Dec. 6, 2017

GBC Nets $12.4 Million in Third Quarter

Global Brass and Copper Holdings, Schaumburg, Ill., reported third-quarter net income of $12.4 million compared with $3.9 million a year ago. Net sales increased to $378.6 million from $349.1 million in third quarter 2016.

The company said net sales were higher in the third quarter primarily due to an increase in pass-through commodity costs of its products. However, decreased demand in the munitions, coinage and building and housing markets caused third-quarter volume to dip 12.8 percent to 119.4 million pounds.

“Despite the volume softness in several of our end markets, especially munitions and coinage, our two mill businesses continued to make solid progress in managing costs and improving yields, productivity and product profitability,” President and CEO John Wasz said. “These efforts further strengthen our business and will result in greater returns when volumes normalize.”

Shipments were down across GBC’s three main business segments, with Olin Brass’ 22.2 percent year-over-year decrease in pounds shipped leading the fall. Olin Brass posted net sales of $174.5 million on 56.5 million pounds shipped, Chase Brass had net sales of $144.8 million on 53 million pounds shipped and A.J. Oster reported net sales of 76.9 million on 18.1 million pounds shipped.

Wasz added that operational issues at one of A.J. Oster’s domestic locations, combined with the impact of Hurricane Maria on its Puerto Rico facility, negatively affected volumes and financial performance in that segment. “We are addressing the domestic operational issues and performance is improving,” he said. “In Puerto Rico, we are at the early stages of recovery. All 22 employees are safe and working to support the recovery.”


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Wednesday, January 17, 2018