Pet drives growth for Central Garden & Pet in Q2
Central Garden & Pet Company reported a net sales boost of 5.3% in the second quarter, much of which was driven by strength in its Pet segment.
Net sales for the quarter ended March 25 were $569.9 million, up from $541.2 million in the second quarter of 2016.
The boost was largely due to an 8.4% increase in net sales for the Pet segment, which in turn was driven primarily by the recent Segrest acquisition. Organic pet sales grew by 1.3%.
Net sales for the Garden segment grew 2.1%, due primarily to higher control and fertilizer sales and increased sales of other manufacturers' products.
Meanwhile, net income $34.7 million was up from $32.7 million in the year-ago period.
"Our second quarter results continue to reflect our initiatives to grow sales and profits organically," said George Roeth, president & CEO. "During the quarter we continued to grow faster than our categories, gaining market share across the majority of our businesses, with strong execution and a clear focus on demand-creation activities. On top of that, our M&A efforts continue to enhance our overall operating results."
The company also issued guidance of non-GAAP earnings per fully-diluted share of $1.37 or higher for fiscal 2017, an increase of 8.7% or more from the prior year, excluding any impact from the acquisition of K&H Manufacturing that closed last week.
Roeth concluded, "Overall, we remain pleased with our efforts to position the company for sustained growth through organic sales gains, cost savings, margin improvement, and strategic M&A activity, all intended to drive profit growth for years to come."
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Ultra Hardware embraces the barn door
Ultra Hardware, a World and Main company, is rolling out a new product that helps homeowners distinguish their entry systems.
Decorative barn doors are a contemporary and space-saving solution that quickly adds character and interest to a room. They maximize floor space better than swinging doors and can be retrofitted with less effort and expense than pocket doors.
“Ultra Hardware Decorative Barn Door Kits are made of high quality materials to exacting specifications for perfect sliding door installation,” according to the company.
Available in bronze, stainless steel or black in straight strap and bent strap.
The product will be introduced at the National Hardware Show in Las Vegas, which runs May 9-11.
Ultra Hardware describes itself as a value brand leader in hardware. Its offerings include builder's hardware, door security and cabinet hardware, with several categories within each offering. The company’s Ultra Hardware Cabinet Hardware product line offers the full range of decorative knobs and pulls from the most trendy to tested traditional styles and finishes.
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Chinese company buys Arrow
Hangzhou GreatStar Industrial Co., a global developer, manufacturer and supplier of hand and power tools, agreed to acquire Saddle Brook, New Jersey-based Arrow Fastener Co. Arrow is currently part of the Masco Corporation.
GreatStar, based in Hangzhou, China, is one of the largest hand tool manufacturers in Asia, specializing in designing and manufacturing high quality products for DIY, professional and industrial markets globally. Arrow is a manufacturer of staple guns and heavy duty staples.
The transaction is expected to close midyear in 2017, subject to customary closing conditions and regulatory approvals.
GreatStar Chairman and CEO Champin Chou described Arrow as “an iconic American tool brand,” and a strong addition to the GreatStar portfolio. “Arrow's sales and marketing capabilities and strong market position combined with GreatStar's manufacturing expertise, innovation pipeline and global reach will deliver more products, more innovation and more value to our customers around the world," said Chou.
Arrow President Gary DuBoff said the deal will extend the brand. "GreatStar is the ideal partner to further Arrow's plans to extend the Arrow brand into new tool categories, new channels and new geographic regions,” he said. “GreatStar's rapid innovation and investment capabilities will help accelerate Arrow's growth and broaden our new product development roadmap."
According to DuBoff, the T50 staple gun – the company’s best-known product – will continue to be manufactured in Saddle Brook. The Saddle Brook facility will also continue to distribute the staple gun, staples and other tools, and it will become a primary distribution center for GreatStar products.
Well, I guess it was only a
Well, I guess it was only a matter of time. I see how they dummied down Goldblatt tools and they will just do the same to Arrow. I feel bad for the employees and the pride they had ion their company. Sad day for the hand tool industry. AGAIN.