SPS Net Earnings Grow
SPS Net Earnings Grow
Jason Sandefur
Net earnings for SPS Technologies Inc. grew 8.7% to $6.1 million during the second quarter of 2003, despite a 0.7% decline in sales to $214.2 million. Q2 incoming orders dropped 8% to $200.3 million. SPS recorded pre-tax operating losses of $600,000 for plant closures and other restructuring costs.
Q2 aerospace fastener sales rose 2.4% to $75.6 million, while aerospace operating earnings increased 1% to $6.1 million. Net sales for engineered fasteners during Q2 gained 4.3% to $80.6 million, and net earnings soared 26% to $4.3 million
For the first half of 2003, the Jenkintown, PA, manufacturer reported sales gained 0.7% to $426.8 million, and net earnings improved 27.7% to $11.1 million. First half aerospace fastener sales increased 1.1% to $153 million, while net earnings rose 2.9% to $11.9 million. First half sales for engineered fasteners grew 7.5% to $158 million, and net earnings improved 33% to $7.8 million. Web: spstech.com �2003 FastenerNews.com
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