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2009

Parker Hannifin Sales Fall 15.1% in Fiscal 2009

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

Cleveland, OH-based Parker Hannifin Corp., manufacturer of motion and control technologies, reported sales for the fiscal year 2009 were $10.3 billion, a decline of 15.1% from the previous year. Profit for the year fell 46.4% to $508.5 million. "We started the year strongly, however, our performance in the second half of the year reflected the impact of the ongoing global recession, which resulted in significantly reduced order rates," said CEO and President Don Washkewicz.

Fiscal 2009 fourth quarter sales were $2.2 billion, a decline of 33.9% from $3.3 billion in the same quarter a year ago. Profit for the fourth quarter declined 80.4% to $49.5 million from $252.6 million in the fourth quarter of fiscal 2008.

Washkewicz added: "Our fourth quarter performance was influenced by …

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PTDA Leader Mary Sue Lyon to Retire

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

Mary Sue Lyon, who has lead the Power Transmission Distributors Association for 15 years, will retire as executive vice president at the end of 2010.

In a letter to PTDA’s members, past PTDA president John Masek of Bearing Service Inc., Livonia, MI, and current PTDA president Drew Tucci of Eastern Bearings, Inc., Waltham, MA, commended Lyon on her outstanding leadership and commitment to making PTDA into the premiere networking and educational organization in our industry."

Lyon joined PTDA as the executive vice president in August 1994.

Lyon says the decision to retire was tough."My 15 years at PTDA have been a pleasure andthatis largely due to the individuals who have shown great leadership, vision and commitment to the Association and the industry," she said. "It has been …

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Canada Industrial Product Index Rises 0.7% in June

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

In June, the Canadian Industrial Product Index rose0.7% compared with May, while the Raw Materials Price Index increased6.2%, according to a report today from Statistics Canada.Both gains were due to a strong increase in petroleum prices.

June’s increase in the IPPI followed declines of1.2% in May and0.6% in April. The IPPI was pushed up mainly by the prices for petroleum and coal products and, to a lesser extent, primary metal products. Prices for petroleum and coal products rose10.8%, more than twice the5.2% increase observed in May. However, excluding petroleum and coal products, the IPPI posted a0.3% decline, slower than the1.8% drop recorded in May.

Most of the2.2% increase for …

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United Rentals Posts Loss of $17M in 2Q

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

United Rentals, Inc., Greenwich, CT, announced sales for the second quarter 2009 of $615 million, down 26% from second quarter 2008. The company reported a net loss of $17 million, compared with a net loss of $202 million for the prior year same period.
 

During the quarter, 38 branches were closed or consolidated in the quarter, and headcount was reduced by approximately 800.

“Looking forward, we believe that our operating environment will remain very challenging," CEO Michael Kneeland said. "Our best estimate at this time is that non-residential construction activity will continue to decline on a year-over-year basis into 2010, although the rate of decline may moderate. Our infrastructure rentals should see the benefit of stimulus funds, while on a macro level we believe that our …

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Rockwell Automation Sales Fall 31% in Third Quarter

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Milwaukee, WI-based Rockwell Automation, Inc. reported fiscal 2009 third quarter revenue of $1.1 billion, down 31% compared with the third quarter fiscal 2008.

Third quarter profit was $32.8 million, compared with $152.6 million in the third quarter 2008.

The manufacturer expects "we may be approaching the bottom of the cycle." But it still sees uncertainty in the global economy and has not yet seen evidence of an upturn.

Control Products & Solutions third quarter sales were $611.3 million, a decrease of 28% from the third quarter 2008. Currency translation contributed 5 percentage points to the decline, partially offset by about 1 percentage point of growth …

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Adam Fein’s Midyear Economic Report: Stabilization, But Not Yet Recovering

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

Adam Fein of Pembroke Consulting has released his Midyear Economic Report, and you can access it on his Distribution Trends blog.

He expects the wholesale distribution industry to return to year-over-year growth in early …

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Survey: Pricing, Gross Margins Hold Steady in Second Quarter

Economic Trends, Free, News, Quarterly MDM-Baird Distribution Survey, Research & Analytics, Subscriber Only /

The second quarter Baird Industrial Distribution Survey indicates that average second quarter year over year revenues were slightly worse than the first quarter, with the third quarter forecast slightly better than current quarter trends. Encouragingly, pricing and gross margins appear to be holding relatively steady while inventory levels continue to decline with no re-stock expected in the near-term.

The bottoming process appears to be underway in most industries," said David Manthey, CFA, Baird’s senior research analyst who leads the firm’s Industrial Distribution sector research. "With conditions stabilizing and inventories at very low levels throughout most supply chains, industrial distributors should continue to see improvement into 2009."

Survey Details
Baird’s …

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United Stationers 2Q Sales Down 7.4%

Companies, Free, News, Operations, Paper Products & Packaging Distribution, Subscriber Only, Top Distributor Sectors /

United Stationers Inc., Deerfield, IL, a North American wholesale distributor of business products, today sales for the second quarter 2009 were $1.16 billion, down 7.4% from the prior year same period. Profit decreased 1.4% to $21.5 million.

Weak macro-economic conditions contributed to revenue declines in furniture, industrial, technology and traditional office supplies. Despite these conditions, the janitorial/breakroom category experienced sales growth.

"United’s results reflected our associates’ excellent efforts to control what we can in the face of difficult market conditions," said Richard W. Gochnauer, president and chief executive officer. "While employment and manufacturing trends continued to weaken in the quarter, the rate of change in our sales improved sequentially …

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Timken Agrees to Sell Needle Roller Bearings Unit to Japanese Company

Finance, Free, Mergers & Acquisitions, News, Power Transmission/Motion Control/Fluid Power, Subscriber Only, Top Distributor Sectors /

Canton, OH-based The Timken Company has agreed to sell its Needle Roller Bearings business – which serves customers mostly in the automotive OEM sector – to Japan’s JTEKT Corp. JTEKT will pay $300 million in cash.

"This transaction is a major step forward in our strategy to transform our portfolio to focus on industrial sectors with strong aftermarkets," said James W. Griffith, Timken president and CEO. "It positions us to concentrate our resources on areas where we can realize mutual value with our customers."

The Needle Roller Bearings business was part of the broader Torrington acquisition Timken made in 2003. It had sales of $621 million in 2008 and has 3,400 employees. The business, with 12 manufacturing facilities and three engineering technology centers, manufactures highly …

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New Orders for Durable Goods Fall in June

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

New orders for manufactured durable goods in June decreased $4.1 billion or 2.5% to $158.6 billion, according to the U.S. Census Bureau. This decrease followed two consecutive monthly increases including a 1.3% May increase. Excluding transportation, new orders increased 1.1%. Excluding defense, new orders decreased 0.7%.

Shipments of manufactured durable goods in June, down eleven consecutive months, decreased $0.3 billion or 0.2% to $168.3 billion. This was the longest streak of consecutive monthly decreases since the series was first published on a NAICS basis in 1992 and followed a 2.6% May decrease.

Unfilled orders for manufactured durable goods in June, down nine consecutive months, decreased $6.6 billion or 0.9% to $740.1 billion. This followed a 0.3% May decrease. …

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Park-Ohio Sales Down 42% in 2Q

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Park-Ohio Holdings Corp., Cleveland, OH, announced sales for the second quarter were $163.4 million, down 43% from second quarter 2008. Profit declined 42.1% to $3.3 million.

Year-to-date, sales were $344.7 million, down 38% from the same period of 2008. The company recorded a net loss for the first six months of 2009 of $2.2 million, compared to profit of $9.2 million in the same period of 2008.

Park-Ohio is a provider of supply management services and a manufacturer of highly engineered products. …

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Arrow Electronics 2Q Sales Down 22%

Electrical, Free, News, Subscriber Only, Top Distributor Sectors /

Arrow Electronics, Inc., Melville, NY, reported second-quarter 2009 sales were $3.39 billion, down 22% year over year. Profit declined 78% to $21.1 million.

Global enterprise computing solutions sales of $1.12 billion decreased 19% year over year. Global components sales decreased 23% to $2.27 billion

"While pleased with our second-quarter performance, we also realize that the cost savings we have generated to date have not been enough to offset both the sales declines and margin pressure we have experienced during this downturn," said Paul J. Reilly, executive vice president and CFO. "Given the market realities we are faced with, we have an additional $100 million in annual cost reductions that are expected to be implemented in the second half of 2009, primarily in our European …

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Praxair Sales Fall 26% in 2Q

Free, Gases & Welding Equipment, News, Subscriber Only, Top Distributor Sectors /

Praxair, Inc., Danbury, CT, reported sales for the second quarter 2009 were $2.13 billion, down 26% from the prior year same period. Profit declined 14.3% to $299 million.

For the first six months of 2009, sales were $4.26 billion, down 23.1% from the first half of 2008. Profit decreased 10.2% to $589 million.

"Challenging economic conditions persisted globally in the quarter, resulting in overall volumes on par with the first quarter," CEO Steve Angel said. "We have begun to see pockets of sequential improvement in Asia and South America, where economic activity appears to be reacting positively to fiscal and monetary stimulus programs. In Europe and North America, the overall industrial environment remains very weak, although volumes appear to have stabilized."

In North …

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Sealed Air Corp. Second Quarter Sales Down 20%

Free, Gases & Welding Equipment, News, Subscriber Only, Top Distributor Sectors /

Sealed Air Corp., Elmwood Park, NJ, reported second quarter 2009 sales of $1.03 billion, down 20% from the prior year period. Profit declined 3% to $60.5 million.

Year to date, sales were $2.01 billion, down 18% from second quarter 2008. Profit decreased 4% to $118.6 million.

Food Packaging segment second quarter sales decreased 14% to $449 million. Operating profit was $62 million in the quarter, about 10% higher than the prior.

Food Solutions’ second quarter sales decreased 15% to $220 million, primarily a result of lower unit volumes in Europe due to reduced meat consumption attributable to economic conditions. Operating profit was $22 million in the quarter, 22% higher than prior year.

Second quarter sales in the Protective Packaging segment decreased 28% to $282 …

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Timken Reports $64.5M Loss in 2Q

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

The Timken Company, Canton, OH, reported sales of $828.9 million for the second quarter of 2009, a decrease of 46% over the same period a year ago. The manufacturer of power transmission products recorded a loss of $64.5 million for the term, compared with profit of $88.9 million a year ago.

"The combination of a slow economy and inventory reduction throughout the supply chains we serve continues to curb demand for our products. We’re now seeing evidence that our customers’ inventory destocking activities may go longer and deeper than we expected," said James W. Griffith, president and CEO. "We have decreased manufacturing output in response to lower demand and are on track in our efforts to right-size the company."

For the first half of 2009, sales were $1.79 billion, down 40% …

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How to Plan When Uncertainty Rules

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With the latest round of earnings reports, I’ve been noticing a few terms being used repeatedly in each company’s outlook: uncertain, unclear, unknown. That uncertainty can make it difficult to choose the best way to respond to current economic conditions. You can always cut costs and improve efficiencies, but how can you tell if the choices you make now will be the best for the future when you can’t even glimpse the future?

In the latest issue of the Deloitte Review, authors Dwight Allen, Mark Klein and Craig Muraskin take on this question in their article What Next? Business in 2010 and Beyond." They write:

"The wrong answer is to adopt nebulous strategies in the hope of succeeding regardless of what happens."

While broad, generic responses can improve your chances of …

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Latin American Manufacturing Forecast to Decline 7.7% in 2009

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

Manufacturing production plummeted in Latin America during the first quarter of 2009, accelerating a freefall that began in late 2008, and will remain weak throughout the year before improving in 2010, according to the Manufacturers Alliance/MAPI Latin America Manufacturing Outlook, a bi-annual analysis that examines the latest trends and provides a near-term forecast for 16 major industries.

The report focuses on Latin America’s three largest economies- Brazil, Argentina, and Mexico- as these countries are responsible for more than 80% of the manufacturing output in the region. MAPI forecasts that overall manufacturing output in Latin America will decline 7.7% in 2009, a significant drop from 0.9% growth forecast in the December 2008 report. The report anticipates, however, …

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Lawson Products Sales Decline 25.3% in Second Quarter

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

Lawson Products, Inc., Des Plaines, IL, a distributor of services, systems and products to the MRO and OEM marketplaces, reported sales for the second quarter of 2009 of $95 million, down 25.3% from the prior year period. Profit was $1.8 million, compared to a loss of $29.7 million in the second quarter 2008.

Sales for the six month period ended June 30, 2009, were $194.4 million, a decrease of 23.2% from the prior year period. The company reported a net loss of $4.1 million in the first six months of 2009, compared to a loss of $25.3 million in the first six months of 2008.

"We are beginning to see positive results from the cost reduction initiatives we implemented over the last several months," said Thomas Neri, president and CEO. "Beyond our cost initiatives, we are working hard …

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On Invoice Add-Ons and Special Price Records

Free, Strategy, Subscriber Only /

Fuel, freight, and energy charges are some of the many items distributors are discovering some customers are willing to pay for. The key word is “some.”

Brent Grover, author of the new book, "Strategic Pricing for Distributors: Tools and Rules for Building Higher Margins," recently spoke with MDM about his new book for the latest issue, and he says that the key for any add-on to an invoice is to do it in customer segments that are least likely to resist those charges. "It’s not a matter of being tough and putting in an across-the-board change," he says. Distributors should not want to lose a customer due to an add-on charge.

"The ability to recover outbound freight charges is a big profit lever for distributors," …

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Hexcel Corp 2Q Sales Drop 22.9%

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Hexcel Corp., Stamford, CT, reported sales for the second quarter of 2009 were $277.3 million, 22.9% lower than second quarter 2008. Profit declined 37.1% to $16.8 million.

Year-to-date, sales were $584.6 million, down 17% from the first half of 2008. Profit was down 19.4% to $40.2 million.

"While we have limited ability to influence short term sales, we are focused on what we can control: our own cost structure, operational efficiency and cash flow," CEO David Berges said. "This quarter we continued to reduce headcount, controllable costs, capital expenditures and inventories."

In the Industrial segment, sales of $64.8 million for the second quarter of 2009 were down 24.5% in actual dollars (15.6% in constant currency) over last year due primarily to wind energy and automotive …

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