Jason Industries sales fall 15.1 percent
Jason Industries reported first-quarter net sales of $142.0 million decreased 15.1 percent from $167.3 million in the same period last year.
The decline included a negative 3.4 percent impact from the divestiture and planned exit of non-core businesses and a negative 1.7 percent from foreign currency translation.
“Our results for the quarter reflect mixed end markets and lower volumes with our OEM customers. While we saw continued growth in U.S. industrial markets, the overall economic environment is clearly softer than it was a year ago. However, we are responding to the changing markets and there are many positives happening across the business,” said Brian Kobylinski, chief executive officer of Jason. “We are winning new business and our operations continue to improve. We are excited about the Schaffner acquisition and the synergies we see with our Osborn business.”
A net loss of $5.3 million, or 22 cents diluted loss per share, compared to a loss of $819,000, or 9 cents, in last year's first quarter.
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