Nov. 9, 2016

Sales, Income Decline at GBC

Global Brass and Copper Holdings, Schaumburg, Ill., reported net income of $3.9 million in the third quarter, a 43 percent decline from the same quarter in 2015. Net income through three quarters totaled $24.5 million, down 23 percent from the previous year.

Net sales by the GBC companies—Chase Brass and Copper, Olin Brass and A.J. Oster—totaled $349.1 million during the quarter, a 5.0 percent decline from third-quarter 2015. Year-to-date sales declined 14.1 percent to $1.02 billion.

Volumes for third-quarter 2016 increased by 5.5 percent to 137.0 million pounds. Volumes at Olin Brass increased following the production outage in the second quarter. Chase grew its volumes with key building and housing customers, but continued to face headwinds in the industrial machinery and equipment sector, the company said.

“As predicted last quarter, the second-quarter outage at Olin Brass pushed some volumes into the third quarter. We also had solid volumes at A.J. Oster, and continued to strengthen our relationships with key customers in our Chase business,” said John Wasz, GBC’s president and CEO.

At GBC’s distribution business, A.J. Oster, third-quarter net sales declined 3.7 percent to $72.1 million, while shipments increased 2.6 percent to 19.5 million pounds. Year-to-date sales declined 7.6 percent to $212.5 million, while shipments increased 2.5 percent to 57.7 million pounds.

“While we are experiencing lower-than-anticipated fourth-quarter volumes, we are encouraged by the momentum being generated by our various business improvements, including organic growth initiatives. Furthermore, we believe we are well-positioned to capitalize on attractive acquisition opportunities as they materialize,” Wasz said.


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Tuesday, October 17, 2017