Posted November 2, 2017

Jason Industries sales decline 8.6 percent

Jason Industries reported that its third-quarter net sales of $155.4 million decreased 8.6 percent from $170.1 million in last year's third quarter.

The decline included a negative 3.7 percent impact from the divestiture and planned exit of non-core businesses in the margin expansion program and a positive 1.2 percent from foreign currency translation.

A net loss of $1.6 million, or 10 cents diluted loss per share, decreased from a loss of $2.5 million, or 13 cents, in the same period last year.

“Our ability to execute operational improvement initiatives, self-help projects, and targeted growth initiatives resulted in margin expansion for Jason for the third consecutive quarter, and organic growth in two of our businesses,” said Brian Kobylinski, chief executive officer of Jason. “The Finishing business delivered over 4 percent organic growth, and we are encouraged by the progress resulting from our commercial focus in the business.”

The Finishing segment, which includes abrasives supplier Osborn, posted net sales of $51.1 million, a 3.9 percent increase. Organic sales increased 4.3 percent and were impacted by higher volumes in industrial end markets, partially offset by strategic decisions to exit low-margin business and products.