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• Publisher: Elsevier Science
• Year: 2002
• Tongue: English
• Weight: 114 KB
• Volume: 2002
• Category: Article
• ISSN: 1350-4789
• DOI: 10.1016/s1350-4789(02)07045-9

✦ Synopsis

Hastings posts strong firstquarter results

US-based Hastings

Manufacturing Co has posted strong results for the first quarter of fiscal 2002, highlighted by improved operations, higher net earnings and the continued diversification of its line of internal engine components.

For the first quarter ended 31 March 2002, the manufacturer of piston rings and engine products, which is based in Hastings, Michigan, reported net income of US$295 643, or U$0.40 per share, on net sales of US$9.3 million, compared with net income of US$67 621, or US$0.09 per share, on net sales of US$8.7 million for the corresponding period a year earlier.

The company claims that it outperformed many of its peers in the automotive parts market by focusing on productivity and by offering an expanded line of engine parts. It says that its partnerships to market and distribute Zollner pistons and ACL engine parts alongside its Hastings-brand piston rings are allowing it to increase its value as a one-stop engine-parts resource for engine rebuilders, parts warehouses and specialty retailers.