March 18, 2015

Global Brass Sees Profitable 2014

Global Brass and Copper Holdings, Inc., Schaumburg, Ill., reported full-year net income of $31.7 million despite sales that declined 2.7 percent to $1.7 billion.

The company’s net volumes totaled 520.4 million pounds, flat compared to the prior year. Demand was lower in the electronics/electrical components end markets as a result of imports that hurt demand for brass rod products. The munitions end market also declined due to supply chain destocking. Offsetting those setbacks was higher demand in the building and housing, automotive, coinage and transportation end markets, the company said.

For the fourth quarter, Global Brass reported net income of $2.8 million, down from $6.2 million in the same period the prior year. Net sales declined 5.5 percent to $390.3 million.

“Fourth-quarter results were in line with our expectations as operating performance levels were maintained and demand in select markets improved. We are encouraged by momentum within Chase Brass and A.J. Oster driven by the growth of the automotive and housing end markets, as well as year-over-year growth in our green portfolio and Eco Brass product line,” said John Wasz, GBC’s president and CEO.

Fourth-quarter volumes declined 1.2 percent to 119.6 million pounds. By segment, volumes at A.J. Oster increased 7.7 percent and Chase Brass increased 7.3 percent, but Olin Brass declined 12.2 percent.

“We enter 2015 as a stronger company, and I am confident in the long-term fundamentals of our business. We will actively seek opportunities across our business to increase our competitive position by expanding our product portfolio with high-margin products, improve our service offering and broaden our geographic reach. We remain committed to strengthening our operational execution and will continue to make prudent investments to support our strategy and drive shareholder value,” Wasz said.

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Monday, October 23, 2017