Switzerland-based fastener products distributor Bossard reported its 2020 second quarter financial results on Wednesday, showing that year-over-year sales declined at an accelerated pace compared to Q1, when they were already hampered by weakened industrial demand.
Bossard had Q2 sales of $191 million, down 13.7 percent in local currency, compared to a 5.7 decrease in Q1.
In America, Q2 sales of $45 million were down 19.5 percent in local currency. Europe sales of $109 million were down 15.1 percent and Asia sales of $37 million were flat.
"The consequences of the global collapse in demand and production were manifestly evident especially in the second quarter," Bossard said Wednesday. "Bossard was already facing considerable headwinds in America in the second half of 2019. Although the erosion in sales did slow in the first quarter of the current fiscal year, the second quarter was more difficult again due to the pandemic."
For the first six months of 2020, Bossard's sales of $423 million were down 7.4 percent in local currency. In America, sales of $102.5 million declined 11.5 percent.
The company’s Cedar Rapids, IA-based subsidiary, Bossard North America, was No. 38 on Industrial Distribution’s 2019 Big 50 List.