10% in May and 13% in …

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Industrial Production Down 0.4% in June

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

Industrial production decreased 0.4% in June after having fallen 1.2% in May. For the second quarter as a whole, output fell at an annual rate of 11.6%, a more moderate contraction than in the first quarter, when output fell 19.1%.

Manufacturing output moved down 0.6% in June, with declines at both durable and nondurable goods producers. Outside of manufacturing, the output of mines fell 0.5% in June, and the output of utilities increased 0.8%.

The rate of capacity utilization for total industry declined in June to 68.0%, a level 12.9 percentage points below its average for 1972-2008. Prior to the current recession, the low over the history of this series, which begins in 1967, was 70.9% in December 1982. …

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SKF Second Quarter Sales Down 11.9%

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

Swedish manufacturer SKF reported second quarter 2009 sales of SEK 14.2 billion (US$1.8 billion), a decrease of 11.9% from second quarter 2008. Profit declined 76.4% to SEK 323 million (US$41.6 million).

Year-to-date sales were SEK 29.0 billion (US$3.7 billion), down 8.4% from the first half of 2008. Profit declined 73.1% to SEK 717 million (US$92.3 million).

"While the decline in demand was dramatic compared to last year, the sequential trend for the group shows signs of leveling off," says Tom Johnstone, president and CEO. "The manufacturing level was even lower than sales, resulting in a further reduction in our inventories. The manufacturing level will continue to run lower than sales."

Results include expenses of SEK 480 million for restructuring activities announced during …

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Canadian Manufacturing Sales Decline in May

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

Canadian manufacturing sales fell 6.0% to $38.4 billion in May, the lowest level since November 1998. Manufacturing sales leveled off between February and April, after falling by 18.7% between October 2008 and January 2009. Plant shutdowns in the motor vehicle and primary metal industries, along with continued volatility in the aerospace industry, accounted for most of the decline in May.

Constant dollar manufacturing sales fell 5.8% in May, indicating that lower volumes rather than price changes were behind the decrease in sales. Sales in 17 of 21 manufacturing industries decreased in May, accounting for about three-quarters of total sales.

By Sector
The transportation equipment industry led the declines, falling 25.7% compared with April. Excluding the transportation equipment …

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