Kinecor’s 3Q sales slide 6 percent

Industrial Distribution staff -- Industrial Distribution, 11/9/2007 8:12:00 AM

Third-quarter sales for Kinecor fell 5.8 percent to $78.3 million (USD), compared with $83.1 million during the same period last year.

Quarterly earnings for the Lachine, Québec-based bearings, power transmission and fluid power products distributor fell 17.8 percent to $4.9 million, compared with $5.9 million during the third quarter of 2006.

Kinecor, which is owned by Wajax income fund, said the revenue decline was largely due to a $6.3 million decrease in fluid power parts and service sales to the oil and gas sectors in western Canada.

Sales of bearings and power transmission parts to the mining and forestry sectors in eastern and western Canada increased $1.5 million, with improved sales in most Ontario sectors also playing a part.

The drop in earnings was the result of lower sales of high-margin fluid power parts, partially offset by a $636,000 drop in personnel costs in western Canada.

Kinecor ranked 28th on INDUSTRIAL DISTRIBUTION’s 2007 Big 50 list of distributors, with sales of $276.7 million last year.

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