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.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
