Business
Uniroyal Global Engineered Products, Inc. Reports Net Sales of $26,429,687 and A Net Loss Available to Common Shareholders of $294,820 or a Loss of $0.02 per Diluted Share for the First Quarter Ended April 1, 2018
Uniroyal Global Engineered Products, Inc. Reports Net Sales of $26,429,687 and A Net Loss Available to Common Shareholders of $294,820 or a Loss of $0.02 per Diluted Share for the First Quarter Ended April 1, 2018.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\nSARASOTA, Fla., May 07, 2018 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) (the “Company”) today reported its financial results for the first quarter ended April 1, 2018.\n Financial Highlights *  Net Sales increase 2.6% to $26,429,687 versus the prior year quarter as a 10.3% growth in the Industrial sector offset a moderate decline in the automotive sector.*  Gross Margins of 17.5% pressured by raw material price increases and operational start-up costs in the UK.*  Earnings Per Common share was a loss of $0.02 for this quarter versus earnings of $0.03 in the same quarter of the previous year. Overview The first quarter of this year was testimony to the diversification strategy of the Company as increases in Net Sales of the Industrial sector offset a moderate decline in sales of the Automotive sector resulting in an increase in overall Net Sales for the quarter of 2.6% versus the first quarter of last year. The Industrial sector grew more than 10% versus last year as sales to off-the-highway equipment manufacturers and a revitalization of the hospitality and physical fitness industries sparked the increases. The Automotive sector was tepid this quarter (-1.1%) as gains in our UK operations offset a decline in the domestic business. Raw material prices continue to be a challenge as increases put in place have been accepted for the most part by customers in the Industrial sector over the first quarter of this year. The automotive customers have contracts in place so price increases are not as easily accepted in this segment.  We continue to work on operating efficiencies and expense reduction programs to offset raw material increases in general.        Overall, we continue to deliver operational improvement at both of our major US and UK operational facilities and we continue to bid on major automotive platforms in segments more preferred by discriminating consumers (SUV’s and trucks).  This will take time but we remain positive for better results particularly in the second half of this year. Net Sales Net Sales for the quarter increased 2.6% to $26,429,687 versus $25,758,429 in the first quarter of last year.  The Automotive sector (65.2% of Net Sales) declined 1.1% for the quarter as growth in the European automoti...