Posted March 1, 2018

Jason Industries sales decline 8.1 percent

Jason Industries reported that 2017 net sales of $648.6 million decreased 8.1 percent from $705.5 million in 2016.

A net loss of $8.3 million, or 32 cents per share, compared to a net loss of $70.8 million, or $3.15 per share, in 2016.

Fourth-quarter sales declined 8.3 percent to $145.5 million, compared to $158.7 million in the fourth quarter last year. Net income of $1.4 million, or 5 cents per share, compared to a net loss of $61.4 million, or $2.70 per share, in the same period last year.

“Both the Finishing and Seating businesses posted organic growth in the fourth quarter, with Finishing delivering double digit growth for the first time since our 2014 go-public transaction,” said Brian Kobylinski, chief executive officer of Jason. “More importantly, our execution of continuous improvement initiatives and self-help projects allowed the revenue growth to flow through to the bottom line, improving margins and reducing our net leverage to 5.5 times.”

Net sales in the Finishing segment, which includes abrasives supplier Osborn, increased 12.8 percent to $50.0 million in the fourth quarter.

During the quarter, Jason completed the relocation and consolidation of its Finishing segment facility in Virgina into the Indiana facility, and announced the closure of its Acoustics segment manufacturing facility in Richmond, Indiana.