Chicago Rivet & Machine Co. reported fastener segment revenues dropped 18% to $23.2 million in 2024 as U.S. demand for pickup trucks and large SUVs softened. Fastener segment sales to automotive customers fell 20% to $15.4 million, while sales to non-automotive customers declined 12% to $7.8 million.

“New pricing agreements put in place during the first half of the year were more than offset by lower volumes, and higher input costs continued to be a headwind during the entire year.”

Automotive fastener segment gross profit improved by $1.6 million. Fastener segment gross margin increased to $299,740 in 2024 compared to a $1.3 million loss in 2023, driven by operational efficiencies and improved pricing on lower year-over-year volumes.

In the final quarter of 2024, fastener segment sales fell 40%, led by a 44% drop in sales to automotive customers.

“A significant portion of the decline in automotive sales was a result of recording a charge of $1,100,000 in the fourth quarter of 2024 related to the previously disclosed agreement with a customer regarding certain warranty claims.”

Q4 fastener segment sales to non-automotive customers declined 30% to $1.23 million.

In October 2024, Chicago Rivet closed its facility in Albia, IA, which supplied tooling for the company’s mechanical, hydraulic and pneumatic riveting machines. Production was consolidated into its factory in Tyrone, PA, which reduced the company’s workforce by 10% to 161 people. Chicago Rivet sold the Albia facility in February 2025 for $678,000.

Capital expenditures decreased 30% to $651,398, which included $369,003 in fastener segment costs for cold heading and screw machine equipment ($36,140), equipment to perform secondary operations and inspection ($327,063 ), general plant equipment ($5,800).

Chicago Rivet called the current economic environment challenging.

“Significant uncertainty remains in the manufacturing sector as companies like ours continue to navigate the potential impacts of proposed tariffs and numerous market factors that may impact our business in the coming year.”