March 15, 2017

Global Brass Reports Profitable 2016

Global Brass and Copper Holdings, Inc., Schaumburg, Ill., reported full-year net income totaling $32.2 million, a 9.5 percent decline from the prior year. Net sales for the year declined by 11.1 percent to $1.33 billion.

Volumes for the year increased 1.7 percent to 520.8 million pounds, despite a second-quarter production outage at the company’s Olin Brass facility. Volume increased in the munitions and building and housing markets, offset by lower demand in the coinage, industrial machinery and equipment, and transportation markets.

“Throughout the year, our teams achieved solid improvements across our business and drove our balanced book and asset management philosophy to generate sustainable, profitable growth. Again in 2016, our strategic pricing efforts enhanced long-term profitability and led us further down the path of achieving an appropriate return on the inventory, assets and the complexity of operating activities used to service our customers,” said John Wasz, GBC’s president and CEO.

In the fourth quarter, GBC’s net income totaled $7.7 million, more than double the profits from the same period in 2015. Fourth-quarter sales of $322.6 million were flat from the same period in 2015.

Volumes in the fourth quarter were also flat at 120.7 million pounds. Volumes for A.J. Oster, GBC’s service center company, increased primarily due to greater demand in the electronics/electrical components markets. Chase Brass continued to grow volumes with key building and housing customers, but continued to face headwinds in the industrial machinery and equipment sector. Olin Brass volumes decreased as increased munitions volumes were more than offset by decreased coinage volumes, the company said.

Looking ahead, GBC expects shipment volumes to grow in 2017, ranging between 530 and 560 million pounds.

“We started 2017 by going live on two new IT systems to strengthen our data infrastructure, improve efficiency, and further improve our customer service levels. We continue to strengthen our financial position and are positioned to capitalize on acquisition opportunities as market conditions dictate,” Wasz said.


September 2017: Numbers Don’t Add Up for Service Centers
More...
 
Pause
September 2017: Lichtenstein: Five Steel Truths that Demand Attention
More...
Fall 2016: Cutting & Sawing Equipment
More...
Summer 2017
More...
 
Pause
Advanced Controls on Braner Slitters
More...
AHVS Precision Leveler Features Flip-Top Design
More...
Formtek’s Tishken Slitter Increases Production Volume
More...
Red Bud System Handles High-Strength Steels
More...
Bradbury Launches Flat Trak CL Monitoring System
More...
Artus Knives Custom Designed
More...
 
Pause
Privacy Statement  |  Terms Of Use
Copyright by Metal Center News



Tuesday, October 17, 2017