Global Fastener News

Fasteners Deliver Solid Results For Public Companies

Fasteners Deliver Solid Results For Public Companies
February 02
23:44 2023

Early results from public companies with fastener businesses indicate that 2022 was a solid year for many.

Stanley Black & Decker reported Engineered Fastening organic revenues rose 9% in the final quarter of 2022, led by aerospace growth of 37% and auto growth of 14%, which were partially offset by industrial markets.
Aerospace fasteners delivered its sixth consecutive quarter of sequential revenue improvement as the recovery in commercial OEM production continues.  The auto fasteners’ strong quarter demonstrated business’ ability to gain share in a dynamic environment and outpaced global light vehicle production in the quarter and for the full year.

ITW reported Automotive OEM revenue, including fasteners, gained 6% to $2.97 billion in 2022, with operating income totaling $499 million and a margin of 16.8%.
Full-year Construction Products revenue, including fasteners, improved 8.6% to $2.11 billion, with operating income reaching $548 million and a margin of 25.9%.

Nucor Corp. reported Steel Products segment results, including fasteners, more than doubled to $1.8 billion in the fourth quarter of 2022.  The modest decrease in segment earnings was due to lower volumes and selling prices.
Consolidated net sales decreased 17% to $8.72 billion in Q4 compared with $10.5 billion in the previous quarter, and decreased 16% compared with $10.36 billion in the fourth quarter of 2021.
Full-year Steel Products segment results, including fasteners, rose to $4.1 billion.

Sundram Fasteners reported revenue rose 16.2% to Rs 1,403.03 crore in the third quarter of fiscal 2023, with net income gaining 7.3% to Rs 118.07 crore.  Consolidated earnings per share (EPS) increased to Rs 5.57.
Revenue for the nine-month period ended December 31 climbed 18.3% to Rs 4,214.80 crore, helped by increased demand from global customers.  Net profit improved to Rs 372.88 crore.

The Würth Group reported record results for 2022.  Sales increased 17% to EUR 19.95 billion.  Adjusted for currencies, sales grew 15.1%.   Net income gained 14% to EUR 1.5 billion.

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