Zug, Switzerland-based Fastening technology distributor Bossard — No. 26 on Industrial Distribution's 2015 Big 50 List — reported its 2016 second quarter financial results on Thursday, highlighted by a solid year-over-year rise in sales.
The company said Q2 sales improved by 3.3 percent over last year, following a 0.9 percent gain in Q1. Bossard cited increased market performance from Germany, France and Denmark for the increase, as Europe accounts for about 60 percent of its total sales.
For the first half of 2016, Bossard sales grew 2.1 percent year-over-year to $350.3 million, while profit rose 5.6 percent to $31.9 million. First half European sales grew by 4.4 percent year-over-year, including a 6.3 percent rise during Q2 (up 3.4 percent in local currency).
In the U.S., first half sales decreased by 0.9 percent. Bossard said it is currently "up against highly contrastic business developments" with two major U.S. customers, including one in the agricultural technology sector that reflected falling sales volume, while the other is the largest U.S. electric vehicale manufacturer and reflected higher sales. Bossard said it still exptects to achieve a full year sales increase in the U.S. compared to 2015.
Bossard Asia sales decreased by 1.4 percent in the first half of 2016 compared to last year, but rose 1.6 percent in local currency.