Global Fastener News

Fastener Sales Decline at Chicago Rivet

November 06
17:59 2017

Chicago Rivet & Machine Co. reported fastener segment revenues declined 7.5% to $7.5 million in the third quarter of 2017. Q3 fastener segment gross margin dropped 17.6% to $1.46 million. Fastener segment capital expenditures totaled $263,563, a decline of

For the first nine months of 2017, fastener segment revenues at Chicago Rivet fell 4.2% to $24.3 million, while the gross margin decreased 17% to $5.04 million.

“The automotive sector is the primary market for our fastener segment products and the sales declines in the third quarter and year to date primarily relate to reduced sales to certain large automotive customers,” the company stated in its quarterly SEC filing.

“Additionally, we have experienced higher material prices throughout the year, which combined with the decline in sales, has resulted in lower segment gross margins in the current year.”

Overall Q3 sales at Chicago Rivet dipped 5.3% to $8.4 million, with net income down 27% to $335,835.

“While our results overall have not matched the excellent performance of 2016, our financial condition remains strong and should enable us to pursue opportunities to profitably grow revenues and improve net income in the future,” the company added. Web: ChicagoRivet.com

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