P&F Industries (PFIN) Reports Q3 EPS of $0.02

P&F Industries (NASDAQ: PFIN) reported Q3 EPS of $0.02.

Richard Horowitz, the Company's Chairman of the Board, Chief Executive Officer and President commented, "I am pleased to report that our first quarter 2018 revenue is more than 19% greater than the same period a year ago, with net income increasing $125,000. The acquisition of the business assets of Jiffy Air Tool, Inc. in April of 2017 has enabled us to penetrate deeper into the aerospace sector of the pneumatic tool industry. Our Aerospace revenue for the first quarter of 2018 was nearly $2.7 million, the highest quarterly level of Aerospace revenue in our history. Automotive and Industrial/catalog revenue improved 9.0% and 9.6% respectively, this quarter compared to the same period in the prior year. This improvement was driven by a stronger market demand and increased sales to government entities. Lastly, the decision in 2017 not to renew an agreement in which we delivered Craftsman® pneumatic tools and accessories to Sears, effective September 30, 2017, was the primary cause for the decline in our Retail revenue this quarter, compared to the first quarter of 2017. As an aside, I am pleased to report that we exited our relationship with Sears without writing down any inventory, or accounts receivable."

For earnings history and earnings-related data on P&F Industries (PFIN) click here.

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