Ivaco 2002 Earnings Increase
April 07
00:00
2003
Ivaco 2002 Earnings Increase
Jason Sandefur
Ivaco Inc. reported that sales rose 5% to $937.48 million for the year ended Dec. 31, 2002. Operating earnings for the year dropped 8% to $63.43 million, while net earnings increased to $7.58 million compared with a loss of $42.44 million for 2001.
The Fabricated Steel Products segment, including fasteners, reported net sales for 2002 grew 3% to $509.7 million, and operating earnings for the segment slipped 13% to $38.5 million. The Montreal steelmaker attributed the decrease in part to Ifastgroupe operating at 80% capacity, but said Ifastgroupe has increased its production level since the first of the year. Web: ivaco.com �2003 FastenerNews.com
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