Melville, N.Y.-based P&F Industries, a manufacturer of air-powered tools, announced its third-quarter earnings, reporting net income of $8.4 million, down 13.8 percent from $9.7 million in the same quarter last year.
The company also reported net sales of $30.4 million, down 6.1 percent from last year’s sales of $32.4 million.
The company attributes the decline to the ongoing slowdown in new home construction, which affects its two subsidiaries Countrywide Hardware and Continental Tools. The company added that the acquisition of Hy-Tech, a manufacturer of insulating paint products for the pro market, helped to offset the revenue reductions.
P&F Industries, through its two wholly owned subsidiaries Countrywide Hardware and Continental Tools, manufactures and imports air-powered tools and various residential hardware components.