May 10, 2017
 
GBC Reports Profitable Quarter

Global Brass and Copper Holdings, Inc., Schaumburg, Ill., reported net income of $17.0 million in its first quarter, an increase of 39.3 percent from the same period in 2016. Net sales climbed 19.6 percent to $393.3 million.

First-quarter volumes increased 2.0 percent to 133.9 million pounds. Olin Brass enjoyed the bulk of the shipping gains, growing 5 percent to 66.9 million pounds.

A.J. Oster, GBC’s service center company, saw its volume decline by 4.2 percent due to lower order fulfillment rates as it integrated its new ERP system. Its net sales increased 7.9 percent to $74.7 million.

“For the quarter, we experienced growth in both volumes and adjusted diluted earnings per share. We advanced several key strategic initiatives, including launching new IT systems at Olin Brass and A.J. Oster,” said John Wasz, GBC's president and CEO. GBC’s Chase Brass division “delivered profit growth resulting from improved volumes and pricing, while Olin Brass experienced increased demand in its end markets.”


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Sunday, December 17, 2017