Global Fastener News

FIN Survey: Fastener Industry Expects 2003 to Improve

John L. Wolz

The 2002 results show some improvement over the record-breaking lows from 2001, and a 71.1% majority responding to the 24th annual Fastener Industry News Survey expect 2003 will yield better sales than 2002.
The FIN Company Performance Index is up slightly to 5.8.
�Sales in 2002 were somewhat encouraging, with nearly one-half saying �02 sales were greater than �01,� Tony Casilio of AWP Research analyzed.
�Hope springs eternal, with 71.1% saying sales in 2003 will surpass those in 2002,� Casilio found. �A majority are also forecasting increased profits this year, and few are planning more staff downsizing.�
The FIN Survey Sales Index recovered part of the ground it lost in 2001. At 3.0 it topped the previous year�s 2.6 but still falls short of the 3.6 for 2000.
About 40% reported 2002 sales were lower, and 40% cut staff. �Profits continue to be pinched, with only 37% reporting 2002 profits surpassing �01.” �2003 FastenerNews.com