Jason Industries reports loss on lower sales
Jason Industries reported second quarter net sales of $185.7 million, a 1 percent decline from $187.6 million in the same period last year.
A net loss of $2.4 million, or 13 cents per share, compared to a loss of $865,000, or 7 cents per share, in last year's second quarter.
Sales in the Finishing segment, which includes abrasives manufacturers Osborn and DRONCO, were $53.2 million, an increase of 13.9 percent. The results iclude net sales of $7.5 million from the acquisition of DRONCO, and a negative foreign currency translation impact of $0.3 million. Excluding the impact of foreign currency and acquisitions, organic sales decreased 1.5 percent with lower U.S. industrial demand.