Alumet Acquisition Drives Q2 Sales Gain for GBC
By Metal Center News Staff
on Aug 6, 2018
Global Brass and Copper, Schaumburg, Ill., reported net sales of $459.4 million in the second quarter, an increase of 22.6 percent compared with the same quarter in 2017. Higher commodity prices, increased volumes and the addition of Alumet drove the increase in sales.
Net income totaled $21.1 million, an increase of 33.5 percent compared to the same quarter in 2017.
Second-quarter volumes were up 21.3 million pounds to $147.5 million pounds, a 16.9 percent increase. Approximately 15.4 million pounds of incremental volume was due to A.J. Oster’s acquisition of Alumet, though GBC’s service center division also grew base volumes in automotive and the electronics/electrical components markets.
Olin Brass experienced increased demand in the munitions, automotive and coinage markets, while Chase Brass saw increases in the electronics/electrical components markets offset by declines in industrial and machinery equipment and building and housing markets.
“Global Brass and Copper’s business continues to strengthen and we are pleased with our second-quarter operating results. Our supply chain initiatives, continued focus on driving profitable growth, and the advancement of our strategic initiatives helped drive our strong second-quarter results,” said John Wasz, president and CEO.
For the first half, net sales totaled $931.2 million, a 17.2 percent increase. Net income increased 10.4 percent to $37 million.