Corp.s earnings jumped in the first quarter of 2013
compared with the year-ago period thanks in part to a solid
performance from its Bonnell Aluminum Inc.
Newnan, Ga.-based Bonnell
continued to benefit from savings related to the 2012 shutdown
of an extrusion facility in Kentland, Ind., as well as the
acquisition of Aacoa Inc. (
amm.com, Feb. 15), the Richmond, Va.-based film
products and aluminum extrusions company said.
Bonnell is also set to make
further gains thanks to a new extrusion press aimed at
servicing the automotive market, Tredegar president and chief
executive officer Nancy M. Taylor said in an earnings statement
released May 2.
"This project, along with the
broad capabilities and diversified market presences that Aacoa
provides, will advance our growth in markets outside of
building and construction," Taylor said.
Capital expenditures in aluminum
extrusions are expected to be $17 million in 2013, including
$13 million for Bonnells Newnan expansions, which is
forecast to take 18 months to complete, Tredegar said.
Aacoa serves the consumer
durables, transportation, and machinery and equipment markets
from its aluminum anodizing plant in Elkhart, Ind., and its
extrusion and fabrication facility in Niles, Mich. Bonnell shut
the Kentland extrusion facility due to weakness in the building
and construction markets.
Tredegar reported net income of nearly $4.3 million in the
first quarter of 2013, up 42.7 percent from almost $3 million
in the year-ago quarter, on sales that increased 11.5 percent
to $241.5 million.
Bonnells operating profit
from ongoing operations totaled $4.6 million in the quarter,
more than double the $1.7 million reported in year-ago quarter,
on sales that jumped 38.8 percent to $79.9 million, Tredegar
said. Aluminum extrusion sales volumes increased 22.8 percent
to 35.7 million pounds from 26.9 million pounds in the same
comparison, the company said.
Aacoa, which was acquired Oct. 1
amm.com, Oct. 1), recorded net sales of $21.8
million in the first quarter, Tredegar said.