P&F Industries, Inc. reported robust second quarter earnings, primarily due to a strong Tools segment and the recent entry of its Florida Pneumatic subsidiary into The Home Depot market.
Net revenue came in at $19.48 million for the quarter, a big jump up from year-ago figures of $15.24 million. Net income was $875,000, compared to last year's $796,000.
"Despite the on-going sluggishness in the sectors of the economy we serve, during the second quarter of 2013, we were able to increase our revenue and pre-tax income 27.8% and 70.6%, respectively, compared to the second quarter of 2012," said chairman, CEO and president Richard Horowitz. "Our management teams throughout the organization remain focused on successfully expanding their presence in their respective markets, without sacrificing quality or customer service."
The company's Tools segment experienced a 36.7% year-ago increase in revenue during the second quarter, which Horowitz mainly attributed to Home Depot sales. P&F's Hardware segment went up 12.3% in revenue.
Melville, N.Y.-based P&F Industries, Inc. is a manufacturer of air-powered tools and residential hardware. Its subsidiaries include Continental Tool Group Incorporated, Countrywide Hardware Incorporated, Florida Pneumatic, Nationwide Industries Incorporated and Hy-Tech Machine Incorporated.