Global Brass and Copper Holdings (GBC) saw shipments and sales decrease in the first quarter but it affirmed its full-year 2019 guidance.
Illinois-based GBC shipments fell by 3.9pc to 138.2mn lbs in the first quarter from the same year earlier period. The decrease was mainly due to soft demand from its building and housing, automotive, electrical and electronics and reroll customers. GBC did see an increase in shipments to its ordinance and coinage customers.
The company expects to remain on target with total shipments of 555-595mn lbs for 2019.
Sales decreased to $430mn in the first quarter compared to $472mn a year earlier as a result of a decrease in metal prices and lower volumes.
Quarterly profits were $17.9mn, up from $15.8mn a year earlier.
GBC comprises three subsidiaries, Olin Brass, Chase Brass, and AJ Oster, and has operations in 29 countries.
Germany's Wieland Group agreed in early April to acquire all the outstanding shares of GBC in an all-cash transaction valued at about $968mn. The merger is expected to close in the second half of the year.
