Penn Engineering Q3 Sales Up
November 08
00:00
2002
Penn Engineering Q3 Sales Up
Jason Sandefur
Penn Engineering reported third quarter fastener sales grew 1% to $21.3 million, while operating income from fasteners improved to $2.2 million after a loss of $1.1 million in Q3 2001. For the first nine months of 2002, fastener sales fell 39% to $62.1 million, with operating income slipping 80% to $3.57 million.
Overall Q3 net income rose 19% to $1 million on a 4% sales increase to $38.1 million. For the first nine months, net income for the Danboro, PA-based fastener manufacturer fell 80% to $2.36 million, and net sales declined 29% to $111.4 million. Web: penn-eng.com �2002 FastenerNews.com
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