Chicago Rivet & Machine Co. reported fastener segment revenues fell 7% to $28.2 million in 2023, hobbled by non-automotive fastener volume declines.

Fastener sales to non-automotive customers dropped 25% to $8.9 million, while sales to automotive customers increased 4.6% to $19.3 million, primarily from new pricing agreements secured in the fourth quarter of 2023 that were more than offset by higher input costs for the entire year.

“Operating costs have continued to increase significantly, particularly raw material, tooling, labor, and outside processing costs,” the company noted.

Overall, non-automotive fastener volume decreased year over year. As a result, gross margin for the fastener segment was a loss of $1.3 million in 2023 compared to $3.2 million in 2022.

Full year assembly equipment segment revenues slipped 0.2% to $3.35 million, with gross margins up 3% to $667,902.

“Assembly equipment revenues and profitability were a bright spot in 2023 and will remain a focus for 2024,” the company stated.

Capital expenditures climbed 11% to $1.08 million, including $696,557 for cold heading and screw machine equipment, $299,502 for equipment to perform secondary operations and inspection of parts and $45,837 for general plant equipment.

During 2023, Chicago Rivet, which employs more than 207 people, replaced its management team. Gregory Rizzo became CEO, while Joel Brown became CFO and Bill Stlaske was named VP of Sales. Former president and COO Michael Bourg retired in December 2023. Web: chicagorivet.com