Global Fastener News

Ivaco, Park-Ohio, PennEngineering, T-3 Q2 Results

Jason Sandefur

Ivaco Inc. reported Q2 earnings fell 40% to $4.5 million, down 24% to $10.2 million for the first half of 2002. Revenues for the Montreal-based steelmaker slipped 5% to $248.7 million in Q2, falling 7% for the first half. CEO Paul Ivanier said demand for fasteners remained weak, reducing production in some plants. Web: ivaco.com � Q2 net sales grew 2% to $166.6 million for Park-Ohio Holdings Corp., but fell 4% to $333.6 million during the first half of 2002. Gross profit slipped 1% to $24.4 million in Q2, down 11% for the first half. The Cleveland-based company claimed successive sales gains for the past two quarters. � PennEngineering & Manufacturing Corp. reported Q2 net sales declined 27% to $38 million, down 39% for the first half of 2002. Net income dipped 74% to $988,000, off 88% for the first half. The Danboro, PA-based company said net sales for the fastener segment dropped 50% to $40.8 million during the first half of 2002, and fastener operating income sank 93% to $1.4 million. Web: penn-eng.com � T-3 Energy Services Inc., formerly Industrial Holdings Inc., reported Q2 sales jumped 68% to $37.2 million. For the first half of 2002, sales jumped 107% to $73.7 million. Q2 net income was $1.4 million, nearly twice the amount of Q2 2001, doubling to $2.7 million for the half. Web: t3energyservices.com �2002 FastenerNews.com