Posted May 3, 2018

Jason Industries sales decline 4.5 percent

Jason Industries said its net sales in the first quarter decreased 4.5 percent to $167.3 million.

The results included a negative 5.3 percent impact from the divestiture and planned exit of non-core businesses and a positive 2.9 percent from foreign currency translation.

A net loss of $0.8 million, or 9 cents per diluted share, compared to a net loss of $0.5 million million, or 5 cents per share, in the same quarter last year.

Finishing segment net sales of $54.0 million increased $4.5 million, or 9.1 percent.

“Our industrial segments, Finishing and Components, delivered organic growth of 1.5 percent and 6.0 percent, respectively, which was in-line with expectations,” said Brian Kobylinski, chief executive officer of Jason. “Continued focus on profitable growth and operational improvement initiatives drove margin expansion for the fifth consecutive quarter, with all four businesses contributing to our 150 basis point gross margin improvement.”