Zug, Switzerland-based fastener distributor Bossard shared its 2020 financial results on Thursday, showing continued year-over-year declines amid the COVID-19 pandemic, but considerable improvements in the fourth quarter.
Bossard said that its 2020 Americas sales of $227 million were down 7.9 percent from 2019 and down 2.5 percent in local currency, but Q4 sales of $60 million were up 4.3 percent overall, and up 9.9 percent in local currency.
As a whole, Bossard's total 2020 sales of $916.5 million were down 3.3 percent overall from 2019 on a currency-adjusted basis, and down 7.2 percent in Swiss currency due to a strong Swiss franc. In Q4, sales of $240 million improved 2.9 percent overall and were up 6.0 percent in local currency.
"The recovery we began to observe in the third quarter materialized starting in October, enabling us to close out the fourth quarter in all three market regions with positive growth compared to the previous year. In December, sales were particularly strong and well above our forecast,” stated Daniel Bossard, CEO of the Bossard Group."
Bossard's North America unit, based in Cedar Falls, IA, was No. 39 on Industrial Distribution's 2020 Big 50 List on account of its $226 million in 2019 sales.
“The worldwide lockdown in March of 2020 caused parts of the world economy to slump, as reflected in the figures from the first half of the year," Daniel Bossard added. "In contrast to the services sector, the industrial sector was hit less hard by the second COVID-19 wave. This is reflected in sales for the second half of the year."