Bossard Q1 Sales Tick Up Year-Over-Year, Dip In U.S.

Bossard said demand from a major U.S. agricultural technology customer decreased, while overall weakened demand in the U.S. electronics industry also hampered sales.

Id 15101 Bossard Fastenersa

Zug, Switzerland-based Fastening technology distributor Bossard — No. 26 on Industrial Distribution's 2015 Big 50 List — reported its 2016 first quarter financial results on Monday, showing a slight increase in year-over-year sales, and a considerable increase in sequential sales.

The company posted Q1 sales of $178.6 million, up 0.9 percent from a year earlier, and up 7.9 percent from Q4 2015.

In the U.S., which accounted for 25.7 percent of total business, Bossard sales of $45.9 million were down 0.9 percent year-over-year, and down 4.8 organically in local currency. Bossard said while sales to the leading U.S. electric vehicle manufacturer continued to rise, demand from a major agricultural technology customer decreased, while overall weakened demand in the U.S. electronics industry also hampered sales.

Bossard said total year-over-year sales growth was held back by its local business in Switzerland due to appreciation of the Swiss franc that has lowered industrial product demand. The company's European business, which comprised approximately 61 percent of total sales, had growth in Germany, France and Denmark. Europe sales rose by 2.5 percent year-over-year to $108.6 million, and rose 1.4 percent organically in local currency.

Sales in Asia fell 2.6 percent year-over-year to $24.1 million, and dipped 0.9 percent in local currency.

"After a weak third and fourth quarter of 2015, we had a good start into 2016. On average, sales were 7 percent above the second half of 2015," said Bossard CEO David Dean. "The biggest uncertainty for the remainder of the year is the general development of the economy, which is not yet on solid footing."

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