PennEngineering 3Q Earnings Up 22%
PennEngineering 3Q Earnings Up 22%
John L. Wolz
Penn Engineering & Manufacturing Corp.’s third-quarter
net income jumped 48%, as all three of the company’s
divisions improved their sales and operating income.
Penn Engineering reported third-quarter net income rose
to $1.48 million from $1 million a year earlier.
Sales rose 22% to $46.3 million from $38.1 million last
year.
For the distribution division, sales jumped 57% to
$13.9 million, while operating income improved to
$953,000 from $216,000 last year.
For the motor unit, sales rose 31% to $10.5 million,
and operating income rose 0.4% to $570,000.
For the fastening technologies segment, sales increased
to about $22 million from $21.3 million last year.
Operating income improved to $2.3 million from $2.2
million a year earlier. penn-eng.com �2003 FastenerNews.com
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