Blount International, Inc. announced May 9 results for the first quarter ended March 31, 2014.
Sales in the first quarter were $232.0 million, which were consistent with the first quarter of 2013. Operating income for the first quarter of 2014, which includes $1.5-million facility closure and restructuring expense, was $20.8 million compared to $19.1 million in the prior year. First-quarter net income was $10.6 million, or $0.21 per diluted share, compared to $9.3 million, or $0.19 per diluted share, in the first quarter of 2013.
“We performed well during the first quarter, and we are pleased with our results,” stated Josh Collins, Blount’s chairman and CEO. “Market demand was generally flat to last year, but the profit improvement initiatives we have implemented over the past year are taking hold. We remain cautiously optimistic about the remainder of 2014.”
Collins continued, “Our margins improved significantly as a result of our continuous improvement program and our restructuring efforts in 2013. We are committed to further enhancing our operations through our Operational Excellence program and other targeted cost-reduction initiatives. We remain focused on managing for the long term while balancing our business and investments with current market conditions.”
For more information, visit www.blount.com.