Jason Industries sales fall 20 percent
Jason Industries reported that its third quarter net sales of $85.6 million decreased $21.4 million or 20.0 percent.
The results included a negative 5.4 percent impact from the planned exit of non-core businesses, a positive 4.1 percent impact from the acquisition of a business and a negative 1.4 percent from foreign currency translation. Organic sales declined 17.3 percent primarily due to overall weaker end-market demand in both Engineered Components and Industrial.
A net loss of $30.0 million, or $1.08 diluted loss per share, compared to a loss of $4.2 million, or 18 cents, in the same period last year.
“Weak economic conditions in Europe and Asia, lower general industrial production in North America, and softening end-market demand with our OEM customers impacted Jason's results. During the quarter we experienced reduced OEM build schedules and channel inventory destocking in both segments" said Brian Kobylinski, chairman and chief executive officer of Jason. “Despite these turbulent market conditions we remain focused on running the business and are encouraged by new platform wins, share gains, improved operational performance, facility consolidations and cost reductions, and acquisition integration. We are transforming our portfolio and better positioning the business for an improved demand environment."
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.
