Global Fastener News

Alleghany’s Heads & Threads Posts Q3 Profit

Jason Sandefur

Higher profit margins and reduced interest expense in the third quarter of 2002 helped the Heads and Threads division of Alleghany Corporation post a $400,000 profit. Q3 fastener revenue dropped 5% to $28.2 million on overall reduced US market demand and declining sales in certain product lines. For the first nine months of 2002, revenue from fasteners declined 11% to $85 million, accounting for 19% of the New York-based company�s total revenue.
Overall, Alleghany reported Q3 revenue of $134.1 million, compared to a $140.7 million loss recorded in Q3 2001. Net earnings for Q3 were $21.7 million. For the first nine months of 2002, net earnings were $56.4 million, down sharply from the $431.9 million in net earnings reported during the same period of 2001. Combined revenue for the first nine months of 2002 fell 49% to $416.1 million. �2002 FastenerNews.com